Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Total, the French oil giant, expects that Halfaya oilfield will hit 535,000 barrels per day (bpd) by 2016, from 3,000 bpd now. ‘The plateau is supposed to be reached after 6 years,' Jean-Jacques Mosconi, head of strategy, told reporters. Halfaya is split three ways between the China National Petroleum Company (CNPC), Total and Malaysian Petronas. […]
An OPEC quota of 6 million barrels per day (bpd) will be too low for Iraq and it expects its quota to be no less than that of OPEC's most influential member Saudi Arabia, Iraq's oil minister said on Thursday.
Al-Luaiby’s remarks could increase pressure on Baghdad to revise contracts awarded to foreign companies. Ayad Allawi’s Iraqiya bloc, which won the most seats in the recent parliamentary election, said it would like to review oil contracts signed with the majors.
“I ask them (political factions) not to throw the oil sector into the middle of their political struggles. They should leave the sector to the specialists to develop and improve oil output figures,” Jihad said.
Iraq is considering holding a third oil auction for some of its supergiant fields, such as Kirkuk and East Baghdad, if there is enough interest from foreign players, Oil Minister Hussain Shahristani said today.
Fire fighting officials are predicting that an Iranian oil rig fire may take as long as six months to put out.Three workers were killed and at least 10 injured. The fire broke out at well number 24 at the Naft Shahr oil field on Saturday. It is in Kermanshah province bordering Iraq.
Oil ministry's media spokesman, Asem Jihad, said that the ministry has ordered all gas-selling stations and gas factories in Baghdad to exchange plastic cylinders for metal ones. Jihad added in a statement to NMC that the ministry imported 100 thousand plastic gas cylinders within its contract It is waiting allocations to import large amounts of […]
US Ambassador to Iraq Christopher Hill said Tuesday the international community was committed to helping Iraq increase its oil production. Hill, on a visit to Basra within a delegation of British, Dutch, Japanese and Italian diplomats as well as executives from international oil companies, said the US and other countries sought to speed up the […]
WesternZagros Resources Ltd. is continuing concerted efforts to bring the Kurdamir-1 well safely under control. The operational status of the well is unchanged; it remains shut-in, and there has been no release of hydrocarbons or hydrogen sulphide (H2S) at the surface. There have been no injuries. Specialists from Boots & Coots International Well Control Inc. […]
China is now the biggest importer of Saudi oil, the second-biggest of Iranian oil, and the largest player in the Iraqi oil game and "being very aggressive,"
Iraq earned more than $17 billion in the first four months of this year an Oil Ministry spokesman said. The spokesman, Assem Jihad, said the sum is one billion dollars in excess of budget expectations for 2010. “The ministry exported 222.7 million barrels in the first four months of this, earning the country $17.218 billion,” […]
Just last week, shares in Gulf Keystone rose sharply on improved sentiment regarding oil exports from Iraqi Kurdistan. The shares have since given up much of that gain, on fears of dilution from a new round of fundraising. Details of the fundraising were announced on Tuesday. According to a statement from the company: “Gulf Keystone […]
