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 […]
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
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 […]
South Oil Company Tenders - Closing date 15/3/2010
South Oil Company tenders - closing date 15th March 2010
Ministry will Appoint All Oil Graduates
The Oil Ministry has decided to appoint graduates from 2005-2009 to different oil companies throughout Iraq, Essam Jihad told Aswat al-Iraq news agency. “The distribution of jobs will take into consideration the nearness of the work to the graduates’ houses,” he added. “The appointments will be done in batches within the Ministry’s 2010 plan. The […]
Tide Turns as Kurds Push for Oil Law
While the Iraqi government has made overtures to its Kurdish counterpart in the north to end an oil standoff, much remains in doubt without legislation to keep the industry in check - rules which this time the Kurds are pressing for rather than Baghdad, writes Fawzia Sheikh For a long time, the northern Kurdistan region […]
Oil Deals Vital to PM's Campaign
Backed by armed bodyguards, international oil executives have flocked to Basra to survey their potentially lucrative prizes: the fields that they hope will one day be pumping out dramatically greater amounts of cheap, plentiful crude. For their companies, the fields that they won the rights to develop in two biddings rounds last year are their […]
Drilling Contract in Rumaila
Iraq announced a $318 million contract with a unit of Turkish Petroleum to drill 45 wells in the supergiant Rumaila oilfield as the country strives to regain and even surpass pre-war production levels. Britain’s BP and China’s China National Petroleum Corp signed a 20-year contract to develop the Rumaila field in southern Iraq, which alone […]
Abu Dhabi Lowers Crude Prices
Abu Dhabi National Oil Co., the state-owned producer, cut February prices on all its crude grades by about 4 percent after Persian Gulf suppliers including Saudi Arabia, Iraq and Iran lowered rates for buyers in Asia, according to Bloomberg. The price for Murban crude, its largest export grade, was lowered to $74.20 a barrel.Upper Zakum […]
Iraqi Oil Exports Hit a New High
According to AFP, Iraq's oil exports in February were the highest since 1990, at 2.069 million barrels per day. Reuters puts the figure slightly higher, at 2.083 million bpd, up from 1.926 million bpd in January. The average selling price was $73-$74. 1.612 million bpd were shipped from the southern oil hub of Basra, and […]
Turkish TPIC Wins $318m Iraq Oil Contract
Reuters reports that TPIC, the foreign exploration unit of state-run Turkish Petroleum, has won a $318 million contract to drill 45 wells in Iraq's supergiant Rumaila oilfield, near Basra. British firm BP and its Chinese partner CNPC signed a 20-year development contract last year for Rumaila, which has an estimated 17 billion barrels of crude […]
Talks on Nassiriya Oil Field Break Down
According to a variety of sources, Iraqi Oil Minister Hussein al-Shahristani has said that talks with a Japanese energy consortium over the development of the Nassiriya oil field have broken down. “The talks reached a deadlock and we aren’t going to meet again,” Abdul Mahdy al-Ameedi, head of the ministry’s petroleum Contracts and Licensing Directorate, […]