Vast Exploration Hands Back Qara Dagh Block
By John Lee. Vast Exploration has announced that along with its consortium partners, Niko Resources and Groundstar Resources, it has entered into a relinquishment and termination agreement with the Kurdistan Regional Government to surrender their collective interests in the Qara Dagh Block (pictured). Vast acquired a working interest in the block under a production sharing […]
Iraq Calls on Arabs to "Use Oil as Weapon"
By John Lee. Reuters reports that Iraq's representative to the Arab League said that Arab states should use oil as a weapon to put pressure on the United States and Israel over the attacks on Gaza. Qais al-Azzawy told reporters in Cairo on Friday: "Iraq will invite (Arab) ministers to use the weapon of oil, […]
"Mom-and-Pop Investors" Pin Hopes on Iraqi Dinar
By John Lee. Reuters reports that "thousands" of people are still speculating on a huge upward revaluation of the Iraqi dinar, which it describes as "one of the chanciest investments in the world". It quotes a Las Vegas-based speculator, who previously lost most of his retirement fund on the stock market, as saying: "It's not […]
Mudarabah and the Shapely Value
By Mark DeWeaver. I recently had occasion to bone up on Islamic finance while preparing for a meeting with Kurdistan International Bank (BKUI), Iraq’s largest Islamic bank. In the process, I noticed an interesting parallel between a form of financing known as mudarabah and a game theory concept I hadn’t thought about since my graduate […]
DNO Reports Record Output, Shares Fall
By John Lee. DNO International ASA, the Norwegian oil and gas company, today announced that gross production across its oil and gas portfolio has exceeded 100,000 barrels of oil equivalent (boe) per day for the first time, split two-thirds from the Kurdistan region of Iraq and the balance from Oman and Yemen. On a Company […]
Heritage Updates on Kurdistan Operations
Shares in Heritage Oil closed down 1.9 percent on Thursday, following the company's interim management statement. The companay gave the following update on its operations in Iraqi Kurdistan: Following the Initial Sale, HEME currently holds a 49% interest in the Miran Block and continues to act as operator. Miran West Initial work-over operations to prepare […]
Scania Discusses Modernisation of Iraqi Fleet
Iraq's Transport Minister, Hadi al-Amiri, has met the Manager Director of the Swedish truck company Scania, Gustav Sandel, to discuss ways to use the company's expertise in the development of Iraqi ground transportation. The ministry is reportedly in the process of developing and modernising its transport fleet, particularly road transport and passenger transport. (Source: NINA)
New Housing Complex to be Built in Karbala
Karbala Investment Commission has laid the cornerstone for the housing complex in the Zahra neighborhood in Hindiya district, southern Karbala. The deputy chairman of the Commission, Ahmed al-Maliki, said the project would involve 500 housing units, an elementary school, kindergarten, nursery, markets, public parks and infrastructure services. It will be built on a 60-acre site […]
International Speakers to Discuss Iraqi Energy Market
Advertising Feature Internationally acclaimed experts from across the oil and gas sector will be addressing the challenges and opportunities in the Iraqi market, at the upcoming Basra Oil & Gas International Exhibition & Conference. Speakers from Weatherford, Gulf Energy, South Oil Company (SOC) and Penspen will put forward their views on technology, health & safety, […]
Iraq - There Has Been Progress
By John Lee. A couple of weeks ago, the former British Prime Minister Tony Blair addressed the Iraq Britain Business Council’s 4th London Conference on the theme: “Iraq: The Road To Success?” Mr Blair will always be associated with Iraq, positively or negatively, depending on ones view, and he has a keen understanding of the […]
Iraq to Invest up to $150bn to Increase Oil Output
By John Lee. Oil Minister Abdul Kareem Luaiby [Luaibi, Elaibi] (pictured) has told the Abu Dhabi International Petroleum Exhibition and Conference that Iraq could spend up to $150 billion on projects to expand its crude production capacity. The Wall Street Journal quotes the Minister as saying: "Iraq can reach 9 million barrels per day in […]
Abu Dhabi's TAQA to Buy Atrush Block?
By John Lee. The Abu Dhabi National Energy Company (TAQA) is said to be in advanced talks to buy a stake in the Atrush Block in Iraqi Kurdistan. The Atrush Block is operated by the joint-venture company General Exploration Partners (GEP) which holds an 80 percent working interest in the Block. Aspect Holdings, LLC through […]