Russia's TNK-BP, half owned by BP, has establish a joint venture to develop oil and gas fields in Iraq, TNK-BP said on Wednesday. It said, it has signed an agreement with the Iraq Oil Company for Oil Investments (IOCOI) to establish the venture. "The two companies will consider joint acquisition of fields with commercial reserves […]
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
Iraq to Launch Gas Field Auction: Ministry
Iraq is set to call for bids from energy firms to develop its gas fields, the oil ministry said on Wednesday, as the war-ravaged country seeks new revenue sources to rebuild its battered economy. "The ministry will announce tomorrow (Thursday) the launch of a tender to develop gas fields and it will invite international companies […]
Shell Beats Estimates
Royal Dutch Shell Plc, Europe’s biggest oil company, posted a 57 percent increase in earnings after production climbed for the first time in more than three years following startups in Brazil and Russia. Net income in the first quarter rose to $5.48 billion from $3.49 billion a year earlier, The Hague-based Shell said in a […]
25% of Nasiriya Development Completed
Iraq says it has completed 25% of the plan to develop its Nasiriyah oil field. Nasariya’s development is carried out by the state-owned South Oil company. The field, which currently produces 10,000 barrels a day, is expected to increase output to 50,000 in 2011, according to the company’s Director-General Dhia Jaafar. The company has drilled […]
Oil Exports to Turkey to Resume
Iraqi crude exports to the Mediterranean port town of Ceyhan in Turkey could resume in a week after an explosion blamed on an attack damaged an oil pipeline on Thursday, an Iraqi oil official said. "We are sure now that it was sabotage not a technical failure... The time frame to fix the pipeline and […]
Iraq to Save Money Spent on Importing Oil Derivatives
According to Al SumariaTV, an Iraqi Oil Ministry Spokesman said that Iraq will save more than $5 billion by adding new refining units to the Al Dora refinery and rehabilitating the Beiji refinery. Money that used to be spent on buying oil derivatives from neighboring countries in order to meet the needs of the local […]
Iraq Cabinet Approves Naft Al Wassat Company
Iraq Government Spokesman Ali Dabbagh said that the Cabinet approved Ministry of Oil request to establish Naft Al Wassat Company with a capital of 100 billion Iraqi Dinars.
Tags: Naft Al Wassat Company, Oil & Gas
Iraq Announces New Gas Tenders
(Source: Petroleumworld.com) Iraq Prepares New Gas Field Licensing, Cuts Oilfield Signatory Bonuses Retroactively Iraq's Oil Ministry has released plans to tender three gas fields—previously part of the first and second licensing rounds—to 15 invited companies and has named Shell, Total, and KOGAS as frontrunners, while also confirming that signatory bonuses for the renegotiated West Qurna-1 […]
Business as Usual for Oil Companies
Markets hate uncertainty, and as the negotiations about forming the next government drag on, there will be an increasing desire to see these talks draw to a conclusion. One of the main areas of uncertainty has been the issue of oil contracts - specifically, whether a new government would honour the deals struck with the […]
The Political Hydraulics of OPEC
OPEC is a maddeningly opaque outfit; its public pronouncements frequently seem carefully crafted to conceal its private calculations. The 12-member cartel controls about one-third of the world’s daily oil supply — not quite enough to give it absolute control over the price per barrel, but enough to allow it to consistently manipulate the price to […]
Shell Faces ‘No Difficulty’ on Gas - Iraq
Iraq and Royal Dutch Shell Plc can reach an agreement on a gas project by extending negotiations for another six months in order to settle storage issues, Oil Ministry spokesman Asim Jihad said. Jihad said there were “no difficulties” in the talks, except that “storage places are currently not ready.” “There is no harm in […]
IEA: Oil Prices Could Hurt Economic Recovery
Recovery in the world's biggest economies could be jeopardized if crude oil prices stay over $80 per barrel, the International Energy Agency said Tuesday. The IEA also reported that OPEC posted the first "significant decline" in output in March in more than a year -- falling 190,000 barrels per day to 29 million barrels a […]