By John Lee. Vast Exploration has announced that along with its consortium partners, Niko Resources and Groundstar Resources, it has entered into a relinquishment and termination agreement with the Kurdistan Regional Government to surrender their collective interests in the Qara Dagh Block (pictured). Vast acquired a working interest in the block under a production sharing […]
By Abdul-Khaleq Dosky. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The tension between Iraqi Kurdistan and the leadership in Baghdad doesn’t seem to have diminished lately. NIQASH asked the Iraqi Kurdish why the Russians and Exxon […]
By John Lee. The Iraqi Government has reportedly told Gazprom Neft, the oil arm of Russian gas export monopoly Gazprom, to abandon oil deals in Kurdistan or face losing the lucrative Badra oilfield contract. The field, which is estimated to have reserves of 100 million barrels, is being developed by Gazprom (30%), Korea’s KOGAS (22.5%), […]
Romanian Foreign Minister Titus Corlăţean concluded an official visit to the Kurdistan Region yesterday in which he met with KRG Prime Minister Nechirvan Barzani and officially opened the Consular Office of the Romanian Embassy in Erbil. The Foreign Minister expressed admiration for the political and economic developments in the Kurdistan Region and said that the […]
By John Lee. The Norwegian oil producer DNO International expects the Kurdistan Regional Government to pay the company part of the money it’s owed for exports by the end of the year. In September, Baghdad agreed to pay international companies 1 trillion Iraqi dinars ($858 million) and the KRG has received a first tranche of […]
The dispute between Iraq's central government and the Kurdistan Regional Government over oil contracts in northern Iraq has been dragging on for years, but it recent times we've seen developments that push the sides further apart rather than bringing them together. While the short-term issue of payments for shipments from Iraqi Kurdistan appears to have […]
By John Lee. Reuters reports that Kurdistan has begun shipping oil to international markets in independent export deals that some see as paving the way to greater Kurdish autonomy. The move is likely to further enrage the central government in Baghdad, but the involvement of two of the world's largest trading houses, Trafigura and Vitol, […]
By John Lee. The Kurdistan Regional Government's Minister for Natural Resources, Ashti Hawrami (pictured), has announced that the Kurdish region will be self-sufficient in oil products next year. He expects an increase in Kurdistan refinery's production from 40,000 to 100,000 barrels per day, resulting in a surplus of oil products. Hawrami also disclosed that there […]
President Masoud Barzani welcomed the largest ever American business delegation this week which was visiting Kurdistan to explore investment opportunities in the Kurdistan Region and to participate in the Erbil International Fair. The US-Kurdistan Business Council (USKBC) brought a 48-member delegation, representing 30 companies in diverse sectors, to meet with various KRG officials in Erbil […]
ExxonMobil is in talks to sell its 60% stake in the massive West Qurna-1 oil field, while gearing up to start a controversial drilling program in Iraqi Kurdistan, the Wall Street Journal reports, citing what it described at "people familiar with the matter". Exxon's 2010 deal with the Iraqi central government to improve production in […]
(Note: the speech was read by Minister Ali Saeed, as the Prime Minister was unable to attend). Ladies, gentlemen and distinguished guests, good morning. I wanted very much to be here with you today, but unfortunately I have had to change my plans due to some unforeseeable circumstances. In any event, I would like to […]
By John Lee. As part of a review of the United Kingdom's diplomatic engagement with Iraq, which included the announcement today that the country's consulate in Basra is to close, the UK’s Secretary of State for Foreign and Commonwealth Affairs, William Hague (pictured), has announced increased resources for the embassy in Baghdad and the consulate […]
