By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The upstream petroleum sector in Iraq has been on a significant development drive, in time and magnitude, since mid-2009, and such development efforts would, if realized, bring outstanding results for Iraq and […]
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 […]
Reuters reported at the weekend that Iraq's government has received a letter from Exxon Mobil saying the it had frozen its deal with the Kurdistan Regional Government (KRG), but other reports say this has not happened. "We received a letter from Exxon on March 5 saying they are freezing the contract with the Kurds," oil […]
Baker Hughes has joined BP and Schlumberger on separate talks with Iraq to more than double the output from the giant Kirkuk oil field in northern Iraq, according to Dow Jones. "Iraq is conducting preliminary talks with these three companies to examine plans to develop the field," an Iraqi oil industry figure said on Monday. […]
ExxonMobil has reportedly reached an agreement with Baghdad to be paid in oil for work on the huge West Qurna-1 oilfield. According to the report from Reuters, foreign oil companies involved in Iraq's oil expansion generally prefer to be compensated for capital expenditure and service fees in oil, because cash payments are more complicated to […]
ExxonMobil has reportedly asked the Iraqi central government to give it a few more days to decide whether or not it will cancel an exploration deal with the Kurdistan Regional Government (KRG). Baghdad has asked the U.S. giant to choose between the KRG deal and the existing contract with central-government to develop the 370,000 barrels-a-day […]
ExxonMobil has finally broken its silence regarding its plans to explore for oil in Iraqi Kurdistan. In the company's 10k statement filed on Friday, it says: "During 2011, production sharing contracts were negotiated with the regional government of Kurdistan ... Exploration and production activities in the Kurdistan region of Iraq are governed by production-sharing contracts […]
Iraq has reportedly made "favourable" changes to some of the terms of the 20-year technical service contracts offered under the 4th energy licensing round. International companies have been invited to compete for the rights to explore for oil and gas in 12 blocks to be auctioned in May. According to Dow Jones, the most important […]
Statement by the office of the Deputy Prime Minister of Iraq, Dr Rowsch Shaways: In the last few days, some media outlets have reported statements by federal Iraqi government officials related to the oil contract with Exxon Mobil and a potential contract with Total. These statements have drawn the attention of many local and foreign […]
