GKP Up on Oil Find in Kurdistan
By John Lee. Shares in Gulf Keystone closed up 5.5% on Thursday following the announcement that it has struck oil at the Sheikh Adi block in Iraqi Kurdistan. The notification of the discovery follows the completion of a well testing programme of the Sheikh Adi-2 exploration well on the block, located immediately to the west […]
Petrofac JV Wins $229m Contract at Rumaila
By John Lee. Petrofac has won a further inspection, maintenance and repair contract for the Rumaila oil field in Southern Iraq with its joint venture partner, China Petroleum Engineering & Construction Corporation (CPECC). The US$229 million contract was awarded by BP Iraq NV (BP), via the Rumaila Operating Organisation (ROO), following a competitive tender. The […]
OMV Comments on Kurdistan Operations
By John Lee. In its third quarter results, Austria energy company OMV had the following comments on its operations in Iraqi Kurdistan: Clean EBIT increased by 28% to EUR 617 million, mainly due to higher sales volumes in Libya and favorable FX effects which more than offset the lower oil price and higher exploration expenses […]
Dubai Chamber to Open Office in Kurdistan
By John Lee. Dubai Chamber of Commerce and Industry is to set up representative office in Iraqi Kurdistan next yea, the chamber's chairman has announced. Abdul Rahman Saif Al Ghurair said: "The new office will help boost the presence of Dubai businesses in the Northern region of Iraq as the country was the second largest […]
Video: Baghdad Divided over Obama Re-Election
The news of Barack Obama's re-election as US President did not quite bring the world to a stop on Wednesday. But in the heart of Baghdad, there were plenty of ordinary Iraqis willing to take a minute out of their day to express an opinion on it: (Source: AFP)
Kobler Pushes for Expanding UN Progs in Basra
By John Lee. The Special Representative of the Secretary-General (SRSG) for Iraq, Mr. Martin Kobler, has concluded a two-day visit to Basra, where he met with the Governor, Dr. Khalaf Abdul-Samad, and with the Director of the Basra office of the Independent High Electoral Commission (IHEC), Mr. Hazim Joda. “This has been a very fruitful […]
Letting Politics Jeopardise Development
By Padraig O'Hannelly. On the day Iraq announced that Exxon Mobil wants to abandon its business in southern Iraq in favour of potentially more profitable contracts in Iraqi Kurdistan, the Oil Ministry has cancelled a major exploration deal with Turkey's TPAO. The reasons were described as "non-technical", with the decision coming from the cabinet; the […]
Iraq Expels Turkey's TPAO, asks Kuwait Energy to Replace
By John Lee. The Iraqi cabinet has expelled Turkey's state-owned Turkiye Petrolleri AO (TPAO) from the consortium that was granted the rights to explore energy block 9, and has asked Kuwait Energy to take over the shareholding. Abdul Mahdi Al Ameedi, director of the oil ministry’s Petroleum Contracts and Licensing Directorate (PCLD), said: "For reasons […]
Iraq says Exxon to Quit West Qurna-1
By John Lee. Exxon Mobil has informed the Iraqi government that it wants to pull out of the $50-billion West Qurna-1 oilfield project, according to a report from Reuters. Abdul Mahdi Al Ameedi, director of the oil ministry’s Petroleum Contracts and Licensing Directorate (PCLD), said: "Exxon has stated in its letter that it has started discussions […]
Dana Gas Restructures $1bn Bond to Avert Asset Seizure
By John Lee. Dana Gas, the Middle East’s first and largest regional private sector natural gas company, has announced that it has reached an in-principle agreement on the restructuring terms of the US$1 billion Sukuk-al-Mudarabah due 31 October 2012 with the Ad Hoc Committee of Sukukholders. The Ad Hoc Committee holds a majority of the […]
Iraq Signs Oil Exploration Deal with Lukoil, Inpex
Iraq has signed a deal with Russia's LUKoil, and Inpex Corp of Japan, to explore the 5,500-square-kilometer (2,100 square mile) Block 10 in Muthanna and Dhi Qar province. Under the contract, the two firms must invest at least $100 million and will be paid $5.99 for each barrel of oil equivalent it finds. "This contract represents […]
Tenders for Karbala Airport by End of Year
By John Lee. Zawya reports that Iraq’s government will invite international tenders for the Middle Euphrates Airport in Karbala before the end of December this year. Dr Abbas Hassani, the head of the Construction and Strategic Planning Committee in the provincial council, said: "Aeroports de Paris Ingenierie (ADPi) has completed the design, which cost $42m. […]