Gulf Keystone has provided an operational and corporate update: Jon Harris, Gulf Keystone's Chief Executive Officer, said: "We are pleased to announce that we have submitted a draft Field Development Plan to the Ministry of Natural Resources. While the timing of FDP approval is uncertain given the scale of the project, this is an important […]
Gulf Keystone Petroleum (GKP) has announce the resumption of the Company's growth plans to ramp-up gross production towards 55,000 barrels of oil per day ("bopd"). Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "After a year of successfully managing the impact of COVID-19 on our people and production operations at Shaikan, we are pleased […]
By John Lee. UAE-based Crescent Petroleum is reportedly planning a significant increase in its production of natural gas at its Pearl Petroleum operations in Iraq. President Badr Jafar (pictured) is quoted as saying that there will be an investment of $1 billion to boost production to 500 million cubic feet of gas per day by […]
Gulf Keystone Petroleum (GKP), operator of the Shaikan Field in Iraqi Kurdistan, has said the Kurdistan Regional Government's Ministry of Natural Resources (MNR) is to begin exporting all Shaikan crude production via trucks to Turkey, from the end of February. Subsequently, no Shaikan crude will be injected into the Kirkuk-Ceyhan export pipeline at Fishkhabour, until […]
By John Lee. MOL Hungarian Oil and Gas Plc has announced that, in agreement with its partners Gulf Keystone Petroleum (GKP) and the Kurdistan Regional Government's Ministry of Natural Resources, it has decided to relinquish the Akri-Bijeel Block in the Kurdistan Region of Iraq. The company said its decision was based on a comprehensive assessment […]
By John Lee. Dana Gas has announced that the London Court of International Arbitration (LCIA) has ordered the Kurdistan Regional Government (KRG) to pay $1.98 billion to a consortium that it leads. In a statement to the Abu Dhabi stock exchange, the Sharjah-based company claims that the judgement is final, binding and internationally enforceable, and […]
The UK's High Court has ordered the Kurdistan Regional Government (KRG) to pay a consortium led by Dana Gas $100 million within 14 days. In a statement, the KRG's Ministry of Natural Resources said: “The Court’s decision does not relate to the substantive merits of the claims and counterclaims in the on-going arbitration between the […]
By Simon Kent. Aberdeen based oil and gas company MOL Group have reduced their planned investments at Akri Bijell in the Kurdish region of Iraq, Rigzone reports. The new plans will see one well operational at 2200 bpd, while Bijell 4 and Bijell 6 appraisal wells encountered more geological complexity than envisaged. MOL have struggled in the region […]
By John Lee. Wood Group Intetech (WG Intetech) has successfully completed a six-month project for Hungary's MOL Group, which saw WG Intetech develop a detailed design for an acid gas reinjection well on MOL’s Akri-Bijeel field in Iraq. The scope of the agreement included well design and comprehensive materials selection for all well components. Dr […]
By John Lee. Sharjah-based Dana Gas and its consortium partners, Crescent Petroleum and Pearl Petroleum, is pursuing $100 million (117 billion Iraqi dinars) in payments from the Kurdistan Regional Government (KRG). In a statement to the Abu Dhabi Securities Exchange (ADX), the company said: "The LCIA [London Court of International Arbitration] Tribunal recently ordered the […]
From ProactiveInvestors. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Alexander Dodds, executive vice president of exploration and production at Hungary-based MOL Group, talks about finding the balance between high risk exploration and declining oil production. Dodds says Kurdistan is the most important region […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) gained another 19 percent on Thursday morning, following approval of its Field Development Plan (FDP) for Akri-Bijeel, in which it holds a 20 percent working interest. The FDP is based on these two discovery areas, i.e. Bijell area and the Bakrman area. The development will be done […]
