The Iraqi Council of Ministers has proposed to Parliament that part of the oil revenues be allocated to provinces that produce oil. “The cabinet proposed the allocation of $1 per barrel to each province that produces oil,” Dr. Ali al-Dabbagh, the official spokesperson of the Iraqi government, said in a release on Tuesday received by […]
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.
Tags: Iraq Banking & Financial News, Oil
CNOOC and Sinochem Win Bid for Iraqi Oilfield
According to a Wall Street Journal report, Iraqi officials said that a consortium led by China National Offshore Oil Corporation (CNOOC) is expected to win the bid for Missan oilfields in southern Iraq. The consortium had accepted the price offered by the government of Iraq. The oilfield has reserves of about 2.5 billion barrels. An […]
Gulf shares shoot up
Shares in Gulf Keystone Petroleum Ltd (AIM: GKP) shot up in London trading after the group announced that the operator of the Akri Bijeel block in Iraq’s Kurdistan region concluded a successful oil test in the Bijeel-1 exploration well. The well was spudded in mid-December 2009. Gulf Keystone holds a 20 percent working interest in […]
Hungary's Kurdistan Well Hits Oil
Hungarian oil and gas group MOL(MOLB.BU) announced on Tuesday that it had discovered oil in the Akri-Bijeel Block in the Kurdistan Region of Iraq where they conduct tests jointly with Gulf Keystone Petroleum, reports Reuters.. MOL,which owns an 80 percent share, said its exploration well tested 3,200 bbl/day oil and also associated gas. It said […]
Memorandum Extended with Shell
Iraq has extended a memorandum of understanding with Royal Dutch Shell on a natural gas venture in Basra for six months from March 2010, Iraq's oil minister Hussein Al Shahristani told Reuters on Sunday. "We will resume talks with Shell after the election," Al Shahristani said after he cast his vote in the country's second […]
Iraq Extends Gas MOU with Shell - Oil Minister
Iraq has extended a memorandum of understanding with Royal Dutch Shell on a natural gas venture around the southern oil hub of Basra for six months from March 2010.
Iraqi Elections Likely to Further Delay Access to Kirkuk's Reserves
"We are very interested in the oil and gas reserves in Kirkuk. Who wouldn't be?" said one executive from a leading European energy company.
Iraq Signs Initial Deal for Maysan Oilfields
Iraq has signed an initial deal with China's CNOOC and Sinochem to develop the 2.5-billion-barrel Maysan oilfield complex
Iraq breaks off talks with Japanese consortium over Nassiriah oil field
Iraq Minister of Oil Hussain Shahristani told a Japanese newspaper on Tuesday that the Japanese consortium failed to ink a deal in order to exploit Al Nassiriah oil field which was taken by an Iraqi Public company. It is to be noted that Nippon Oil Company leads the Japanese consortium in which also participate Inpex […]
Iraq's Oil Deals Dominate PM Election Campaign
Their consortium plans to drill 56 wells and upgrade equipment to boost output by 10 percent by the end of 2010, Dhia Jaafar, the director-general of the state-run South Oil Co., told The Associated Press.
OPEC Production Level Hits 14-month High
The Organization of the Petroleum Exporting Countries’ (OPEC) crude oil supply rose in February to the highest in 14 months led by Angola and Saudi Arabia, a Reuters survey showed, further reducing compliance with output targets. Supply from the 11 members of OPEC with output targets, all except Iraq, is averaging 26.80 million barrels per […]
Tags: Oil & Gas
Iraq Unlikely to Meet Oil Target
"Iraq continues to grapple with some very serious problems. I will be surprised if they are able to achieve a supply level of 10 to 12 million barrels a day in a foreseeable future," Herman T Franssen, President of International Energy Associates, a Washington-based company.