The latest news from Kurdistan – security updates, reconstruction and more – brought to you by Iraq Business News.
By John Lee. Genel Energy plc has announced that the Taq Taq field partners have received a gross payment of $12.6 million from the Kurdistan Regional Government ('KRG') for oil sales during February 2016. Genel's share of the gross Taq Taq payment is $6.9 million. As agreed with the KRG, sales into the local market […]
By John Lee. Iraq Oil Report, citing Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi], says Baghdad has stopped oil exports through the Kurdish region, to put pressure the Kurdistan Regional Government to resume talks about sharing oil revenues. Sources confirmed to Reuters that the state-run North Oil Company (NOC) has stopped pumping oil […]
By John Lee. In a speech to the fourth annual Sulaimani Forum, held by the American University of Sulaimani, KRG Prime Minister Nechirvan Barzani explained the current situation in Kurdistan Region, focusing on the internal political conditions, the war against ISIS, the economic crisis and Kurdistan Region’s relations with Baghdad. He was particularly critical of […]
Oryx Petroleum Corporation has announced its financial and operational results for the year ended December 31, 2015. All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated. 2015 Financial Highlights: Total revenues of $20.5 million on working interest sales of 588,200 barrels of oil (“bbl”) and an […]
The American University of Duhok has been officially opened in a ceremony held on Tuesday. The ceremony was attended by Kurdistan Region President, Masoud Barzani, Prime Minister Nechirvan Barzani, Chancellor of Kurdistan Region Security Council and Honorary President of the American University of Duhok, Masrour Barzani, a number of foreign diplomatic representatives and KRG and […]
By John Lee. KRG Minister Falah Mustafa met with Russian Ambassador to Iraq Mr. Ilya Morgunov and Russian Consul General in Kurdistan Mr. Viktor Simakov on Sunday to discuss strengthening bilateral ties and challenges facing Kurdistan and the wider region. Minister Mustafa and Ambassador Morgunov reviewed ways of strengthening bilateral cooperation between the Russian Federation […]
The Kurdistan Regional Government has hosted a special session for the KRG Minister of Interior and Mayor of Shingal to brief diplomats and representatives of UN agencies and INGOs based in Erbil on the needs of the city. At the outset of the meeting, Minister Falah Mustafa, Head of KRG Foreign Relations called for a […]
By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that the gross payment of US$15 million was received from the Kurdistan Regional Government on 4 March. Following the payment, the Company's current cash position is US$56 million. (Source: GKP)
The Kurdistan Regional Government (KRG) today publishes the monthly crude oil export report for February 2016. The report details: All oil export volumes through the KRG-Ceyhan crude oil pipeline; all crude oil cargoes lifted from Ceyhan by the buyers; and the revenues received on account by the KRG during the month. The KRG exported 10,151,944 […]
Genel Energy has announces its audited results for the year ended 31 December 2015, in which it declared its biggest-ever annual loss of $1.16 billion: Key figures 2015 revenue of $344 million, down 34% due to the fall in the oil price more than offsetting higher production volumes 2015 production of 84,900 bopd, an increase […]
Oryx Petroleum Corporation Limited and Zeg Oil and Gas Ltd have announced that they have entered into a definitive agreement whereby Zeg Oil has subscribed for and been issued 75.7 million common shares of the Corporation for consideration of $30 million. In addition, Oryx Petroleum intends to contract with an affiliate of Zeg Oil for […]
PECB has announced that it has signed a new partnership agreement with Erbil-based Citadel Engineering Company, to distribute PECB training courses in Iraq. This partnership will ensure that the respective companies will give their contribution based on their expertise in offering and organizing PECB courses. Eric Lachapelle, CEO of PECB, said: “PECB has built a […]
