2nd Middle East Energy Insurance Forum
Insurance solutions to address and cover the risks and exposures in oil and gas exploration & production. Tuesday, February 14 to Wednesday, February 15, 2012 Hilton Jumeirah Hotel, Dubai With recent political unrest in the Middle East facilitating a spike in oil prices, the growth in energy projects is set to continue unabated with the […]
Warka Bank enters Djibouti Market
President Ismail Omar Guelleh recently inaugurated the first subsidiary of Iraq-based Warka Bank for Investment and Finance (BWAI) in Djibouti to offer full range of banking services. The ceremony was attended by the Prime Minister Dileita Mohamed Dileita, Mr. Hichem Ben Turkia, who is Warka Bank representative, several members of government, as well as ambassadors […]
GKP Soars on Renewed Bid Rumours
Shares in Gulf Keystone Petroleum (GKP) closed up over 21% on Tuesday on renewed bid rumours, having been up as much as 40% in intraday trading. The company, which issued an update on operations on Monday, last month denied that is was in takeover talks, following rumours that ExxonMobil was considering making a bid for […]
Genel Energy to Upgrade Tawke Oilfield
Following a significant upgrade in the gross reserves of the Tawke oilfield in the Kurdistan Region of Iraq, Genel Energy plc today announced that it is to embark along with its partners, on a plant and pipeline upgrade which will significantly increase the production capacity of the field. The London-listed Anglo-Turkish company said that the […]
WesternZagros Provides Operational Update
WesternZagros Resources has provided an operational update for the drilling and testing operations at Mil Qasim-1 and Kurdamir-2, and the continued production from the Sarqala-1 extended well test. Mil Qasim-1 Exploration Well (Garmian Block) The Mil Qasim-1 well was cased to a depth of 2,129 metres and successfully drilled and wirelined logged to a final […]
DNO Completes Merger with RAK
DNO International ASA announced the completion on Tuesday of its merger with RAK Petroleum PCL´s MENA operating subsidiaries, and increased its share capital to NOK 255,819,813.75 (comprised of 1,023,279,255 shares of NOK 0.25 each). On Friday, an Oslo court threw out a request by Petrolia Invest AS for an injunction to halt the merger, and […]
Exxon's Six KRG Oil Blocks Named
Kurdish oil minister Ashti Hawrami (pictured) has confirmed the names of the six exploration blocks awarded by the Kurdistan Regional Government to ExxonMobil: Al Qush, northwest of Erbil city and formerly assigned to Komet Group but withdrawn for lack of development; Bashiqa, southeast of Al Qush town; Pirmam in Erbil; Betwata; Qura-Hanjeer, southwest of Chamchamal; […]
DFC Iraq Market Tracker
Advertising Feature Iraq Business News is delighted to bring you the latest Market Tracker report from Dunia Frontier Consultants. In This Report: Companies Mentioned: DNO, Exxon, Genel Energy, Gulf Keystone, WesternZagros Action Calls Maliki on way to de facto majority government Stability in government, but watch Kurds for Exxon, future of oil in both Kurdistan […]
Gulf Keystone Updates on Kurdistan Operations
Gulf Keystone provided an update on Monday morning on its ongoing exploration and appraisal programme in the Kurdistan Region of Iraq, which includes the Shaikan block, a major discovery with independently audited gross oil-in-place volumes of between 8 billion barrels to 13.4 billion barrels calculated on the P90 to P10 basis with a mean value […]
Boycotting Ministers Temporarily Replaced
Iraqi Prime Minister Nuri al-Maliki (pictured) has backed off threats to fire ministers boycotting cabinet, and has instead named temporary replacements, according to AFP. Maliki's spokesman, Ali Mussawi, said, "we cannot allow the government's work to stop. Their absence gave us two choices -- either fire them or consider them on leave. The cabinet voted that […]
KBR to Revamp the North Fertilizer Plant in Baiji
KBR has announced that it has been awarded a contract by First Global Company to revamp the North Fertilizer Plant in Baiji [Beiji, Bayji], Iraq. Under the terms of the contract, KBR will provide a license for its proprietary Ammonia Process and related engineering services to increase the plant capacity to 120 percent of the […]
11 New Factories Opened in Duhok in 2011
The chief of industrial development in Duhok has said that 11 new factories were opened in the province in 2011, up from seven 2010. According to the report from AKnews, an additional five factories were sanctioned last year but they are yet to open. All the factories are of private sector. There are 546 factories […]