The latest oil and gas news from Iraq – refineries, production and more – brought to you by Iraq Business News
Iraq's oil ministry is holding an international symposium beginning on Sunday to discuss the best ways for the government to co-ordinate and implement the country's oil expansion plans, a senior Iraqi oil official said Thursday. Two oil licensing auctions last year awarded 11 deals to international oil companies that promise to add nearly 10 million […]
The Deputy of the Iraqi Oil Minister declared that almost two million barrels of Iraqi oil are exported daily and the volume is unlikely to change. In a statement to AKnews on Thursday Mu'tasam Akram said "in June Iraq sold daily some 1.9m barrels of oil abroad and the number is expected to fluctuate only […]
Vast Exploration Inc. has provided an update on the settlement of final payment terms with the Kurdistan Regional Government with regard to the acquisition of an additional 10% working interest announced in September 2009, and a progress update on the Qara Dagh - 1 Exploration Well. Capacity Building Payment “Profits Royalty” As previously announced, in […]
Iraqi oil officials and their Kurdish counterparts have exchanged accusations of smuggling large volumes of crude oil and by-products to neighboring Iran. There are two oil ministers in Iraq. Heading the Oil Ministry in Baghdad is Husain al-Shahristani. The semi-independent Kurdish region has its own government with Ashti Horami [Ashti Hawrami] heading the Ministry of […]
Revenues from oil sales account for 95 percent of Iraq's income, Oil Minister Hussein al-Shahristani said on Tuesday, underlining the war-battered nation's reliance on crude to rebuild its economy. Shahristani said Iraq raised 171 billion dollars from sales between 2006-2009, which accounted for all but five percent of the government's income during those years. Shahristani […]
Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global Engineering and Construction Group has been awarded a project management consultancy (PMC) services contract by South Oil Company (SOC) for the Iraq Crude Oil Export Expansion Project onshore in southern Iraq and offshore in Iraqi waters. SOC is a company under the Ministry of Oil […]
Russia's Lukoil and Norway's Statoil have started issuing tenders for the multibillion project to develop Iraq's supergiant West Qurna Phase 2 oil field in southern Iraq, a person familiar with the plans said Sunday, as reported by Reuters. The "first tender is a 3D seismic survey at the field", the person said. A second tender […]
Iraq's northern Kurdish region is cracking down on fuel oil smuggling through the area and across Iraq's borders, the government of the semi-autonomous region said on Sunday. The Kurdish Regional Government (KRG) issued a statement in response to a New York Times story on Friday that said hundreds of millions of dollars worth of crude […]
Iraq's oil minister said on Saturday he sees no impact from the massive oil spill at a BP well in the Gulf of Mexico on Iraq's current or future projects to develop its giant oilfields. BP has promised to pay damages to those hurt by the worst oil spill in U.S. history and has committed […]
"The queues at gas stations in Baghdad were the result of the shortage of electricity and the high temperatures," the spokesman of the Iraqi Oil ministry said today. "The high temperatures prompted citizens to store petrol for their home generators," Assim Jihad said. "The Ministry is regularly providing the stations with fuel and gasoline," he […]
The 12-member Organization of the Petroleum Exporting Countries' (OPEC) crude oil production output averaged 29.12 million barrels per day (b/d) in June, down 160,000 b/d from an estimated 29.28 million b/d in May, according to a just-released Platts survey of OPEC and oil industry officials and analysts. Lower volumes from Iraq and Nigeria accounted for […]
Iraq's crude exports in June averaged 1.9 million barrels per day, the same level as the previous month, the head of the State Oil Marketing Organisation said. Average exports from the southern oil hub of Basra reached 1.45 million bpd while exports from oilfields in the north around Kirkuk averaged 450,000 bpd, SOMO head Falah […]
