Heritage Oil Discovers Gas in Kurdistan, Shares Fall
Shares in Heritage Oil fell 17% this morning following their announcement of a major gas find in Kurdistan. [UPDATE: the shares ended the day down 29%] While the discovery is very significant, the market was hoping for oil rather than gas, leading to a share sell-off. The full text of the announcement follows: Heritage Oil […]
Iraq's Oil Exports from Southern Ports Jump
Iraq’s oil exports from Iraq's southern ports have jumped by 300,000 barrels per day (bpd) so far in January, according to shipping data reported by Reuters. Exports from the al-Basra Oil Terminal (ABOT) (pictured) and Khor Al Amaya averaged 1.8 million bpd from January 1 to January 24, up from 1.5m bpd in December. The […]
Syria/Iraq Pipeline Tenders to be Issued Soon
Syria and Iraq have reached a final agreement to build two oil pipelines and a gas pipeline between their two countries, and tender invitations will be issued soon, Syrian Oil Minister Sufian Alao [Suffian Alao] (pictured) was quoted as saying on Tuesday. Alao was quoted by Syrian newspaper Al-Thawra as saying an existing oil pipeline […]
Halliburton Reaches Profitability in Iraq
Announcing a 60% increase in net income for 2010, Halliburton's chairman, president, and chief executive officer, Dave Lesar (pictured), commented on the company's Iraqi operations: “I am very pleased with our results on the international front. Key markets including Norway, West Africa, Iraq, and Algeria experienced increased activity ... We continue to win significant additional […]
Iraq Central Bank Assets at Risk?
Following the Supreme Court decision to place several independent bodies under the control of the Iraqi cabinet, rather than the parliament, a legal expert has said that the Central Bank of Iraq is an independent body that cannot be linked to the Cabinet. According to the report from AKnews, the Central Bank of Iraq warned […]
Maliki "Coup" Denounced by Critics
Iraqi Prime Minister Nouri al-Maliki has won a court ruling placing independent bodies like the central bank and the electoral agency under the control of the cabinet, rather than the parliament, a centralization of power that critics are calling a "coup." Maliki's government made the request to the supreme court in December before he was […]
BACTEC International Opens Office in Basra
BACTEC International Limited, one of the world’s leading Explosive Ordnance Disposal and Mine Action companies, announced the opening of its Basra office in January. The company’s head quarters are located in the UK with branches in Australia, Cambodia, Libya, Lao, Philippines and Mozambique. BACTEC also has an office in Sulaimani to support Kurdistan operations. BACTEC […]
Iraq to Double Refinery Capacity by 2020
Iraq plans to double refining capacity by 2020 to meet domestic demand and allow for exports, according to an article from Bloomberg. Iraq plans to increase its daily oil-processing capacity to 1.5 million barrels by the end of the decade from 750,000 barrels today, Iraqi Deputy Minister Ahmed al-Shamma told reporters in Tokyo on Tuesday. […]
JX Holdings to Develop Giant Nassiriya Oilfield?
There is a chance Iraq may hold one-on-one talks with a Japanese consortium led by JX Holdings to develop the giant Nassiriya oilfield, Iraq’s Deputy Oil Minister Ahmed al-Shamma said today, adding that a decision would depend on the policy of the new government in Baghdad. The comments came after the country's Deputy Prime Minister […]
Syria to Lift Visa Restrictions on Iraqis
Reuters reported on Tuesday that Syria has lifted visa restrictions on Iraqi nationals in a sign of improving ties between the two neighbours. Syria’s official news agency said a cabinet decision will make it possible from 1st February for any Iraqi to apply for a visa at the border, instead of from the Syrian embassy […]
Iraq Calls for Lifting of Philippine Travel Ban
Iraq's ambassador to the Philippines called on Tuesday for the Philippines to lift its travel ban to Iraq, saying Filipinos can benefit by taking part in the reconstruction of the war-damaged country. Ambassador Wadee Al-Batti was reacting to a recent reiteration by the Philippine government of a travel and workers' deployment ban to high-risk countries […]
Ex-CEO Fined for Bribery in Iraq
The former chief executive of a British chemical company has settled allegations that he approved illegal bribes to Iraq's Oil Ministry and government officials in Indonesia in the mid-2000s, according to the Wall Street Journal. Paul W. Jennings, former CEO of Innospec Inc., agreed to pay $229,000 to settle allegations that he violated the U.S. […]