Business Monitor International (BMI) forecasts that Iraq will account for 9.00% of Middle East (ME) regional oil demand by 2014, while providing 11.08% of supply. Regional oil use of 7.47mn barrels per day (b/d) in 2001 rose to an estimated 10.64mn b/d in 2009. It should average 10.98mn b/d in 2010 and then rise to […]
Tag Archives | Oil & Gas
The latest oil and gas news from Iraq – refineries, production and more – brought to you by Iraq Business News
Tags: Oil & Gas
Chairman of Israel Corporation Visited Iraqi Kurdistan
Both KurdNet and Haaretz (citing original reports the French Jewish website JSS and Intelligence Online) say that Idan Ofer, the chairman of the Israel Corporation, visited Sulaimaniyah in Iraqi Kurdistan in May. He is reported to have met with senior Kurdistani officials including Vice President Kosrat Rasul Ali, and Prime Minister Barham Salih. The visit […]
Tags: Israel Corp, Oil & Gas
Executives Meet to Discuss Refinery Contracts
According to a report from Reuters, international oil executives will gather in Baghdad on Saturday to discuss contracts for four new oil refineries. "There are many international companies that expressed their interest to participate and to reach an agreement with the Oil Ministry," said Oil Ministry spokesman, Assim Jihad. Iraq's eight oil refineries have a […]
Gulf Keystone Warns of Delays
Gulf Keystone, the Kurdistan-focused oil explorer, has had to delay the drilling of its Shaikan-2 exploration well, after running into difficulties with its current Bijeel-1 well. Mechanical problems were encountered when testing and evaluating the lower section of Bijeel-1. This has necessitated a sidetrack and re-drill of this portion of the well to "fully evaluate […]
Iraq's Oil Minister Takes on Electricity Portfolio
(Sources: Reuters, Financial Times) Reuters reports that Iraqi Oil Minister, Hussain al-Shahristani, has taken over the electricity portfolio after the electricity minister resigned over protests against power shortages in the sweltering heat of summer, the Oil Ministry spokesman said on Tuesday. Karim Waheed stepped down as electricity minister after demonstrations triggered by power cuts, claiming […]
Iraq Boosts Crude Exports
(Sources: upstreamonline.com, Bloomberg, Assoc. Press) Iraq’s oil exports increased by more than 7% in May compared to the previous month, according to Oil Ministry spokesman, Assem Jihad. Bloomberg reported Jihad said daily exports averaged 1.89 million barrels per day last month, an increase of about 7.4% from the 1.76 million bpd in April. Jihad added […]
Tags: Oil & Gas
Government Releases Provinces’ Share of Oil Revenues
(Source: Aswat Al Iraq) Iraq’s Council of Ministers agreed on Tuesday to release the oil-producing provinces’ share of money received from oil production, according to a statement from the Iraqi government’s office. “The council agreed also on the proposals presented by the ministerial delegation of Basra regarding easing the electricity crisis in the province,” said […]
Tags: Oil & Gas
Iraq Cuts July Crude for Term Buyers
(Source: Reuters) Reuters, citing industry sources, reports that Iraq will supply crude to term buyers at an average of 10 to 15 per cent below contract volumes for July, largely steady, with a cut of around 10 per cent for June. The cut was on medium-heavy Basra Light crude, they said. State Oil Marketing Organisation […]
Tags: Oil & Gas
New Deal for Iraq-Turkey Oil Pipeline
(Source: AFP) Iraq has initialled a deal with Turkey to extend the use of the main pipeline linking its northern oilfields to the Mediterranean port of Ceyhan for 12 years, the oil ministry said on Thursday. The renewal of the existing deal, which ran out in March, was the result of lengthy negotiations -- Turkey […]
Oil Minister Confirms 12m bpd Target
(Source: Aswat Al Iraq) The Iraqi oil ministry seeks an increase in production to hit 12 million barrels per day (bpd) during the next six years, in addition to developing natural gas fields, according to the minister, Hussein al-Shahrestani. “This figure is the normal rate of Iraq’s production but for the policies pursued by the […]
Tags: Oil & Gas, Shahristani
BP President of Iraq on Progress of Rumaila Development
22 June 2010 (Source: PressReleaseNetwork.com) For the first time in more than three decades, two oil and gas exploration license bidding rounds took place in Iraq in 2009. The first round saw a consortium consisting of the UK's BP and China's CNPC spearheading IOC activities as they won the first 20 year service contract to […]
Iraq’s Oil Sales Reach $4.3bn in May
(Source: Aswat al Iraq) Iraq’s oil sales in May registered $4.3 billion, through exporting 58.7 million barrels at a price of $73.8 per barrel, the oil ministry said on Monday, according to a report from Aswat al-Iraq news agency. Iraq’s oil sales last April registered 53 million barrels, valued at $4.2bn, at an average price […]
Tags: Oil & Gas