By John Lee. The industry group representing international oil companies (IOCs) in Iraqi Kurdistan has said that its member companies won't be able to produce oil for pipeline exports until there is clarity on how IOCs will be paid for past and future oil sales, as they are currently owed nearly $1 billion in unpaid […]
By John Lee. The Kirkuk-Ceyhan oil pipeline, which is also the main route for oil exports from Iraqi Kurdistan, will reportedly soon be ready to resume operations. Various media sources quote the Turkish Energy Minister, Alparslan Bayraktar (pictured), as saying that earthquake-damage assessments are nearing completion. Shares in Gulf Keystone Petroleum (GKP) closed the day […]
By John Lee. An industry group representing international oil companies (IOCs) in Iraqi Kurdistan has said that, even if the Iraq-Turkey Pipeline (ITP) is reopened, its members will not produce oil until it is clear how they will be paid. While welcoming recent discussions between Iraq and Turkey on the possible reopening of the line, […]
DNO ASA, the Norwegian oil and gas operator, today reported that production from its flagship Tawke field in Kurdistan has been restarted following a four-month shut-in triggered by the closure of the Iraq-Turkey Pipeline export route. Production was restarted last month to conduct well integrity tests and synchronize reservoir models but has continued in response […]
By John Lee. An industry group representing international oil companies (IOCs) in Iraqi Kurdistan has urged the Iraqi Federal Government in Baghdad and the Kurdistan Regional Government (KRG) to honour their production sharing contracts (PSCs). The Association of the Petroleum Industry of Kurdistan (APIKUR) added that it wants those rights to be incorporated into Iraq's […]
By John Lee. Genel Energy has issued a presentation relating to its half-year results to the end of June. Click here to download. (Source: Genel Energy)
By John Lee. Revenues at Genel Energy have, as expected, fallen sharply as a result of the closure of the Iraq-Turkey Pipeline (ITP) which brings oil from Northern Iraq to Turkiye's port of Ceyhan. In its unaudited results for the period ended 30 June 2023, Paul Weir, Chief Executive of Genel, said: "The closure of […]
By John Lee. The Association of the Petroleum Industry of Kurdistan (APIKUR) has said that spending on the oil industry in Iraqi Kurdistan has been cut by $400 million as a result of the closure of the Iraq-Turkey pipeline (ITP). Full statement from APIKUR: The Association of the Petroleum Industry of Kurdistan (APIKUR) notes that […]
By John Lee. Baghdad and Erbil have agreed a deal to resume oil exports from northern Iraq. Exports of crude oil from Iraqi Kurdistan and Kirkuk had been suspended since last week after a ruling from the Paris-based International Court of Arbitration that Turkiye can not allow exports from the autonomous region by pipeline to […]
By Ragip Soylu for Middle East Eye. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. 'Hollow victory': Iraq is not really a winner in the Turkey oil arbitration case Ankara is likely to pay only a few hundred million dollars to Iraq, which […]
By John Lee. Genel Energy has just published details of its payments to governments for the year 2022: Introduction and basis for preparation This report sets out details of the payments made to governments by Genel Energy plc and its subsidiary undertakings ('Genel') for the year ended 31 December 2022 as required under the Disclosure […]
By John Lee. There has been a sharp sell-off in the shares of oil companies with interests in Iraqi Kurdistan on Monday, following the arbitration ruling that has stopped oil exports from the Kurdistan Region of Iraq via pipeline to the Turkish port of Ceyhan: Genel Energy, which has interests in the Tawke, Taq Taq […]
