By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Many countries impose capital gain tax on individuals, companies and corporations when a profit realized from the sale of assets. National and state legislation often has a large array of fiscal obligations […]
A new report from Deloitte, entitled "Mergers and Acquisitions in the Oil and Gas Industry -- Current upstream M&A issues and transaction considerations", looks at the factors affecting investment in Iraq: "Iraqi production, which has now passed the 3 million barrel per day level, is benefiting from foreign investors with the expertise to exploit these […]
Shares in Heritage Oil, the petroleum explorer and producer with operations in Iraqi Kurdistan, have been suspended following the announcement of a major acquisition in Nigeria. Together with a local Nigerian partner, Shoreline Power Company Limited, the company has reached agreement to acquire a 45% participating interest in a producing oil mining lease in Nigeria […]
DNO International ASA announced the completion on Tuesday of its merger with RAK Petroleum PCL´s MENA operating subsidiaries, and increased its share capital to NOK 255,819,813.75 (comprised of 1,023,279,255 shares of NOK 0.25 each). On Friday, an Oslo court threw out a request by Petrolia Invest AS for an injunction to halt the merger, and […]
Shares in DNO were up as much as 9.3% on Monday, their highest level since July, before closing up 2.6% at 6.57. Bloomberg says the rise is due to a group of minority shareholders reversing opposition to the planned merger with units of RAK, in exchange for meeting certain demands. The DNO Initiative, representing about […]
Tony Hayward (pictured), the Chief Executive Officer of Genel Energy Plc, a group formed via a merger of Vallares Plc and Turkey's Genel Enerji, said he plans acquisitions in Iraqi Kurdistan. Reuters reports that the former boss of BP told reporters in Istanbul that the company plans to make the acquisitions with its $2.2 billion […]
Shares in Norway-based DNO International jumped 16% on Monday following the announcement of its merger with RAK Petroleum's Middle East and North Africa subsidiaries. A tie-up between the two companies has been rumoured for some time, especially following the boardroom coup that saw RAK's CEO oust DNO's chairman. You can hear a replay of this […]
Reuters reports that the Chief Executive of Weathford International, one of the largest suppliers of goods and services to oil companies, said the oil services industry needed more consolidation. Weatherford is currently operating in Iraq's al-Bazerkan oilfield in Amara. "We need to get larger," said Bernard Duroc-Danner, citing the fact that oil services companies face […]
