Turkish Minister of Energy and Natural Resources Taner Yildiz said Tuesday his country sought to renew the Kirkuk-Ceyhan oil pipeline accord with Iraq before it expires on March 30, 2010. Turkey and Iraq are likely to reach agreement on the extension of the accord for another 20 years soon, the minister said in an address […]
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
Iraq Targets 12 Million Barrels a Day, Defers OPEC Quota Limits
Iraq expects to produce 12 million barrels of oil a day within seven years and won’t even discuss OPEC quotas until 2012 as output accelerates after years of conflict, the country’s oil minister said. “We are not discussing any quota for Iraq before our production increases significantly,” Iraqi Oil Minister Hussain al-Shahristani told reporters today […]
Fate of Oil-rich City Crucial to Stability of Iraq
The future stability of Iraq may turn on the fate of the oil city of Kirkuk, who’s estimated 570,000 people are caught in a bitter dispute between the country's Kurdish minority and the central government in Baghdad. Iraq's Kurds, who comprise about 20 per cent of the national population, claim Kirkuk as their own. Some […]
China Now Largest Oil and Gas Investor in Iraq
China has become the biggest single investor in Iraq's oil and gas sector, with nearly one fifth of the reserves that have been auctioned over the past year under its control, Meed has reported. China is spending a total of $577m in signing on fees to give it access to an estimated 24 billion barrels, […]
MOL Makes Discovery in Akri-Bijeel Block in Kurdistan
Hungarian oil and gas group MOL has made a discovery in Akri-Bijeel Block in Kurdistan Region of Iraq. The testing results are promising, it said in a statement on 10 March, Portfolio Hungary reported. According to the official announcement: “Gulf Keystone is pleased to announce that Kalegran Ltd., a 100% subsidiary of MOL Hungarian Oil […]
OPEC Likely to Face Iraq Test Sooner Than Expected
The storm brewing on the Organization of Petroleum Exporting Countries' (OPEC) horizon over future Iraqi oil output could engulf the producer group sooner than it would like. "There's only one issue, but it's a big one. It's a tsunami. Iraq," said Leo Drollas at the Centre for Global Energy Studies. After years of sanctions and […]
ExxonMobil Plans 4% Spending Boost
US super major ExxonMobil will increase its capital spending by nearly 4% this year to $28 billion as it evaluates new fields around the world, but it cautioned that the global economy remained unsteady. ExxonMobil, the world's largest publicly traded oil company, also said it had completed initial tests at Iraq's West Qurna field, where […]
Revenues for Oil Producing Provinces
The Iraqi Council of Ministers has proposed to Parliament that part of the oil revenues be allocated to provinces that produce oil. “The cabinet proposed the allocation of $1 per barrel to each province that produces oil,” Dr. Ali al-Dabbagh, the official spokesperson of the Iraqi government, said in a release on Tuesday received by […]
Tags: Iraq Banking & Financial News, Oil
CNOOC and Sinochem Win Bid for Iraqi Oilfield
According to a Wall Street Journal report, Iraqi officials said that a consortium led by China National Offshore Oil Corporation (CNOOC) is expected to win the bid for Missan oilfields in southern Iraq. The consortium had accepted the price offered by the government of Iraq. The oilfield has reserves of about 2.5 billion barrels. An […]
Gulf shares shoot up
Shares in Gulf Keystone Petroleum Ltd (AIM: GKP) shot up in London trading after the group announced that the operator of the Akri Bijeel block in Iraq’s Kurdistan region concluded a successful oil test in the Bijeel-1 exploration well. The well was spudded in mid-December 2009. Gulf Keystone holds a 20 percent working interest in […]
Hungary's Kurdistan Well Hits Oil
Hungarian oil and gas group MOL(MOLB.BU) announced on Tuesday that it had discovered oil in the Akri-Bijeel Block in the Kurdistan Region of Iraq where they conduct tests jointly with Gulf Keystone Petroleum, reports Reuters.. MOL,which owns an 80 percent share, said its exploration well tested 3,200 bbl/day oil and also associated gas. It said […]
Memorandum Extended with Shell
Iraq has extended a memorandum of understanding with Royal Dutch Shell on a natural gas venture in Basra for six months from March 2010, Iraq's oil minister Hussein Al Shahristani told Reuters on Sunday. "We will resume talks with Shell after the election," Al Shahristani said after he cast his vote in the country's second […]