Backed by armed bodyguards, international oil executives have flocked to Basra to survey their potentially lucrative prizes: the fields that they hope will one day be pumping out dramatically greater amounts of cheap, plentiful crude. For their companies, the fields that they won the rights to develop in two biddings rounds last year are their […]
Tag Archives | Oil & Gas
The latest oil and gas news from Iraq – refineries, production and more – brought to you by Iraq Business News
Drilling Contract in Rumaila
Iraq announced a $318 million contract with a unit of Turkish Petroleum to drill 45 wells in the supergiant Rumaila oilfield as the country strives to regain and even surpass pre-war production levels. Britain’s BP and China’s China National Petroleum Corp signed a 20-year contract to develop the Rumaila field in southern Iraq, which alone […]
Abu Dhabi Lowers Crude Prices
Abu Dhabi National Oil Co., the state-owned producer, cut February prices on all its crude grades by about 4 percent after Persian Gulf suppliers including Saudi Arabia, Iraq and Iran lowered rates for buyers in Asia, according to Bloomberg. The price for Murban crude, its largest export grade, was lowered to $74.20 a barrel.Upper Zakum […]
Iraqi Oil Exports Hit a New High
According to AFP, Iraq's oil exports in February were the highest since 1990, at 2.069 million barrels per day. Reuters puts the figure slightly higher, at 2.083 million bpd, up from 1.926 million bpd in January. The average selling price was $73-$74. 1.612 million bpd were shipped from the southern oil hub of Basra, and […]
Turkish TPIC Wins $318m Iraq Oil Contract
Reuters reports that TPIC, the foreign exploration unit of state-run Turkish Petroleum, has won a $318 million contract to drill 45 wells in Iraq's supergiant Rumaila oilfield, near Basra. British firm BP and its Chinese partner CNPC signed a 20-year development contract last year for Rumaila, which has an estimated 17 billion barrels of crude […]
Talks on Nassiriya Oil Field Break Down
According to a variety of sources, Iraqi Oil Minister Hussein al-Shahristani has said that talks with a Japanese energy consortium over the development of the Nassiriya oil field have broken down. “The talks reached a deadlock and we aren’t going to meet again,” Abdul Mahdy al-Ameedi, head of the ministry’s petroleum Contracts and Licensing Directorate, […]
OPEC Crude on the Rise
Crude oil supply from OPEC is rising to the highest in 14 months led by Angola and Saudi Arabia, a survey showed, further reducing compliance with output targets. Supply from the 11 OPEC members with output targets, all except Iraq, is averaging 26.80 million barrels per day (bpd), up from a revised 26.69m bpd last […]
Iraqi Talks with Shell Continue
Reuters reports that talks are still ongoing between Iraq and Royal Dutch Shell on a natural gas deal near the southern oil hub of Basra, although they are taking longer than expected, a senior Iraqi oil official said on Friday. "The heads of agreement will be extended and the project will be presented to the […]
Iraq Sees '10 Oil Output Up 0.25 Million B/D on Basra Deals
Iraq's crude oil production could increase by more than 250,000 barrels a day by the end of this year as some oil deals recently signed with international oil companies to develop giant Iraqi oil fields have become effective, the head of the country's largest oil firm, the South Oil Co., said Thursday. BP PLC (BP) […]
Oil Deals between Iraq and Global Majors
Iraq has signed a raft of deals with foreign oil companies that could take its crude output capacity up to 12 million barrels per day, rivaling top producer Saudi Arabia. There are still hurdles in the way, not least a March 7 parliamentary election that could usher in a new government inclined to try to […]
Playing Field for ID1bn
The Missan Oil Company has agreed to construct a playing field for its Sports Club at a total cost of 1 billion Iraqi dinars (ID), a club official said on Tuesday. “The playing field is designed to seat more than 2,000 persons,” the deputy director of the club’s administrative board, Saad Abd Ali, told Aswat […]
$4.4b Iraq’s Oil Revenues in January
The Iraqi Oil Ministry said on Tuesday that it achieved a revenues level of $4.416 billion through oil sales of 59.7 million barrels in Jan. 2010. It said that oil price was $73.97 per barrel. In Dec. 2009, the Ministry accomplished revenues of $4.449 billion through sales of 61.3 million barrels of oil at a […]