The latest oil and gas news from Iraq – refineries, production and more – brought to you by Iraq Business News
A pipeline rupture that halted Iraq's crude oil exports to the Turkish Mediterranean port of Ceyhan was caused by sabotage and could take up to five days to fix, a source at Iraq's North Oil Company said today. The rupture halted oil flow from Iraq's northern fields to Ceyhan on Sunday. "After examining the oil […]
Iraq has signed a development agreement of co operation with Norway. A press statement issued by the Foreign Affairs Ministry received by Eye media says that the minister, Hoshiar Zeebari, signed the agreement with Norway's ambassador. The agreement is for development and expansion of cooperation in environment, fund management and competence in oil administration. Zeebari […]
A Russian company met with Basra's Governor, Shaltagh Abboud al-Mayah, on Thursday to discuss new investment projects in the oil sector, according to a report from Aswat Al Iraq. “Talks addressed the rehabilitation and reconstruction of the oilfields,” the source said. “The company presented a study on the Basra oilfields and ways to solve their […]
Both Iraq and Iran are set to play a bigger role in the world's oil markets as the technology to develop heavy oilfields grows, it was revealed. 'While estimates of Iraq's oil reserves suggest it in the region of 112 billion barrels that figure was calculated some 18 years ago,' Iraq-British Business Council chairman Mustafa […]
Chairman and Managing Director of Kuwait Oil Company (KOC) Sami Al-Rushaid expected Tuesday that Kuwait and Iraq would reach an agreement on the exploitation of the oil wells on their border areas soon. Speaking to reporters after the prize giving ceremony of the Chairman's Award for Health, Safety and Environment, Al-Rushaid said the two countries […]
Iraq's oil minister said Tuesday that world crude prices are "reasonable" and are high enough to encourage oil investment without hurting the global economic recovery. Hussain al-Shahristani's remarks in an interview with The Associated Press added to perceptions that OPEC is not eyeing any immediate changes in output despite the past weeks' large price swings. […]
WesternZagros Resources Ltd. has successfully and safely secured the Kurdamir-1 well, following the loss of well control reported on May 15, 2010. The risk of the damaged drill pipe failing and releasing hydrocarbons or hydrogen sulphide (H2S) at the surface has been eliminated. Specialists from Boots & Coots International Well Control Inc. together with personnel […]
Total, the French oil giant, expects that Halfaya oilfield will hit 535,000 barrels per day (bpd) by 2016, from 3,000 bpd now. ‘The plateau is supposed to be reached after 6 years,' Jean-Jacques Mosconi, head of strategy, told reporters. Halfaya is split three ways between the China National Petroleum Company (CNPC), Total and Malaysian Petronas. […]
“I ask them (political factions) not to throw the oil sector into the middle of their political struggles. They should leave the sector to the specialists to develop and improve oil output figures,” Jihad said.
Fire fighting officials are predicting that an Iranian oil rig fire may take as long as six months to put out.Three workers were killed and at least 10 injured. The fire broke out at well number 24 at the Naft Shahr oil field on Saturday. It is in Kermanshah province bordering Iraq.
Oil ministry's media spokesman, Asem Jihad, said that the ministry has ordered all gas-selling stations and gas factories in Baghdad to exchange plastic cylinders for metal ones. Jihad added in a statement to NMC that the ministry imported 100 thousand plastic gas cylinders within its contract It is waiting allocations to import large amounts of […]
Iraq earned more than $17 billion in the first four months of this year an Oil Ministry spokesman said. The spokesman, Assem Jihad, said the sum is one billion dollars in excess of budget expectations for 2010. “The ministry exported 222.7 million barrels in the first four months of this, earning the country $17.218 billion,” […]
