Crude oil supply from OPEC is rising to the highest in 14 months led by Angola and Saudi Arabia, a survey showed, further reducing compliance with output targets. Supply from the 11 OPEC members with output targets, all except Iraq, is averaging 26.80 million barrels per day (bpd), up from a revised 26.69m bpd last […]
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
Iraqi Talks with Shell Continue
Reuters reports that talks are still ongoing between Iraq and Royal Dutch Shell on a natural gas deal near the southern oil hub of Basra, although they are taking longer than expected, a senior Iraqi oil official said on Friday. "The heads of agreement will be extended and the project will be presented to the […]
Iraq Sees '10 Oil Output Up 0.25 Million B/D on Basra Deals
Iraq's crude oil production could increase by more than 250,000 barrels a day by the end of this year as some oil deals recently signed with international oil companies to develop giant Iraqi oil fields have become effective, the head of the country's largest oil firm, the South Oil Co., said Thursday. BP PLC (BP) […]
Playing Field for ID1bn
The Missan Oil Company has agreed to construct a playing field for its Sports Club at a total cost of 1 billion Iraqi dinars (ID), a club official said on Tuesday. “The playing field is designed to seat more than 2,000 persons,” the deputy director of the club’s administrative board, Saad Abd Ali, told Aswat […]
$4.4b Iraq’s Oil Revenues in January
The Iraqi Oil Ministry said on Tuesday that it achieved a revenues level of $4.416 billion through oil sales of 59.7 million barrels in Jan. 2010. It said that oil price was $73.97 per barrel. In Dec. 2009, the Ministry accomplished revenues of $4.449 billion through sales of 61.3 million barrels of oil at a […]
Ministry Demands Foreign Info
The Iraqi Oil Ministry demanded on Tuesday that foreign oil firms working in Iraq release all the information related to their production rates. “The information is necessary to achieve transparency,” the Ministry said in a release received by Aswat al-Iraq news agency. It said that the information should be released periodically (Aswat Al Iraq)
A Fourth State Oil Firm to Oversee Development
According to a report in the Lebanese “Monday Morning” magazine, the Oil Ministry will create a fourth state oil company, to be called The Middle Oil Company. It will have responsibility for managing oilfields in Anbar, Babil, Diyala, Diwaniya, Karbala and Wasit provinces, and will also manage the Iraqi Oil Exploration Company, which has a […]
Four New Deep-Water Moorings Offshore
In preparation for the planned increase in production from Basra's oilfields, the Iraqi Oil Ministry plans to build 4 new offshore moorings for tankers in the Persian Gulf. Oil Minister Hussain al-Shahristani said the moorings will be ready by the middle of next year, so that giant oil tankers too big for the ports of […]
No More Iraqi Oilfields for Foreign Companies: Prime Minister
Reuters reports Prime Minister Nuri al-Maliki as saying that there will be no further deals with foreign oil companies for the development of Iraq's oilfields. "I told the oil minister during a cabinet meeting that we will never sign any more contracts with foreign oil companies", Maliki told supporters at a rally in the southern […]
Zubair Deal Kicks in
Thursday 18th February was the effective date of the deal to develop the 4 billion barrel Zubair oilfield, west of Basra, according to a report from Reuters. The consortium that won the deal, consisting of Italian company Eni, US's Occidental, and South Korea's Kogas, is due to pay the $300 million signature bonus within 30 […]
Crude Diplomacy – Iraq, Iran, and the Politics of Oil
The Economist reports that Chinese oil companies are shifting their focus from Iran to Iraq, as Iraq attracts the latest technology to increase its oil production. “Iraq will have to pull off an unprecedented feat. In the history of the modern oil industry, no country has increased output with the speed the Iraqis envisage. Over […]
New Pipelines and Valves Factory for Basra?
Basra's Investment Commision is reportedly in discussions with an American company on a possible new factory to make oil pipelines and valves. The deal may involve a joint venture with Ibn Majed Iraqi Engineering Company.