Gulf Keystone Updates on Sheikh Adi Block
Gulf Keystone announced today results of an independent preliminary evaluation of the Sheikh Adi resources by Dynamic Global Advisors (DGA), independent Houston-based exploration consultants. The DGA report, based on Sheikh Adi-1 wireline logging data, core samples, 2D and 3D seismic and regional data, has indicated a significant range of between 1 billion barrels and 3 […]
DNO Announces Share Buyback
DNO International ASA's Board of Directors today announced a share buyback program following release of preliminary second quarter 2011 results. The timing and volume of the share purchases will depend on market conditions. "Given the ongoing sell-off and sharp declines in global securities, we have decided to invest available cash to capitalise on the undervaluation […]
Iraqi Govt to Announce $Billions of Opportunities in London
Iraq Business News is delighted to be chosen as the official Media Sponsor of Iraq Mining 2011. Billions of dollars worth of investment opportunities are expected to be announced by Iraq’s Minister of Industry and Minerals, H.E. Mr Ahmad Nassir Al-Karbooli (pictured), on 7 September at Iraq Mining 2011 in London, a conference on Iraq […]
An Unexpected Friday in Iraqi Kurdistan
Advertising Feature It’s early Friday morning and I’m in a SUV travelling from Sulymaniya to the picturesque border town of Ahmad Awa. But it’s not the SUV I expected to find myself in when I first visited Iraq, or more accurately the Kurdistan region of Iraq. The only green I see is the grass covered […]
Who's Behind The Dodgy Electricity Deals?
As we reported yesterday, the Iraqi prime minister, Nouri al-Maliki, has fired the electricity minister, Raad Shallal, following highly questionable energy deals conducted almost a year ago. It was thought that the sacking may be politically motivated, because the minister had been appointed by a top rival to the prime minister. Now the picture gets more […]
Iraqi-Focused Oil Explorer Denied Another Prize
Petrel resources applied to participate in the fourth oil licencing round in Iraq, but has not been pre-qualified. The eventual criteria adopted by the Iraqi authorities were heavily weighted (over 50%) towards financial size and strength, rather than practical experience working in Iraqi conditions. As a result no juniors or smaller independent oil companies have […]
Customs Duty Remains at 5%
Customs duty increases have been postponed by the Iraqi Finance Ministry due to the high cost of goods, according to Aknews. Duty was due to go up from 5% on all goods - a rate said to have been set low to encourage trade with Iraq - to as much as 30%. To put that […]
Baker Hughes Wins Drilling And Completions Contract
The drilling and completions contract covers 23 wells in the West Qurna phase two field. LUKOIL has awarded Baker Hughes a two-year contract to provide full drilling and completion services for 23 wells in the West Qurna field in southeast Iraq, 50km west of Basra. Under the terms of the contract, Baker Hughes will provide […]
Non-Oil Trade with Syria Hits $2bn
Trade between Iraq and Syria is now running at US$2bn per year, according to a spokesperson for the Iraqi Ministry of Trade. Hashem Hatam said that this does not include trade in oil and gas, according to Aknews. At the same time, events could sour increasing trade between the neighbours. As Syria cracks down on […]
Detailed Analysis of South Gas Deal with Shell/Mitsubishi
The attached document is a detailed analysis of the joint venture between South Gas Company and Shell & Mitsubishi, prepared by our expert blogger Ahmed Mousa Jiyad. Mr Jiyad is an independent development consultant, scholar and Associate with Centre for Global Energy Studies-CGES, London. He was formerly a senior economist with the Iraq National Oil […]
41 Companies Qualify for Iraq's 4th Energy Auction
Iraq has qualified 41 companies to participate in its 4th energy bidding round, which is scheduled to take place in late January, Abdul-Mahdy al-Ameedi, director of the oil ministry's contracts and licensing directorate, told Reuters on Sunday. The 4th bidding round for the 12 new exploration blocs is expected to add 29 trillion cubic feet […]
Iraqi Electricity Minister Sacked for Deals
Iraq's prime minister has fired his electricity minister, who is under investigation following allegations that he failed to follow government guidelines in the signing of $1.7 billion in power generation deals with two foreign companies. The minister Raad Shalal signed the deals in question with the Canadian Alliance for Power Generation Equipment (Capgent) and the […]