The latest news from Kurdistan – security updates, reconstruction and more – brought to you by Iraq Business News.
By John Lee. Russia's Gazprom Neft has produced its four-millionth tonne (32-millionth barrel) of oil since starting commercial development of the Sarqala field in the Kurdistan Region of Iraq (KRI). Three wells are now in operation at this field, with daily production running at about 3,100 tonnes (24,000 barrels) per day. Limitations arising under the COVID-19 pandemic notwithstanding, Gazprom […]
By John Lee. France's Total is reported to be in talks to sell its 18-percent stake in the Sarsang block in Iraqi Kurdistan, in a move aimed at reducing the company's debt. Bloomberg says the company is working with Jefferies Financial Group on the deal, adding that the holding could be worth as much as […]
KRG Prime Minister Masrour Barzani has presided over the contract signing ceremony between the Ministry of Interior and Germany's Mühlbauer Group to digitalize key public services. During the ceremony, the Prime Minister said that the KRG has no choice but to move forward with technological advancements, recalling the cabinet's agenda on digitalization and commitment to […]
By John Lee. Genel Energy has announced that, following first oil production last week, first liftings have taken place from the Sarta field (Genel 30% working interest). According to a statement from the company, the Sarta-3 well is producing at an initial rate of over 5,000 bopd, with an API gravity of c.27 degrees, in […]
By John Lee. UAE-based Dana Gas has announced that the production of sales gas from Pearl Petroleum's Khor Mor Gas Plant in the Kurdistan Region of Iraq (KRI) reached a record level of 418MMscf/d on 18 November 2020. Dana Gas, which owns a 35% stake in Pearl Petroleum, registered a 6% year on year increase […]
Genel Energy has announced first oil production from the Sarta field (Genel 30% working interest), less than 21 months after the acquisition of the stake was completed. Production has begun at Sarta with first oil flowing from the Sarta-3 well into the Early Production Facility. The Sarta-2 workover operation is on track to be completed […]
By John Lee. The China Machinery Engineering Corporation (CMEC) has announced that it been awarded the contract to build the Harir cement plant in Erbil. According to a stock exchange filing, the contract is valued at approximately $210 million, and the project is expected to be completed within 30 months. (Source: CMEC)
By John Lee. Erbil-based Intellect Code, which specialises in advertising, marketing and market research, has announced the acquisition of 100 percent of the company's shares by Ahmed Gorani, who is the current CEO of the company. A statement from the company said that Mr Gorani bought the shareholdings of his partners Mohamed Emad and Waleed […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were trading up 5 percent on Monday morning as the company announced that the planned workover on the SH-12 well has been completed safely. Jón Ferrier (pictured), Gulf Keystone's Chief Executive Officer, said: "We continue to successfully manage the challenging macro backdrop and make operational progress. […]
By Michael Rubin, resident scholar at the American Enterprise Institute, for 1001 Iraqi Thoughts. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Will Biden Avoid the Barzani Trap in Iraq? There has never been a U.S. president-elect more well-versed in Kurdish affairs than Joe […]
By Padraig O'Hannelly. A major conference has heard that Iraqi Kurdistan will prioritise a shift towards private enterprise and a more efficient public sector. In his keynote speech to CWC/GFEn's Kurdistan Iraq Economic Forum (KIEF) conference, held online, Kurdistan's Deputy Prime Minister, Qubad Talabani (pictured), said: "We must create an environment to let the private sector […]
By Padraig O'Hannelly. The Kurdistan Regional Government's (KRG) biometric registration program is claimed to have removed more than 16,000 'ghost workers' from the state's payroll. Addressing the CWC/GFEn's Kurdistan Iraq Economic Forum (KIEF) online conference, Kurdistan's Deputy Prime Minister, Qubad Talabani, said: "Building on phase one of our biometric registration program, where every wage-earner was enrolled, […]
