Iraq's Oil Ministry is negotiating with China's CNOOC (China National Offshore Oil Corporation) for a service contract for the 2.5 billion barrel Maysan oilfield complex, Iraqi oil officials said on Monday. Oil Minister Hussain al-Shahristani said the Chinese company, which he did not identify, had accepted the government's proposed remuneration fee of $2.30 for every […]
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The latest oil and gas news from Iraq – refineries, production and more – brought to you by Iraq Business News
Iraq May Pay Costs of Oil Firms in Kurdish North
Reuters reports progress in the ongoing dispute over oil contracts in Kurdistan. Iraq’s government could end up paying exploration and extraction costs of oil firms working in Iraqi Kurdistan but not their profits, the oil minister said on Monday, signaling a further thaw in a row over oil wealth. “We will not pay any profits […]
Tags: Oil & Gas
Iraqi Oil 'a Complete Game-Changer'
The New York Times reports on how terrorist attempts to derail the auctions of Iraqi oilfield development rights have failed, and the process went ahead as planned. “The terrorists tried to send a message to the oil companies through the bombings,” the oil minister, Hussain al-Shahristani, declared on Iraqi television. “But this message was not […]
Tags: Oil & Gas, Public Works
Enoc hosts Kurdistan Premier
Emirates National Oil Company (Enoc) has recently hosted His Excellency Dr Barham Salih, Prime Minister of Iraqi Kurdistan, on a tour of the Enoc Processing Company. Saeed Abdullah Khoory, Group Chief Executive of Enoc presented an overview of the company before a tour of the refinery and the Dubai Natural Gas Company Limited (DUGAS). Khoory […]
Iraq Mulls Kurdistan Expense Claims
The federal government could end up paying for exploration and extraction costs of oil companies working in Iraqi Kurdistan on a cost only basis said Iraqi Oil Minister Hussain Shahristani today. "We will not pay any profits to the companies but we will look into the bills for the work they carried out," Reuters quoted […]
Lukoil in Talks on Developing Giant Oil Field near Basra
Azzaman reports that Russian energy giant Lukoil is discussing with local officials in Basra the details of implementing its contract to develop the West Qurna-2 oil field. Governor Shaltah Aboud is reported to have promised the Russians “to engage in full cooperation and do his best to remove all obstacles.” “We have discussed with Russia’s […]
Iraq on Road to Stamping out Oil Graft
Iraq took a step towards leaving its reputation for corruption and the misuse of oil cash behind today, as the Extractive Industries Transparency Initiative (EITI) board accepted its bid to become a candidate member. Iraq now has two years to implement EITI standards in financial reporting within its oil sector. It must also undergo validation […]
Plans for Oil Refinery in Ninawa
Ninewa Investment Commission has asked the Iraqi Ministry of Oil to approve a project to set up an oil refinery in al-Kasak, west of Mosul, with a planned capacity of 100,000 bpd.
Tags: Oil & Gas
Basra Council Head, Iranian Consul Discuss Construction Projects
Aswat al-Iraq reports that the head of the provincial council in Basra has met with the Iranian consul in the province to discuss the development of relations and cooperation between the two countries, particularly in the field of construction. “The talks have tackled the possibility of benefiting from the experience of Iranian companies in the […]
Iraq Gunning To Blow Away Saudi Arabia's Oil Leadership Within Seven Years
Iraq's oil minister Hussain al-Shahristani just made it clear at a press conference that Iraq is gunning to knock Saudi Arabia out of the top slot for oil production. Markets won't to wait too long for this to happen either, and OPEC better not try to stop them: Hellenic Shipping News: “We can’t find a […]
UPDATE: OPEC El-Badri: No Need For Iraq Quota For Next 5 Years
Iraq may not need a quota with the Organization of Petroleum Exporting Countries for five years, OPEC's secretary general said Monday. "When they reach the point to be accommodated, maybe that will not be before five years from now," Abdalla Salem el-Badri said at an industry event. Iraq aims to lift its oil-production capacity to […]
Tags: Oil & Gas
Russia's Lukoil to Invest 30 Bln Dollars in Iraqi Oil Field
Russian state energy monopoly Lukoil will invest 30 billion U.S. dollars with its foreign partners in the development of the West Qurna-2 oil field in Iraq, said the company's CEO Monday. First phase of investment to the oil field, whose annual output is estimated at 95 million metric tons, will reach 4.5 billion dollars, said […]