The latest oil and gas news from Iraq – refineries, production and more – brought to you by Iraq Business News
By Tariq Abdell, Founder & Chairman, Mesopotamia Insight. Iraq's recent upsurge of violence, fueled by political impasse and regional geopolitics - Notably Iran's Mullacracy suicidal ambitions, could easily undermine its fragile democracy and, thus, plunging the country into a vicious downward spiral. The ongoing ignominious political ploys are creating a toxic environment compelling the majority […]
It is interesting to see Iraq is also using alternative energy sources in its goal of boosting production, although Cleary production from such sources is dwarfed by output from the oil sector. As the UN United Nations Environment Programme reported last year, investment in various types of sustainable energy, including solar power, continues to grow, […]
Iraq Oil Minister Hussein Shahristani said that the daily fluctuation in oil prices is normal adding that the oil market is generally stable. The ups and downs in prices are not expected to affect the Iraq budget which relies on crude oil exports, he said. The current prices are acceptable to Iraq, Shahristani added. ( […]
Iran has discovered 30 billion barrels of oil in place at a southwestern oil field that borders Iraq, the Jomhuri-ye Eslami newspaper reported yesterday. “An Iranian company along with a Chinese company are preparing the ground for exploration of oil in the Arvand-Kenar field that has 30 billion barrels of oil in place,” the daily […]
The president of Iraq's semi-autonomous Kurdish region says that it could resume oil exports as soon as a new federal government is formed in Iraq. Massoud Barzani says his Kurdish Democratic Party is in talks with Baghdad to form a new government that "doesn't exclude any party." He says that oil-rich Kurdistan has resolved most […]
Iraqi GDP growth remains at the mercy of the oil markets, with the economy growing 10.3% in 2008, slowing to 4.3% last year in the wake of the crash, and now expected to rebound to 7% this year as prices have recovered (according to the central bank’s latest forecast). This state of affairs has led […]
The Dhi-Qar council will prepare a plan to invest the oil revenues in the province, a member of the council’s economic committee said on Monday. “A committee has been formed by the Dhi-Qar council and the province’s oilfields authority to invest the one billion dinars oil revenues,” Mona al-Safi told Aswat al-Iraq news agency. “The […]
Majlis Energy Committee Chairman Hamid-Reza Katouzian has warned about the sluggish pace of the development of Iran’s joint oil fields with Iraq and other Persian Gulf states. Katouzian blamed inadequate investment, wrong policies, and improper decisions in Iran’s oil sector for the slow progress in the oil sector. “Unfortunately, sometimes decisions that are made without […]
The Kurdish areas of northern Iraq should resume oil exports “immediately,” without waiting for clearance from the finance ministry, Iraqi Oil Minister Hussain Al-Shahristani said. Kurdistan should not wait for an agreement on payments to foreign companies before resuming oil exports, he said in an interview in Baghdad today. “We have informed them that they […]
Sterling, the AIM listed independent oil & gas exploration and production company with interests in Africa and the Middle East has provided the following update on its activities: The Sangaw North #1 exploration well is currently drilling ahead at 1,505 metres. Since the last update on 7 May 2010 two intermediate casing strings have been […]
A minister from the semi-autonomous region of Northern Iraq said the area could provide natural gas to make the Nabucco pipeline feasible, EurActiv reported with reference to Northern Iraqi Energy Minister Ashti Hawrami. "We can provide 14 or 15 billion cubic metres to make the project work," said Hawrami. According to him, Northern Iraq is […]
Russia’s oil pipeline monopoly Transneft may support quotas on oil shipments through Turkey's straits to fill a pipeline to the Mediterranean. Transneft may take up to a 50% stake in the $3 billion Samsun-Ceyhan pipeline project, co-led by Italy's Eni , that will link the Black Sea and the Mediterranean and advance Turkey's plan to […]
