The latest Oil & Gas industry news from Iraq – security updates, oil industry events and more – brought to you by Iraq Business News
The oil minister, Abdul Karim al-Luaibi, has been busy in the few days since his appointment. Not only has he announced that exports from the northern Kurdistan region are to resume, but he has also promised that the focus will be on rebuilding the decayed oil infrastructure, according to the Arab Times. Al-Luaibi, who has […]
With a new Iraqi government now finally formed, Basra's desire for a referendum on becoming semi-autonomous may finally get past Baghdad's stalling tactics. The Iraqi constitution allows provinces to become semi-autonomous, just like the northern region of Kurdistan. The Associated Press reported on the pros and cons, writing that Basra would be able to stop […]
One of the first acts of Iraq's oil minister is to announce that oil exports from the northern, semi-autonomous region of Kurdistan will begin again shortly, according to Associated Press. Abdul Karim al-Luaibi said exports will resume "in the coming few days." Al-Luaibi is independent, but with links to Prime Minister Nouri al-Maliki's Daawa party. Just a […]
The balance of risk and reward for investing in Iraq's vast oil reserves is changing, according to a report by Turner Investments. The report, called Oil in Iraq: A Profitable Gamble? considers safety risk for oil company employees and their families, risks to operations from bombs and landmines, and political risks ranging from a line of […]
By Stan Harbison, Vice President of Research and Analysis at energy consultants EPRINC. The current efforts to dramatically increase Iraq’s oil production are huge in scale and revolutionary in forming a working partnership between Iraq’s own oil industry and the world’s largest oil companies. But more important at the present is the fact that they […]
Iran's oil ministry has said that prices of US$70-$90 would not hurt the global economy, and even $100 might be safe. "Consumers and producers are unanimous that the oil at $70-$90 prices are suitable prices and will not hurt the global economy," Mohammad Ali Khatibi said. "There are thoughts that an increase in the price of oil […]
Iraq's oil pipelines are decades past their use-by-date. “We are afraid of anything happening to them,” said Deputy Oil Minister Ahmad Shamma, according to Iraq Oil Report. US concerns for the ageing infrastructure were pushed as early as 2008, but now billions of dollars are being invested to create new pipelines to protect Iraqi oil […]
The Iraq Central Bank said that the survival of a high oil price will double Iraq GDP, helping it to achieve its goals by improving the value of the dinar through economic growth. Speaking to IKHNews, adviser of the Central Bank, Mudhir Saleh, predicted the survival of oil prices in the $80-$85 range, which will double […]
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 […]
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 […]
(Source: Aswat Al Iraq) Al-Ahdab Oil Company started on Tuesday extending pipelines toward al-Nassiriya and al-Zabiediya plant in north of Kut, a media official said. “The company started on Tuesday (June 22) extending pipelines toward the pumping plant in Nassiriya and the power production plant in al-Zabiediya in north of Kut,” Majed al-Attabi told Aswat […]
Iraq Oil Minister Hussein Shahristani said that the daily fluctuation in oil prices is normal adding that the oil market is generally stable. The ups and downs in prices are not expected to affect the Iraq budget which relies on crude oil exports, he said. The current prices are acceptable to Iraq, Shahristani added. ( […]
