Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Development of Iraq's oilfields by foreign oil companies is progressing swiftly despite the lengthy process of government formation after Iraqi elections in March, a senior Statoil executive said on Tuesday.
The ambitious plan, which was approved by the cabinet and posted on the Ministry of Planning's website, also sees oil exports at 3.1 million bpd in 2014, up from 2.15 million bpd this year.
The establishment of the platforms export is being implemented with , Foster Wheeler, a British company for consulting and engineering, he added that the Ministry of Oil has decided "not to divide the project into two phases and agreed to create a full form of its importance."
Royal Dutch Shell Plc, Europe’s biggest oil company, posted a 57 percent increase in earnings after production climbed for the first time in more than three years following startups in Brazil and Russia. Net income in the first quarter rose to $5.48 billion from $3.49 billion a year earlier, The Hague-based Shell said in a […]
Iraq says it has completed 25% of the plan to develop its Nasiriyah oil field. Nasariya’s development is carried out by the state-owned South Oil company. The field, which currently produces 10,000 barrels a day, is expected to increase output to 50,000 in 2011, according to the company’s Director-General Dhia Jaafar. The company has drilled […]
28 April 2010 - Bloomberg BP Plc will be paid in crude for its investment costs in an Iraqi contract that offers about the same rate of return as other projects worldwide, Chief Executive Officer Tony Hayward said. BP and China National Petroleum Corp. are spending about $15 billion in Rumaila, Iraq’s largest oil deposit, pledging […]
Iraq resumed exporting crude oil to turkey through Kirkuk-Ceyhan northern pipeline thru which passes one quarter of Iraq oil exports
Iraq says it has completed 25% of the plan to develop its Nasiriyah oil field.
Companies have until 5 May to prequalify to compete for the rehabilitation and expansion of the existing export facilities and pipelines in the southern oil hub city of Basra, Reuters said.
Iran hopes to sign a deal with Baghdad to build an oil export pipeline from Iraq’s southern city of Basra within a month.
Petrel will also receive a 10% profit interest in exchange for surrendering a 50% stake in the oilfield for $7 million.
The initial development plan agreed by Royal Dutch Shell, Malaysian partner Petronas and Iraqi oil officials includes inviting oil service firms to drill 15 new wells, an Iraqi oil official confirmed today.
