Majlis Energy Committee Chairman Hamid-Reza Katouzian has warned about the sluggish pace of the development of Iran’s joint oil fields with Iraq and other Persian Gulf states. Katouzian blamed inadequate investment, wrong policies, and improper decisions in Iran’s oil sector for the slow progress in the oil sector. “Unfortunately, sometimes decisions that are made without […]
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Kurdistan Should Resume Oil Exports, Minister Says
The Kurdish areas of northern Iraq should resume oil exports “immediately,” without waiting for clearance from the finance ministry, Iraqi Oil Minister Hussain Al-Shahristani said. Kurdistan should not wait for an agreement on payments to foreign companies before resuming oil exports, he said in an interview in Baghdad today. “We have informed them that they […]
Sterling Energy Update on Sangaw Well in Kurdistan
Sterling, the AIM listed independent oil & gas exploration and production company with interests in Africa and the Middle East has provided the following update on its activities: The Sangaw North #1 exploration well is currently drilling ahead at 1,505 metres. Since the last update on 7 May 2010 two intermediate casing strings have been […]
Russian Company Mulls Implementing Oil Projects in Basra
A Russian company met with Basra's Governor, Shaltagh Abboud al-Mayah, on Thursday to discuss new investment projects in the oil sector, according to a report from Aswat Al Iraq. “Talks addressed the rehabilitation and reconstruction of the oilfields,” the source said. “The company presented a study on the Basra oilfields and ways to solve their […]
Gulf Keystone Announces Fundraising
Just last week, shares in Gulf Keystone rose sharply on improved sentiment regarding oil exports from Iraqi Kurdistan. The shares have since given up much of that gain, on fears of dilution from a new round of fundraising. Details of the fundraising were announced on Tuesday. According to a statement from the company: “Gulf Keystone […]
Iraq Gives Go-Ahead to Kurdish Oil Exports
The Iraqi federal government Tuesday approved a deal that would allow oil exports from oil fields in the semi-autonomous region of Kurdistan in northern Iraq, which have been on hold for the last seven months over a payment row with Baghdad, a cabinet spokesman said. "The cabinet has approved a request submitted by the oil […]
Iraq Cuts June Crude Supplies
Iraq will supply crude to at least two Asian buyers at around 10 percent below contract volumes for June, possibly the first major cut in allocations by the OPEC producer this year, industry sources said on Wednesday. The cut was on medium-heavy Basrah Light crude, they said. It was not immediately known why Iraq cut […]
Iraq to Save Money Spent on Importing Oil Derivatives
According to Al SumariaTV, an Iraqi Oil Ministry Spokesman said that Iraq will save more than $5 billion by adding new refining units to the Al Dora refinery and rehabilitating the Beiji refinery. Money that used to be spent on buying oil derivatives from neighboring countries in order to meet the needs of the local […]
Business as Usual for Oil Companies
Markets hate uncertainty, and as the negotiations about forming the next government drag on, there will be an increasing desire to see these talks draw to a conclusion. One of the main areas of uncertainty has been the issue of oil contracts - specifically, whether a new government would honour the deals struck with the […]
Iraq to Receive Rest of Oil-for-Food Funds by Year End
The Iraqi Government has a “realistic” plan to take full ownership of a fund administering proceeds from export sales of petroleum under the Oil-for-Food Programme by the end of this year, a top United Nations official said on Tuesday. “Once all the outstanding activities under the Oil-For-Food Programme are concluded, and taking into account issues […]
Oil-for-Food Funds transfer by year end.
The Iraqi Government has a “realistic” plan to take full ownership by the end of this year of a fund administering proceeds from export sales of petroleum under the now defunct Oil-for-Food Programme, a top United Nations budget official told the Security Council today. “Once all the outstanding activities under the Oil-For-Food Programme are concluded, […]
Tags: Iraq Banking & Financial News, Oil
Debts and Doubts Delay Kirkuk-Cehyan Oil Pipeline
By Energy Hedge Funds Syndicate The delay in the renewal of the agreement for the operation of the Kirkuk-Ceyhan oil pipeline has served as a reminder of the many obstacles that still have to be overcome if the line is ever to fulfill its potential, both as an export route for Iraq and as a […]