Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The Association of the Petroleum Industry of Kurdistan (APIKUR) has urgently requested U.S. Congressional action to facilitate the reopening of the Iraq-Türkiye pipeline (ITP). In a statement, APIKUR says, "this vital conduit for the KRI's economic well-being has been closed due to political disagreements, which is directly affecting U.S. interests, and the […]
By John Lee. British oil and gas company Shell has withdrawn from the proposed $11-billion Nebras [Nibras] petrochemical project in Basra. According to Argus Media, the company said it made the decision, "after in-depth evaluation on the feasibility of the Nebras integrated petrochemicals complex with our government partners." The company added: "This decision is in […]
By John Lee. DNO has reported an average net production of 52,600 barrels of oil equivalent per day (boepd). Production in Iraqi Kurdistan contributed 34,900 boepd. Gross production from the DNO-operated Tawke license has rebounded to an average of 80,000 boepd by the end of the year, following the pipeline shutdown in March 2023. The […]
By John Lee. UK-based Acoustic Data has reportedly won a multi-million-dollar order from a major oilfield service company in Iraq. According to Oil Review Middle East, the company will deploy its SonicGauge wireless monitoring systems "across a substantial number of assets." It quotes Chief Commercial Officer, Jesse Tolley, as saying that it will provide "real-time […]
By John Lee. The Iraqi Cabinet has agreed to invite Russia's Gazprom to develop the Nassiriyah oilfield as a single contract. While described in a statement from the Prime Minister's office as an "integrated development project", to be offered as a "single bid", it is not immediately clear if this is the originally proposed Nassiriya […]
By John Lee. Oil giant BP has disclosed that it booked a gain of $361 million in relation to the disposal of the group's interest in Iraq's Rumaila field. Its interest in Rumaila was transferred to Basra Energy Company (BECL) in 2021, which BP describes in its results announcement on Tuesday as "an associate of […]
By John Lee. Iraq's Minister of Oil, Hayan Abdul Ghani, has affirmed the Ministry's commitment to building a fleet of oil tankers. His statement came during a meeting with the Chairman of the Norwegian company Batservice Mandal [Båtservice Mandal AS], Bjørn Fjellhaugen, and the accompanying delegation. The Minister praised the role of Batservice, in cooperation […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq Oil Exports 2023 - Budget vs. Realities Iraq's Budget for 2023, part of an extended federal budget covering three years of 2023 to 2025, became effective on 26 June, while the […]
By John Lee. Gulf Keystone Petroleum (GKP) has announced management and board changes as follows: Ian Weatherdon to retire as Chief Financial Officer (CFO); Gabriel Papineau-Legris, currently Chief Commercial Officer (CCO), to replace Weatherdon as CFO; Kimberley Wood, Senior independent Director, resigns from the Board due to other commitments. Full statement from GKP: Management & […]
By Simon Watkins for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. China Poised To Take Further Control Of Iraq's Key Southern Oil Assets China is over the halfway mark in completing its strategically vital oil project in the critical Iraqi energy […]
By John Lee. Iraq's Ministry of Oil has reportedly announced preliminary oil export figures for January. These data have been reported by the state-run Iraqi News Agency (INA), and have so far not been confirmed on the Ministry of Oil website: Total exports of crude oil: 103,508,438 barrels. Revenues from crude oil exports: $8.026 billion. […]
Gulf Keystone Petroleum (GKP) has this morning issued an operational and corporate update. The information contained in this announcement has not been audited and may be subject to further review. Jon Harris, Gulf Keystone's Chief Executive Officer, said: "2023 was a challenging year for GKP and our industry as Kurdistan crude exports were suspended in […]
