Iraq and Royal Dutch Shell Plc can reach an agreement on a gas project by extending negotiations for another six months in order to settle storage issues, Oil Ministry spokesman Asim Jihad said. Jihad said there were “no difficulties” in the talks, except that “storage places are currently not ready.” “There is no harm in […]
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.
IEA: Oil Prices Could Hurt Economic Recovery
Recovery in the world's biggest economies could be jeopardized if crude oil prices stay over $80 per barrel, the International Energy Agency said Tuesday. The IEA also reported that OPEC posted the first "significant decline" in output in March in more than a year -- falling 190,000 barrels per day to 29 million barrels a […]
Solution Closer on Paying Oil Firms
Kurdish and federal Iraqi officials have agreed on a potential solution to the problem of paying oil firms operating in the Kurdish north. They require approval by the Iraqi cabinet, a Kurdish official said to Reuters. Abdul Karim Louaibi, Deputy Ol Minister and a delegation travelled to Erbil on Sunday and held talks with natural […]
Tags: Oil & Gas
Oil Ministry: licenses of first and second rounds will not be reviewed
The licenses of the first and second rounds of the Oil contracts will not be affected by the governmental changes and there is no third licensing round in the future.
Tags: Oil Deals, Sharristani
Foreign Investment Continues, as Lukoil Announces Plans
Foreign direct investment continues in Iraq as the pace picks up on the rehabilitation of the country’s infrastructure and economic base. Russian-based LuKoil is to drill its first exploration well at Iraq West Qurna 2. Mr. Vagit Alekperov CEO of LUKoil said that Russia’s largest privately held oil company, LUKoil, "[will] start drilling the first […]
Al-Shahrestani Urges Ministries to Facilitate IOCs
Minister of oil Hussein al-Shahrestani on Monday called for all Iraqi ministries and institutions to facilitate the work of the international oil companies working in Iraq.
Tags: IOC, Sharristani
Oldest Petrol Station in Karbala Opens
The oldest petrol station in Karbala City reopened on Monday, according to a local official. “Karbala’s Governor Amal al-Din al-Hir opened the project, located 1.5 km south of Imam al-Hussein’s shrine,” the head of the oil products department in Karbala, Hussein al-Kharsan, told Aswat al-Iraq news agency. Work on the project took nearly four months […]
Tags: Oil & Gas, Petrol Station
Bad Weather Drives Oil Exports Lower
Iraq exported less crude in March than in the previous month because of faults due to poor weather, an Oil Ministry official said. "Exports were a bit less than in February because of technical reasons mainly linked to bad weather," Falah al-Amri, head of the State Oil Marketing Organization, said by telephone today. Al-Amri declined […]
Did Big Oil Win the War in Iraq?
Before the United States and Britain invaded Iraq in March 2003, their oil companies were shut out of oil-production contracts being negotiated by the government of Saddam Hussein. Today, more than six years of war later, Saddam is gone, and the U.S. and British oil companies are not only in on the oil contracts, they […]
Iraq's Overly Optimistic Oil Plans
The article takes a look at the energy prospects in Iraq, whose government aims to more than double oil production in the coming five years. While security and political constraints abound, production is inching up in Iraq, and recipients of 2009 oil-servicing contracts are beginning operations. Severe infrastructure shortfalls remain, however, and the pressure to […]
OPEC Compliance Falls to 50%
Total OPEC supply rose 40,000 bpd to 29.25 mbpd, with Nigerian output jumping by more than 100,000 bpd as domestic refineries resumed production.
Iraq Steps Up Efforts to Audit Oil Flows - with UN Help
The lack of a comprehensive and stand-alone metering system at Iraq’s oil production chain has been a longstanding problem, allowing crude and refined products smuggling operations to sustain political militias during the past years.