The latest news from Kurdistan – security updates, reconstruction and more – brought to you by Iraq Business News.
Iraqi Oil Minister Abdul Kareem Luaibi [Elaibi] said on Monday that Exxon Mobil had sent a second letter to Iraq's oil ministry confirming its decision to freeze its oil deals with the Kurdistan Regional Governmment (KRG), according to a report from Reuters. The decision may lead the Iraqi government to allow Exxon Mobil to re-enter […]
The ongoing dispute between Iraq's central government in Baghdad and the Kurdistan Regional Government (KRG) reached new heights on Monday as Iraq's Deputy Prime Minister for Energy, Hussain al-Shahristani (pictured), accused the northern region of smuggling rather than meeting its export obligations. According to Reuters, Shahristani told reporters: "Most of the crude produced in the […]
Following Sunday's statement from the Kurdistan Regional Government stopping oil exports from the region, Norway's DNO International has issued the following statement: As of 1 April 2012, the Ministry of Natural Resources of the Kurdistan Regional Government (KRG) has instructed DNO International ASA to halt delivery of that portion of crude oil produced from the […]
The export of oil from the Kurdistan Region of Iraq has been stopped from today because the federal government in Baghdad has not honoured its payment commitments, Kurdistan's Ministry of Natural Resources (MNR) said on Sunday. “After consultation with the producing companies, the Ministry has reluctantly decided to halt exports until further notice. There have […]
On an official visit to Sofia, Bulgaria last week, Kurdistan Region President Masoud Barzani held meetings with the country’s leaders to promote bilateral relations and cooperation. President Barzani met President Rosen Plevneliev and talked about the many cultural and historical similarities that the people of Kurdistan and Bulgaria share. “Our peoples have much in common. […]
Reuters reports that Iraq's central government has approved a payment of close to $560 million to oil producers in Kurdistan, following a threat from the Kurdish authorities to halt exports. On Monday, the KRG said it had reduced exports to 50,000 bpd and warned it would stop them altogether if Baghdad was not forthcoming with […]
Crude exports from the Kurdistan region of Iraq dropped to 50,000 bpd and may cease in a month if Baghdad refuses to pay about $1.5 billion owed to producers, Kurdistan Regional Government (KRG) authorities have said. Kurdistan started shipping oil again in February 2011 after an interuption of more than a year following a long-standing […]
The Kurdistan Regional Government (KRG) has issued the follow statement on the reported granting of a contract to BP for the development of oilfields in Kirkuk: Neither Iraq’s federal oil ministry nor state-owned oil companies have the right to unilaterally award contracts to develop currently producing fields in Kirkuk province or in other adjacent areas, […]
AKnews reports on Saturday that Iraq's state-owned North Oil Company has signed a preliminary agreement with BP to increase production at the Kirkuk oilfield from about 280,000 barrels per day (bpd) to 580,000 bpd. Hussein Allam, the undersecretary of North Oil Company said: "The initial agreement is part of a high-level plan carried out by […]
The Iraqi oil ministry is said to be still considering whether to allow Exxon Mobil to bid in the country's 4th energy licensing auction, lifting a ban that was imposed because of the deal it struck with the Kurdistan Regional Government (KRG). "We are going to discuss this matter in the ministry and, God willing, […]
The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. […]
Shares in Norwegian oil firm DNO International were up as much as 15% in intraday trading on Wednesday, following the company's announcement that it has stuck oil at its Tawke oilfield in Iraqi Kurdistan. Genel Energy, with which it shares the field, was up nearly 5% at one stage before falling back. The full text […]
