The latest news from Kurdistan – security updates, reconstruction and more – brought to you by Iraq Business News.
By John Lee. According to Iraq Oil Report, Austria's OMV will hand back two exploration blocks to the Kurdistan Regional Government. In its latest trading statement, OMV said it had written off exploration expenses at the "unsuccessful wells and exploration licenses" relating to the Mala Omar and Shorish blocks. The company has failed to find […]
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 […]
By John Lee. Shares in Sterling Energy were up more than 1% in early trading on Monday, following the publication of the company's interim management statement. Sterling made the following statement on operations in Iraqi Kurdistan: "The Company completed the acquisition of 117 km of 2D seismic data in the Sangaw North block in south […]
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 […]
Investment almost $1 billion - highest foreign investment in Iraqi oil and gas sector Total 67 million barrels produced since 2008 – highest by private sector in Iraq Project achieves government fuel cost savings of $5.4 billion Dana Gas and Crescent Petroleum, in their capacity as joint operator of the Khor Mor field, have announced […]
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 […]
Murat Karayilan, the chief of the PKK's armed wing, explains the Kurdish role in Syria and the impact of the Arab Spring on the region, in this interview with Al Jazeera: (Source: Al Jazeera)
By John Lee. Iraq is considering replacing ExxonMobil at the supergiant West Qurna-1 oilfield with Russian companies LUKoil and Gazprom Neft, according to a report from Nefte Compass. Iraq regards Exxon's contracts in the northern Kurdish region of the country as illegal. But if any agreement was reached at this week's meeting between Iraqi Prime […]
By John Lee. Both Russia's Gazprom Neft and the Kurdistan Regional Government have denied that the company has frozen projects in Iraqi Kurdistan. "Gazprom Neft is still working on these projects. The company keeps its interest in Kurdistan," a Gazprom Neft source told Reuters. A spokesman for the KRG said Gazprom had informed the KRG […]
