By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The project designed to distribute the country’s oil revenue surplus directly to Iraqis is once again at the forefront of recent events, as political blocs have begun to prepare for the general […]
By John Lee. Iraq’s oil ministry has reportedly blamed Shell for $4.6 billion in lost revenue due to production delays, according to a letter seen by AFP . The document, dated July 21, 2013, sharply criticizes the company for shortfalls in oil extraction at Majnoon. Two separate sources with knowledge of the letter’s contents confirmed […]
By John Lee. Iraq generated 6.9 percent more revenue from crude sales in July, compared with the previous month, according to the Oil Ministry. Bloomberg reports that it earned $7.27 billion from the export of 2.32 million bpd of crude in July, versus $6.8 billion from 2.33 million bpd in June. 66.4 million barrels were […]
Amidst all the news of increased violence in Iraq, this week has seen many positive news stories, including a $700-million contract win for Daewoo at the Akkas gas field, and the shares of two oil explorers rebounding strongly. But staying on energy matters, we cannot escape the continuing problem of reduced oil exports. Sabotage of […]
By John Lee. The Iraqi Oil Ministry has said that exports of crude oil fell in June for the second consecutive month, due to bad weather at the ports and attacks on northern pipelines. Shipments dropped to 69.8 million barrels for the month, or 2.33 million barrels a day (bpd), bringing in a total of $6.8 […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. An Iraqi researcher has advised the councils of oil- and gas-producing provinces to take advantage of a loophole in the new amendment to the provincial law recently passed by the Iraqi […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi Extractive Industries Transparency Initiative-IEITI (now called Iraq Revenue Transparency-IRT) issued its second report, entitled “Oil Export and Field Development Revenues in 2010”, on 27 December 2012. The Report was released […]
Iraq is on the way to becoming one of the biggest oil exporters in the world. As a nation it earns billions. But many ordinary Iraqis live in poverty. Now calls for a direct cash payout to each citizen are getting louder, according to this article from NIQASH. Any opinions expressed are those of the […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The upstream petroleum sector in Iraq has been on a significant development drive, in time and magnitude, since mid-2009, and such development efforts would, if realized, bring outstanding results for Iraq and […]
Crude exports from the Kurdistan region of Iraq dropped to 50,000 bpd and may cease in a month if Baghdad refuses to pay about $1.5 billion owed to producers, Kurdistan Regional Government (KRG) authorities have said. Kurdistan started shipping oil again in February 2011 after an interuption of more than a year following a long-standing […]
Iraq’s oil production has risen to 2.63 million barrels a day, up by 15 percent from the same period last year, according to Bloomberg. Crude exports averaged 2.18 million barrels a day in the first five months of 2011 and are expected to increase in the second half of the year, Hussain al-Shahristani, deputy prime […]
The Kurdistan Regional Government (KRG) has received a written notice from the federal Ministry of Finance in Baghdad, confirming release of the first oil export payment to the KRG contractors, Prime Minister Barham Salih (pictured) announced today. The Prime Minister said, “This confirmation of payment to the KRG for the Region’s contractors amounts to around […]
