Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Irish-based Petrel Resources last week issued an unaudited interim statement for the six months ended 30 June 2024. The company, which last year submitted an updated development proposal for the Merjan oil field to Itaq's Ministry of Oil, with a view to finalising a licence agreement, said: "... the fiscal terms available […]
By John Lee. Iraq's Council of Ministers has approved a settlement terminating Pakistan Petroleum Limited (PPL)'s contract for Exploration Block 8. The recommendation to terminate came from the Ministerial Council for Energy, and involved the state-controlled PPL and the Ministry of Oil's Middle Oil Company. The settlement agreement includes closing all mutual obligations by paying […]
By John Lee. The Iraqi Drilling Company (IDC), in collaboration with Schlumberger (SLB), has completed the drilling of well ZB 606 at a depth of 3,463 meters in the Zubair oil field in Basra. This marks the 36th well drilled under a contract with Italy's ENI to drill 37 wells. The well was drilled using […]
By John Lee. Russian Foreign Minister Sergey Lavrov has said that Russia has invested over $19 billion in the Iraqi energy sector. "LUKOIL, Gazprom Neft and Rosneft account for the bulk of this investment," he added. The Minister made the comments at the opening ceremony of an exhibition marking the 80th anniversary of establishing diplomatic […]
By John Lee. Iraqi Minister of Oil, Hayan Abdul-Ghani, has held a series of meetings with oil industy executives during his visit to the United States: ARC Alternative and Renewable Construction LLC, represented by CEO Lonnie Coplen, and Maysoon Tawfik. Discussions involved cooperation on infrastructure development for Iraq's energy sector. Baker Hughes, led by senior […]
By John Lee. Iraq's Deputy Prime Minister for Energy Affairs and Oil Minister, Hayan Abdul Ghani, met with a delegation from Hunt Oil, including CEO Mark Gunnin and senior executives, during his visit to the United States. The talks focused on Iraq's efforts to invest in and develop oil and gas fields, with assurances of […]
By John Lee. As part of his visit to the United States, Iraq's Deputy Prime Minister for Energy Affairs and Oil Minister, Hayan Abdul Ghani, met with senior executives from Shell, including Vice President Fakher Abdulrahim Badr [Bader] and Head of International Affairs Amy Conroy. The meeting focused on enhancing collaboration in gas and energy […]
By John Lee. In a statement to the Abu Dhabi Stock Exchange, Dana Gas has announced that Pearl Petroleum has commenced arbitration proceedings against Canadian company Enerflex, the EPC contractor of the KM 250 project. The arbitration relates to the termination of Enerflex's contract for the Khor Mor Gas Expansion Project, due to alleged performance […]
By John Lee. The Iraqi Prime Minister met on Sunday with Mr. Lorenzo Simonelli, Chairman and CEO of US-based oil services company Baker Hughes, along with his accompanying delegation. Mohammed Shia Al-Sudani reiterated the government's commitment to ensuring the company's continued presence in Iraq and encouraged its expansion through collaboration with the government and the […]
By John Lee. Iraq's Ministry of Oil has announced the completion of its first multilateral oil well in the Southern East Baghdad field, using modern drilling technology. Deputy Minister for Extraction Affairs, Bassem Mohammed Khudair, highlighted the rapid drilling and doubled production capacity achieved at a low economic cost. The project, operated by China's EBS […]
By Muhammed Abed Mazeel al-Aboudi for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Analyzing the Successes and Failures of Iraq's 5th plus and 6th Oil and Gas Bid Rounds For the sake of the Iraqi labor […]
By John Lee. The International Maritime Organization (IMO) has notified the Director of the IOPC Funds, Mr Gaute Sivertsen, that the Republic of Iraq deposited its instrument of accession to the 1992 Fund Convention [the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution] on 5 August 2024. The Convention will therefore enter into […]
