ENI Increases Commitment to Iraq
Italian energy company ENI, operator of Iraq's giant Zubair oil field, said it was interested in more operations in the country after talks with Baghdad leaders. ENI's Chief Executive Officer, Paolo Scaroni, accompanied by the company's E&P COO, Claudio Descalzi, met with Iraqi Prime Minister Nouri al-Maliki in Baghdad to discuss the redevelopment of Zubair […]
WesternZagros Accelerates Oil Production Timeline
WesternZagros Resources has received approval to begin producing its first oil through an extended well test at its Sarqala-1 oil discovery. Drilling at Mil Qasim-1, the Company's third exploration well, is proceeding ahead of schedule. "We are delighted to commence our extended well test at Sarqala-1 sooner than anticipated. The acceleration of the next phase […]
Excalibur Sues Gulf Keystone
Excalibur is suing Gulf Keystone Petroleum (GKP) over Kurdistan's 11-billion-barrel Shaikan oil field in a vigorously-contested lawsuit. The company had a "collaboration agreement" with Texas Keystone, a private company owned by GKP's chairman Todd Kozel and his brothers, giving it 30pc of fields won in any joint bids. According to London's Telegraph, Excalibur, which introduced […]
Forum to Encourage British Investment in in Basra
An Iraqi-British economic forum is set to introduce British investors to business opportunities in the oil-rich province of Basra next month. According to head of the investment board in Basra, the forum is expected to attract some of the giant British energy companies including BP and Shell. Khalaf al-Badran, head of Basra Investment Commission told […]
Iraqi Oil Income Already Beats 2010 Total
Higher oil prices and rising exports in the first eight months of the year have meant Iraq has already earned more from crude oil exports in the first eight months of 2011 than in all of 2010. The country generated $55.733 billion between January and August, compared to a total of $52.202 billion in all […]
Iraqi Stock Market in the Spotlight
With most Middle East stock markets having been dragged down by the turmoil unleashed by the Arab spring and a sputtering global economy, some adventurous fund managers have started exploring opportunities in the tiny Iraqi market, according to a report from Bloomberg. The Iraqi Stock Exchange, or ISX, says its main market index has surged […]
Oil Output to be Increased at al-Ahdab
Iraq's Oil Ministry has formally approved a proposal to raise production at the al-Ahdab oil field to 200,000 bpd. The Chinese National Petroleum Company (CNPC) that started exploring the field in June. It is considered to be CNPC's largest oil investment in the Middle East and the first oil field to be newly explored in […]
Petrel to Revise Iraq Strategy?
In its interim results, announced this morning, Petrel Resources said it may review its strategy in Iraq following failure to qualify for bidding in the 4th energy licensing round: After 14 years in Iraq it continues to frustrate. The economy remains fragile, as does the security situation. There is still no hydrocarbon law. As such, […]
Managing Oil & Gas Exploration Risk in Iraqi Kurdistan
Simon Hatfield, CEO of WesternZagros Resources, presented at the World Independent and Junior Oil and Gas Congress yesterday in London. Please click on the following pages to see a copy of his presentation on "Managing Oil and Gas Exploration Risk in the Kurdistan Region of Iraq":
Republic of Iraq Financial Sector Review
A new World Bank report released today, Republic of Iraq Financial Sector Review, highlights that while reforms are ongoing in the financial sector, the country needs to push further to ensure that a system still characterized by state-domination and lack of transparency reaches its full potential. The report stresses the critical importance of the financial […]
President Talabani Promises to Protect Investors
Iraq is striving to build a democratic State anchored in peace and the rule of law, with all communities living in harmony, irrespective of their sectarian, ethnic or factional affiliation, the country’s President, Jalal Talabani, told the General Assembly on Friday. “This is the basis for the path which we are moving on and continually […]
KRG Representation Attends UK Party Conferences
The Kurdistan Regional Government is for the seventh year running attending the annual conferences of the three main British political parties. This week Bayan Sami Abdul Rahman, the Kurdistan Regional Government's (KRG) Representative to the UK, attended the Liberal Democrats party conference in Birmingham. The Liberal Democrats have been in government for over a year […]