Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
According to a report from Reuters, international oil executives will gather in Baghdad on Saturday to discuss contracts for four new oil refineries. "There are many international companies that expressed their interest to participate and to reach an agreement with the Oil Ministry," said Oil Ministry spokesman, Assim Jihad. Iraq's eight oil refineries have a […]
Gulf Keystone, the Kurdistan-focused oil explorer, has had to delay the drilling of its Shaikan-2 exploration well, after running into difficulties with its current Bijeel-1 well. Mechanical problems were encountered when testing and evaluating the lower section of Bijeel-1. This has necessitated a sidetrack and re-drill of this portion of the well to "fully evaluate […]
(Sources: Reuters, Financial Times) Reuters reports that Iraqi Oil Minister, Hussain al-Shahristani, has taken over the electricity portfolio after the electricity minister resigned over protests against power shortages in the sweltering heat of summer, the Oil Ministry spokesman said on Tuesday. Karim Waheed stepped down as electricity minister after demonstrations triggered by power cuts, claiming […]
(Sources: upstreamonline.com, Bloomberg, Assoc. Press) Iraq’s oil exports increased by more than 7% in May compared to the previous month, according to Oil Ministry spokesman, Assem Jihad. Bloomberg reported Jihad said daily exports averaged 1.89 million barrels per day last month, an increase of about 7.4% from the 1.76 million bpd in April. Jihad added […]
(Source: Aswat Al Iraq) Iraq’s Council of Ministers agreed on Tuesday to release the oil-producing provinces’ share of money received from oil production, according to a statement from the Iraqi government’s office. “The council agreed also on the proposals presented by the ministerial delegation of Basra regarding easing the electricity crisis in the province,” said […]
(Source: Reuters) Reuters, citing industry sources, reports that Iraq will supply crude to term buyers at an average of 10 to 15 per cent below contract volumes for July, largely steady, with a cut of around 10 per cent for June. The cut was on medium-heavy Basra Light crude, they said. State Oil Marketing Organisation […]
(Source: AFP) Iraq has initialled a deal with Turkey to extend the use of the main pipeline linking its northern oilfields to the Mediterranean port of Ceyhan for 12 years, the oil ministry said on Thursday. The renewal of the existing deal, which ran out in March, was the result of lengthy negotiations -- Turkey […]
(Source: Aswat Al Iraq) The Iraqi oil ministry seeks an increase in production to hit 12 million barrels per day (bpd) during the next six years, in addition to developing natural gas fields, according to the minister, Hussein al-Shahrestani. “This figure is the normal rate of Iraq’s production but for the policies pursued by the […]
(Source: Korea Times) The Korea Times reports that a state-run think tank called on the government, along with local businesses, to gear up for reconstruction projects in Iraq, predicting the demand will rise in the near future. In a report entitled "Prospects of the Iraqi Economy after the General Elections," the Korea Institute for International […]
22 June 2010 (Source: PressReleaseNetwork.com) For the first time in more than three decades, two oil and gas exploration license bidding rounds took place in Iraq in 2009. The first round saw a consortium consisting of the UK's BP and China's CNPC spearheading IOC activities as they won the first 20 year service contract to […]
(Source: Aswat al Iraq) Iraq’s oil sales in May registered $4.3 billion, through exporting 58.7 million barrels at a price of $73.8 per barrel, the oil ministry said on Monday, according to a report from Aswat al-Iraq news agency. Iraq’s oil sales last April registered 53 million barrels, valued at $4.2bn, at an average price […]
Iraq Oil Minister Hussein Shahristani said that the daily fluctuation in oil prices is normal adding that the oil market is generally stable. The ups and downs in prices are not expected to affect the Iraq budget which relies on crude oil exports, he said. The current prices are acceptable to Iraq, Shahristani added. ( […]
