The latest news from Kurdistan – security updates, reconstruction and more – brought to you by Iraq Business News.
By John Lee. Genel Energy has announced that the Taq Taq field partners have received a gross payment of $10.22 million from the Kurdistan Regional Government for oil sales during June 2017. Genel's net share of the payment is $5.62 million. Gross oil sales from the Taq Taq field (pictured) in June 2017 averaged 15,863 […]
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 annual holiday of Eid is usually an occasion to take a break, visit family and exchange gifts. In the semi-autonomous northern region of Iraqi Kurdistan, locals prepare by buying […]
DNO ASA, the Norwegian oil and gas operator, today announced an agreement with ExxonMobil to join the Baeshiqa [Bashiqa, Bashika] license in the Kurdistan region of Iraq. DNO will assume operatorship of the license with a 40 percent paying (32 percent net) interest, acquiring one-half of ExxonMobil's position. ExxonMobil retains a 40 percent paying (32 […]
The Kurdistan Regional Government (KRG) will immediately pay $1 billion to the Pearl Consortium, including Dana Gas, and its partners to settle a long-running legal dispute. In a joint press release, the Kurdistan Regional Government and Pearl Consortium announced the "full and final settlement" between the two parties. Below is the full press release: Settlement […]
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. In Iraqi Kurdistan, poultry farmers are calling for tariffs on chicken products imported to the region. Otherwise, they say, the local industry won’t survive. Poultry farmers in the northern region […]
Genel Energy has announced a definitive agreement with the Kurdistan Regional Government (KRG) relating to unpaid entitlements for past oil sales from the Taq Taq and Tawke fields. The company's shares were trading up 7 percent on Thursday morning. Cash flow is expected to be materially enhanced over the course of the agreement, delivering significant […]
DNO ASA, the Norwegian oil and gas operator, today announced half-year 2017 revenues were up 43 percent from the same period last year following regular export payments in the Kurdistan region of Iraq. Free cash flow jumped four-fold to USD 157 million on operated production of 114,000 barrels of oil equivalent per day (boepd) during […]
Germany's Siemens has expanded an existing service agreement with KAR Group in Iraq to provide comprehensive operations and maintenance (O&M) for two newly added SSC5-2000E power plant units at the Khormala plant in the Kurdistan region. The 930-megawatt (MW) natural gas-fired power plant meets nearly 30 percent of the power demand targeted by the Kurdistan […]
By John Lee. Chevron has become the latest member of the Iraq Britain Business Council (IBBC), joining 57 other world- and region-leading organisations that form IBBC’s membership. The company operates and has an 80 percent interest in the Sarta production-sharing contract (PSC) and the Qara Dagh PSC (pictured). The two blocks cover a combined area […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The Kurdistan Regional Government in northern Iraq says the date to hold an independence referendum has been set and won't be changed. That was in response to a request by US secretary of […]
Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of $15.0 million ($12.0 million net to GKP) has been received from the Kurdistan Regional Government (KRG) for Shaikan crude oil export sales for April 2017. Company's current cash position is $140.3 million. On August 8th, cumulative production from the Shaikan field reached 40 million barrels; […]
By John Lee. The Abu Dhabi National Energy Company PJSC (TAQA) has confirmed that production from the Atrush Block in the Kurdistan Region of Iraq is expected to ramp up towards the 30,000-barrel-per-day project capacity (gross) in 2017. Oil production at Atrush started in July. TAQA is the operator of Atrush and has a 39.9% […]
