Gulf Keystone Petroleum on Monday raised £16m in a stopgap share placing to fund drilling costs in Iraq after the default of its partner in Iraq last week writes Miles Johnson in the Financial Times. Gulf Keystone said last week it would have to pay $40m to the Kurdistan government within three months after the […]
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: Oil & Gas
MOL Makes Discovery in Akri-Bijeel Block in Kurdistan
Hungarian oil and gas group MOL has made a discovery in Akri-Bijeel Block in Kurdistan Region of Iraq. The testing results are promising, it said in a statement on 10 March, Portfolio Hungary reported. According to the official announcement: “Gulf Keystone is pleased to announce that Kalegran Ltd., a 100% subsidiary of MOL Hungarian Oil […]
Upper Quartile to run Oil and Gas Trade Mission to Basra and Baghdad
The current infrastructure and the services sectors are unable to respond to the immediate requirements of lifting production to circa 12 million barrels of oil a day and the systematic dismantling of the private sector leaves no prospect of increasing capacity quickly.
Petrofac Targets Iraq Oil after Asfari Quadruples Share Value
Ayman Asfari, the chief executive officer whose oil and gas engineering skills guided a fourfold increase in the value of Petrofac Plc within five years, is now preparing to tap Iraq’s energy boom.
OPEC Concern over Iraq Oil 'tsunami'
'You could be looking at 1.5 million barrels in two years,' said a senior executive at one of the oil firms involved in Iraq. 'That could make a huge difference to the supply and demand balance. Is there going to be that kind of demand pick up in that timeframe?'
The Oil Curse
Iraqi's won't be kept away from the polls by mere car bombs and mortar shells. But by and large they were voting for the same coterie of politicians who've made Iraq among the five most corrupt nations in the world.
Gulf Keystone Petroleum takes Full Control of Kurdistan Operating Subsidiary
Gulf Keystone Petroleum is set to increase its interests in Kurdistan by assuming 100% control of its GKPI operating subsidiary, following a material default by the company’s investment partner in Kurdistan, ETAMIC.
Cabinet allocates oil revenues to producing provinces
“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 Aswat al-Iraq news agency.
CNOOC and Sinochem sign initial deal for Missan field
China National Offshore Oil Corp., has signed an initial agreement with Iraq to develop the 2.5 billion-barrel Missan oil field complex in southern Iraq, a senior Iraqi oil ministry official said Monday.
MOL tests Bijeel oil finds in Iraq Kurdistan
A unit of MOL Hungarian Oil & Gas PLC has gauged oil and gas at the Bijeel-1 exploratory well in Iraqi Kurdistan, the well, in the east-central part of the 889 sq km Akri Bijeel block, flowed at rates of as much as 3,200 b/d.
OPEC to Keep Quota Unchanged With Oil Above $80, Survey Shows
The Organization of Petroleum Exporting Countries will uphold its target of 24.845 million barrels a day when it meets in Vienna on March 17, according to 42 of 44 analysts surveyed this week. Shokri Ghanem, chairman of Libya’s National Oil Corp. said on March 9 that “no new decision is expected,” while Saudi Arabian Oil […]
OPEC Likely to Face Iraq Test Sooner Than Expected
The storm brewing on the Organization of Petroleum Exporting Countries' (OPEC) horizon over future Iraqi oil output could engulf the producer group sooner than it would like. "There's only one issue, but it's a big one. It's a tsunami. Iraq," said Leo Drollas at the Centre for Global Energy Studies. After years of sanctions and […]