West Qurna 1 to See 8 New Wells
The initial development plan agreed by Exxon Mobil (XOM.N) and its partners for Iraq's West Qurna Phase One oilfield includes drilling eight new wells and overhauling up to 50 wells this year to boost output, an Iraqi oil official said on Monday. International oil service companies will be invited to drill four new wells and […]
Hundreds of Turkish Firms Invest in Iraqi Kurdistan
Hundreds of Turkish firms have flocked to the semi-independent Kurdish enclave in northern Iraq, benefiting from a newly issued law easing curbs on foreign investments. Latest figures by the Kurdistan Investment Commission show that more than half of the foreign firms in the enclave are Turkish. In a statement, the commission said there were 620 […]
Iran To Boost Non-Oil Exports To Iraq
Iran plans to increase its non-oil exports to Iraq to US$7.5 billion annually from the current US$4.8 billion, the secretary-general of Iran-Iraq economic development centre said on Sunday. "Iran mainly exports foodstuff and construction materials to Iraq," Mehr News Agency (MNA) quoted Hassan Danaiifar as saying Sunday. "Currently, over 8,000 tonnes of cement is being […]
Four Injured in Blast Near Oil Company in Northern Iraq
Four security guards were injured Sunday when two explosive devices detonated near the entrance of an oil company in the northern Iraqi city of Kirkuk, a police source said. Security forces cordoned off the area and launched a search operation for those behind the blast, which targeted the North Oil Company, northwest of Kirkuk, Helo […]
A government of everyone and no-one
If a week is a long time in politics, it is a very long time in Iraq. The first day of this week in Iraqi politics witnessed a Sunday 23 May meeting between Iraqiyya leader Iyad Allawi and Grand Ayatollah Ali al-Sistani. On the same day, the Washington Post released a new interview with Prime […]
Oil Ministry Achieves $1 Billion Surplus in 2010
Oil revenues in the first four months of 2010 reached $17 billion, exceeding by one billion the general budget’s expectations, spokesman for the oil ministry said on Friday.
State-Backed Overseas Majors Move In To Develop Iraqi Fields
CNOOC's attempts to enter a number of foreign markets, such as the US, rejected over concerns of control of strategically important energy assets - the firm has long been attempting to enter markets where it is likely to be greeted with less hostility, such as Iraq.
Baghdad Approval to Pay Foreign Oil Companies in Kurdistan is Temporary
Baghdad approval to pay for foreign companies in Kurdistan region is temporary and does not constitute a solution
Iraq's Nassiriya to Hit 100,000 Bpd in 2014
Iraq expects output at its Nassiriya oilfield to hit 100,000 barrels per day (bpd) in 2014, the head of state-run South Oil Co. (SOC) said on Friday, after the OPEC member decided to develop the field on its own.
Oil Output to Surge in Iraq
Iraq expects crude output from its southern oilfields, Rumaila, Majnoon and West Qurna Phase One, to reach about 2.1 million barrels per day (bpd) by the end of this year, the head of South Oil Company (SOC) said yesterday.
Iraq to Maintain Growth of 7% This Year
Iraq may maintain an economic growth rate of about 7 percent this year, led by oil, Central Bank Governor Sinan Al-Shabibi said.
UK Company Cements Iraq Deal
After winning the contract from the Iraqi ministry of industry and minerals, MerchantBridge will spend US$200 million on renovating and operating the plant under a 15-year lease.