Thursday 18th February was the effective date of the deal to develop the 4 billion barrel Zubair oilfield, west of Basra, according to a report from Reuters. The consortium that won the deal, consisting of Italian company Eni, US's Occidental, and South Korea's Kogas, is due to pay the $300 million signature bonus within 30 […]
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.
Crude Diplomacy – Iraq, Iran, and the Politics of Oil
The Economist reports that Chinese oil companies are shifting their focus from Iran to Iraq, as Iraq attracts the latest technology to increase its oil production. “Iraq will have to pull off an unprecedented feat. In the history of the modern oil industry, no country has increased output with the speed the Iraqis envisage. Over […]
Iraqi Oil Production: Industry Hopes To Profit From Increased Iraqi Output
Oil industry leaders believe Iraq's resurgence as a major producer will change the face of the world's energy market, but they warn that the country – and the Middle East generally – still needs to improve infrastructure, security and export paths. At the annual International Petroleum Week conference in London, energy executives and analysts said […]
Presidency Approves Foreign Oil Firms Taxing Law
Aswat Al Iraq reports that the Iraqi Presidency Council has approved “foreign oil firms taxing law no. 19 of 2010”. “The companies, their branches, offices, and sub-contractors working in Iraq will be taxed by 35 percent,” the bill said. The bill has been enacted to support Iraq’s national economy. (Source: Aswat Al Iraq)
$1.5m Fine for Insider Dealing re Kurdish Oilfield
Mehmet Sepil, Chief Executive Officer of Turkish oil exploration company Genel Enerji, has paid the biggest fine handed out by the UK's Financial Services Authority (FSA) to an individual for market abuse. Genel has a 25% stake in the licence to explore the Miran oilfield in the Kurdistan Region of Iraq, with London-listed Heritage Oil […]
Iraq Negotiates with CNOOC over Maysan Oilfields
Iraq's Oil Ministry is negotiating with China's CNOOC (China National Offshore Oil Corporation) for a service contract for the 2.5 billion barrel Maysan oilfield complex, Iraqi oil officials said on Monday. Oil Minister Hussain al-Shahristani said the Chinese company, which he did not identify, had accepted the government's proposed remuneration fee of $2.30 for every […]
Iraq May Pay Costs of Oil Firms in Kurdish North
Reuters reports progress in the ongoing dispute over oil contracts in Kurdistan. Iraq’s government could end up paying exploration and extraction costs of oil firms working in Iraqi Kurdistan but not their profits, the oil minister said on Monday, signaling a further thaw in a row over oil wealth. “We will not pay any profits […]
Tags: Oil & Gas
Iraqi Oil 'a Complete Game-Changer'
The New York Times reports on how terrorist attempts to derail the auctions of Iraqi oilfield development rights have failed, and the process went ahead as planned. “The terrorists tried to send a message to the oil companies through the bombings,” the oil minister, Hussain al-Shahristani, declared on Iraqi television. “But this message was not […]
Tags: Oil & Gas, Public Works
Enoc hosts Kurdistan Premier
Emirates National Oil Company (Enoc) has recently hosted His Excellency Dr Barham Salih, Prime Minister of Iraqi Kurdistan, on a tour of the Enoc Processing Company. Saeed Abdullah Khoory, Group Chief Executive of Enoc presented an overview of the company before a tour of the refinery and the Dubai Natural Gas Company Limited (DUGAS). Khoory […]
Iraq Mulls Kurdistan Expense Claims
The federal government could end up paying for exploration and extraction costs of oil companies working in Iraqi Kurdistan on a cost only basis said Iraqi Oil Minister Hussain Shahristani today. "We will not pay any profits to the companies but we will look into the bills for the work they carried out," Reuters quoted […]
New Project to Build Oil Refinery in Basra
Iraq Directory reports that Basra's Director of investment, Haider Ali Fadel, said on Wednesday that the Authority is currently considering a proposal from a local investor to build an oil refinery in the province. He stated that the Basrah Investment Commission is prepared to send all requests for the establishment of such projects to the […]
Lukoil in Talks on Developing Giant Oil Field near Basra
Azzaman reports that Russian energy giant Lukoil is discussing with local officials in Basra the details of implementing its contract to develop the West Qurna-2 oil field. Governor Shaltah Aboud is reported to have promised the Russians “to engage in full cooperation and do his best to remove all obstacles.” “We have discussed with Russia’s […]