Tag Archives | Oil

The latest Oil & Gas industry news from Iraq – security updates, oil industry events and more – brought to you by Iraq Business News

Presidency Approves Foreign Oil Firms Taxing Law

Aswat Al Iraq reports that the Iraqi Presidency Council has approved “foreign oil firms taxing law no. 19 of 2010”. “The companies, their branches, offices, and sub-contractors working in Iraq will be taxed by 35 percent,” the bill said. The bill has been enacted to support Iraq’s national economy. (Source: Aswat Al Iraq)

Tags: ,

$1.5m Fine for Insider Dealing re Kurdish Oilfield

Mehmet Sepil, Chief Executive Officer of Turkish oil exploration company Genel Enerji, has paid the biggest fine handed out by the UK's Financial Services Authority (FSA) to an individual for market abuse. Genel has a 25% stake in the licence to explore the Miran oilfield in the Kurdistan Region of Iraq, with London-listed Heritage Oil […]

Iraq Negotiates with CNOOC over Maysan Oilfields

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 […]

Tags: ,

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 to Join EITI

The administrative board of the Extractive Industries Transparency Initiative (EITI) has unanimously agreed to accept Iraq as a member, the Iraqi Ministry of Oil said on Thursday. The administrative board, comprised of 20 members, includes representatives of the permanent states, civil society organizations and extractive companies, according to a ministry statement received by Aswat al-Iraq […]

Iraq Plans to Slice Three Zeros off Currency Notes

Iraq plans to knock three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday. Iraq is trying to revamp its economy and boost oil production after the effects of the war with crude deals that may vault it to one of the world's top oil […]

Kurdistan to Resume Oil Exports

Iraq's oil minister, Hussain al-Shahristani, said he expected exports from Kurdistan to resume in the near future, but the status of disputed oil deals with foreign companies (including Norway’s DNO) remain unclear. This follows resolution of a disagreement between the semi-autonomous region and central government regarding payment mechanisms. Shares in Gulf Keystone Petroleum and DNO […]


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 […]

'Iraq OPEC Quota Not Needed for Few Years'

It will be four to five years before there is a need to recommand Iraqi oil output within OPEC's oil production policy, OPEC Secretary-General Abdullah al-Badri said today. "When they reach the point that they have to be accommodated, maybe it will not be for four to five years from now," Reuters quoted Badri as […]

Tags: ,

Exxon Mobil, Shell Take a Calculated Risk

A consortium led by Exxon Mobil and Royal Dutch Shell on 25 January signed a contract with the Iraqi government to redevelop and expand the West Qurna field – one of Iraq’s biggest oil fields. The Exxon team said it would boost production at the field to 2.325 million barrels a day, up from just […]

Tags: , ,

Iraqi Oil: Why Are the Majors Willing to Take the Plunge?

If the invasion of Iraq was all about exploiting the country's oil, you'd never know it from the structure of the contracts being signed by the likes of ExxonMobil (NYSE: XOM), Total (NYSE: TOT), and BP (NYSE: BP). In an analysis of the West Qurna 1 license awarded to ExxonMobil and Royal Dutch Shell (NYSE: […]