The latest oil and gas news from Iraq – refineries, production and more – brought to you by Iraq Business News
Further to our reports of major gas contracts being agreed in principal on 20 October for three fields holding 11 trillion cubic feet of gas (4 trillion cubic metres), most of them have now been signed. Turkish Petroleum Corporation (TPAO), Kuwait Energy and Kogas won the right to operate Iraq's Mansuriyah gas fields and have committed to producing 320m cubic feet of […]
Project management specialists Parsons Brinckerhoff stated the obvious this week by saying Iraq is “risky, but full of opportunity”. After the war, the security and energy sectors were the most obvious risky opportunities. Re-building Iraq's decaying and war-torn infrastructure has come a close second. Since then, however, opportunities have snowballed into retail and agriculture, and […]
Iraq's proposed budget, which has gone to Cabinet, should give it a deficit of $18.6bn dollars in 2011 and surplus in 2012, according to Kippreport. Iraq's huge reliance on oil will continue as it needs 2.4m barrels of oil per day next year to reach its target, said Deputy Finance Minister Fadhil Nabi. Assuming an oil price […]
Urban and economic progress in Kurdistan continues with many relatively stable areas and regional policy both being attractive to foreign investment. Developments in oil, too, will not be affected by delays in forming the next Iraqi government, the local government says. The Kurdistan Regional Government points to its profit-friendly legislation including ten-year tax breaks and land set aside […]
Iraq's Ministry of Oil will auction off more gas fields on the 20th October 2010. Xinhua was told by an official: "The bidding for the gas fields of Akkas in Iraq's western province of Anbar, Mansuriyah in eastern Diyala province and Siba in the southern province of Basra, will be held on October 20th." Ministry of […]
By Tariq Abdell, Founder & Chairman, Mesopotamia Insight. The opinions expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News. The absence, thus far, of a democratically elected and accountable government -- over six months of political horse-trading -- underscores Iraq's fragile democracy that is exacerbated by […]
Iraq is still planning to hold a licensing auction to award three major gas field licences as scheduled on 1st October, but according to Dow Jones, an Iraqi oil official has conceded that a delay is possible. Eleven international companies have paid the participation fees. They are reported to include Italy's Edison (EDN.MI), France's Total […]
By Tariq Abdell, Founder & Chairman, Mesopotamia Insight. The opinions expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News. The end of U.S. combat operations in Iraq presents a unique opportunity for a new beginning in U.S.- Iraq’s relationship. However, given Iraq’s crippling challenges and U.S. […]
Energy companies from the UAE are interested in investing as Iraq’s oil and natural-gas industries, a government official said. “There are indications that the UAE will have a place in the petroleum and energy sector,” Abdullah Ibrahim Al Shehi, the country’s ambassador to Iraq, said on Monday at a gathering of diplomatic officials in Abu […]
Iraq is starting the holy fasting month of Ramadan in blistering summer heat: up to 49 C (120 F) in places! It has been a hot week for oil news too: The Korea National Oil Corp (KNOC) hits oil in the Bazian and Sangaw North blocks in Kurdistan; Dana Gas has increased gas its production […]
2009 was a momentous year for Iraq’s oil and gas sector, for the first time in more than three decades, two bidding rounds took place. What was on offer? Development of just some of the countries prized oil and gas fields. In a country where investment from the world’s IOCs is vital to its development […]
Iraq will produce natural gas in two years, and will become one of the most important gas exporters to Europe, according to a report from Aswat al-Iraq. As we recently reported, the fate of the three gas fields of Akkas, Mansouriya and Siba will be decided in October. A source from the Iraqi Oil Ministry […]
