Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Reliance Industries, owner of the world’s largest refining complex, plans to start exploration at two oil blocks in Kurdistan this year. Reliance, controlled by billionaire Mukesh Ambani, invited contractors to bid for work to begin extended well testing at its Rovi and Sarta blocks starting in the fourth quarter, a tender document shows. The studies […]
Iraq may open its border with Kuwait for the first time in 20 years to ease shipments of equipment for major oil projects, an oil ministry spokesman said. In a telephone interview with Bloomberg from Baghdad, Asim Jihad said: “The Ministry of Oil may open the border with Kuwait to facilitate the shipment of heavy […]
Kentz Corporation (LSE: KENZ), the holding company of the Kentz Engineering and Construction Group, has announced an agreement with the Dome Group, a leading supplier of equipment and services to the Middle East energy sector. The framework agreement results in Kentz taking a 49 per cent interest in Dome General Contracting Company Ltd. (Iraq) for […]
The CWC Group understands the importance of Corporate Social Responsibility and has included a panel discussion in their programme for the Iraq Mega Projects 2010 Conference & Exhibition, which is taking place in Istanbul, Turkey at the Hilton Hotel on 26- 28 October 2010. The discussion will highlight the benefits to the contract winners of […]
By Ali Al-Mawlawi, Iraqi Institute for Economic Reform The Iraqi Ministry of Oil hosted a symposium on Sunday as part of efforts to include Iraqi civil society organizations in the Extractive Industries Transparency Initiative (EITI). The event was organized by the head of the Iraqi EITI, Alaa Mohie El-Deen, and brought together NGO’s nationwide, including […]
Iraq is about to sweeten the contract terms for its third bidding round for its three prized natural gas fields, in an attempt to entice international companies to enter the auction, according to a report in the Wall Street Journal. Unlike oil deals for the first and second bidding rounds for oil fields last year, […]
Iraq is currently losing oil revenues of 100 thousand barrels per day (bpd) because Kurdistan is not producing oil, the spokesperson of the Iraqi Oil Ministry said on Sunday. “Kurdistan will not affect the Iraqi budget by stopping oil production, but the country is losing additional revenues that can be used in the rebuilding processes,” […]
The spokesman of the Kurdistan Regional Government (KRG) rejected remarks made by the Iraqi Oil Minister, Hussein Shahrestani, on Sunday about illegal oil trade through the Kurdistan Region. Shahrestani called on the KRG to justify its position regarding exporting oil to Iran, in a statement made to the Arabic radio channel Sawa. "In accordance with […]
Security services in Basrah have seized tankers intended for the smuggling of oil, according to a report from Eye Media Company. A security source said the Police Directorate of South Oil seized a tanker containing more than 30 000 liters of white oil in Al-Berjisiah, west of Basra. According to News of Basra, the tanker […]
The United Nations released $650 million in Iraqi compensation to Kuwait on Thursday, the latest payment of a war reparation scheme that began in 1994. The payment brings the total sum of compensation paid to Kuwait to $30.1 billion dollars. A further $22.3 billion is due to Kuwait. Most of the latest round went to […]
Italian oil major Eni is expected to award a tender to drill more than 100 new oil wells at its Zubair oil field in southern Iraq in August, according to a report from Dow Jones. "We received the bids and we are in the process of assessing them," an executive told the news agency. Several […]
At Monday’s AGM of Petrel Resources (LON:PET), the Dublin-based oil exploration company, managing director David Horgan told investors that Iraq is "the best place in the world for oil". “Petrel has raised a total of US$15 million or £10 million from 1994 to date ... It has operated continually in Iraq since 1999 and has […]
