Archive | Iraq Oil & Gas News

Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.

Russian Company Mulls Implementing Oil Projects in Basra

A Russian company met with Basra's Governor, Shaltagh Abboud al-Mayah, on Thursday to discuss new investment projects in the oil sector, according to a report from Aswat Al Iraq. “Talks addressed the rehabilitation and reconstruction of the oilfields,” the source said. “The company presented a study on the Basra oilfields and ways to solve their […]

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AAIB Appoints New Divisional Director

Leading High Risk Insurance Specialist Opens Second Iraq Office AAIB Insurance Brokers, the leading Iraq insurance provider, has appointed Mr Michael Carr FCII as the Divisional Director of its Iraqi registered company Al Fajer Insurance and Reinsurance Brokers.  He will be based at AAIB’s latest office to open in Iraq, located in the southern city […]

Iraq-Iran Eyeing Major Oil Push

Both Iraq and Iran are set to play a bigger role in the world's oil markets as the technology to develop heavy oilfields grows, it was revealed. 'While estimates of Iraq's oil reserves suggest it in the region of 112 billion barrels that figure was calculated some 18 years ago,' Iraq-British Business Council chairman Mustafa […]

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Kuwait and Iraq Likely to Reach Deal on Border Wells

Chairman and Managing Director of Kuwait Oil Company (KOC) Sami Al-Rushaid expected Tuesday that Kuwait and Iraq would reach an agreement on the exploitation of the oil wells on their border areas soon. Speaking to reporters after the prize giving ceremony of the Chairman's Award for Health, Safety and Environment, Al-Rushaid said the two countries […]

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Crude Prices 'reasonable' - Minister

Iraq's oil minister said Tuesday that world crude prices are "reasonable" and are high enough to encourage oil investment without hurting the global economic recovery. Hussain al-Shahristani's remarks in an interview with The Associated Press added to perceptions that OPEC is not eyeing any immediate changes in output despite the past weeks' large price swings. […]

Western Zagros Successfully Secures Kurdamir-1 Well

WesternZagros Resources Ltd. has successfully and safely secured the Kurdamir-1 well, following the loss of well control reported on May 15, 2010. The risk of the damaged drill pipe failing and releasing hydrocarbons or hydrogen sulphide (H2S) at the surface has been eliminated. Specialists from Boots & Coots International Well Control Inc. together with personnel […]