The latest Oil & Gas industry news from Iraq – security updates, oil industry events and more – brought to you by Iraq Business News
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 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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
Ministry of oil reiterated requests for importing companies of Iraqi crude oil to announce the size and numbers of payments to the country
In Vienna for an OPEC meeting last week, Shahristani said Baghdad would participate in OPEC agreements to curb oil supply when output reached 4 million bpd, some 8 million bpd short of Iraq's envisaged target.
Iraq's Kurdistan region is ready to start exporting oil at a rate of 100,000 barrels per day as soon as a new Iraq government is formed, its Natural Resources Minister Ashti Hawrami said today.
The LUKOIL-Statoil consortium could begin producing oil at the West Qurna-2 oil field in Iraq in 2013, LUKOIL Vice President Andrey Kuzyayev said. LUKOIL’s capital investments in the project could be as much as $3.7 billion, the Oil and Gas Information Agency reports. LUKOIL President Vagit Alekperov said his company could increase investments in oil […]
The deputy governor of Anbar on Wednesday said that the province will focus on its oil wealth, particularly in the areas of Akaz and Zankawa, in an attempt to boost its economy. “The local government’s interest in the oil sector will provide outstanding job opportunities for youth and will ensure a revenue that adds to […]
