DNO gets $21.45m payment from Kurdistan Regional Government
Norwegian operator DNO said it has received receipt of $21.45million from the Kurdistan Regional Government for exports from the Tawke field.
Iraq
Genel begins to claw back Kurdistan back payments
Genel Energy has received its fifth consecutive monthly payment for the oil its exports out of the country from the Taq Taq field in the Kurdistan region of Iraq, as well as a backpayment for oil that was previously exported.
Coalition forces destroy six IS rigs
Coalition military forces say they have destroyed six IS (Islamic State) rigs near Raqqah as efforts to against the terrorist group continue.
Iraq sees some flexibility for OPEC, non-OPEC to tackle oil glut
Iraq, OPEC's second-largest oil producer, sees some flexibility for a deal between the exporter group and rival producers to tackle a supply glut that has pushed prices to a 12-year low, Oil Minister Adel Abdel Mahdi said on Tuesday. His comments, made in Kuwait, briefly boosted world oil prices further above $30 a barrel, although such an idea has been repeatedly mooted and dismissed for over a year.
Gazprom boosts production from Iraqi Badra oilfield
Russia's Gazprom said this week production at its Iraqi Badra oilfield reached 85,000 barrels per day (bpd).
IMF cuts global growth forecasts amid China concerns
Slowing growth in China and rising geopolitical tensions has led the International Monetary Fund (IMF) to cut its growth forecasts for the next two years. In its latest World Economic Outlook, the IMF predicted world growth of 3.4% this year followed by 3.6% in 2017.
Oil assets secure as Iraqi forces enter Basra to disarm local fighters
Iraq has sent an armoured army division and a police strike force into the southern oil city of Basra to disarm residents amid intensified feuding among rival Shi'ite Muslim tribes, according to local officials and security sources.
Fight against IS is bleeding us dry, Iraqi Kurds warn
Iraqi Kurds, who field one of the most effective ground forces fighting Islamic State (IS) militants, are urgently asking America to help ease their budget crisis made worse by slumping oil prices and 1.8 million people who have fled fighting in Iraq and Syria. Representatives from the Kurds’ semi-autonomous region of northern Iraq said without help from the US or its allies the Kurds’ fighting force, known as the peshmerga, would be hampered in their fight against IS.
Gulf Keystone confirms MOL has relinquished Kurdistan licence
Gulf Keystone has revealed that Hungarian oil and gas firm MOL has relinquished the licence covering the Akri-Bijeel block in Iraq,.
Opinion: Security trends in Iraq for 2016
As director of an Iraqi security services company, I am often asked by energy companies what the key issues are that are currently affecting security for their operations in Iraq and how I see these trends developing in 2016. Unsurprisingly, most trends impacting the energy sector are strongly influenced by the sharp drop in oil prices. In particular, we are concerned about increasing price pressure on security provision from international energy companies. Those who make senior policy decisions on security matters know that the probability of attacks does not change with oil prices. If the risks were there on a $100-dollar barrel, then you can make a safe assumption they are still there in a $40-dollar barrel. However, our industry is being asked to reduce costs by up to 20%. As security operators don’t have such margins to begin with, this is causing real difficulties, and we advise energy companies that security in high-risk areas is an essential: it’s vital to think very carefully about the impact of reducing security budgets.
Iraq offers itself as a mediator between Saudi Arabia and Iran
Iraq has offered to act as a mediator to ease tensions between Saudi Arabia and Iran that escalated after the kingdom’s execution of a Shiite cleric and attacks on two of Saudi diplomatic posts in the Islamic Republic. Some Sunni Arab nations have followed the Saudis’ lead and severed or downgraded ties with Iran, while others have offered words of caution aimed at calming the situation. The offer by Iraqi foreign minister Ibrahim al-Jaafari, made during a news conference in the Iranian capital, included the diplomat referring to the execution of Sheikh Nimr al-Nimr as a “crime”, a description that raised questions as to whether Saudi officials would even consider such an offer. The kingdom and its allies say that Mr al-Nimr was executed after being tried and sentenced to death under Saudi law.
Genel Energy confirms latest payment from Kurdish government
Genel Energy has confirmed that the Taq Taq field partners have recieved a $30million export payment from the Kurdistan Regional Government in Iraq for oil exported through the Kurdistan region of Iraq-Turkey pipeline.
US Government estimates more than 2,000 oil workers employed by ISIS
ISIS (Islamic State) employed more than 2,000 workers at its peak as it looked to make millions of dollars from oil in Syria and Iraq.
Iraq in approach to PetroChina and Exxonmobil to boost production
Iraq is said to have approached PetroChina and ExxonMobil about investing in a multi-billion dollar project to help boost output from a number of smaller southern fields, according to reports. A senior Iraqi oil official said South Oil Co is seeking investment from either company to build infrastructure needed to raise output at fields it operates. SOC deputy chairman Basim Abdul Kareem said the decline in oil price has hit the country’s ability to fund oilfield development and foreign investments are needed.
Lukoil produces 30 million tonnes of oil from Iraq field
Russian oil company Lukoil has hit landmark figures for oil production from its West Qurna-2 field in Iraq.
Iraq said to be looking to reopen its crude oil export pipeline through Saudi Arabia
Iraq is looking to reopen its crude oil export pipeline through Saudi Arabia, according to a state newspaper in the country. The pipeline has been shut in since 1990.
UN moves to block IS terror funds
Finance ministers from the United Nations Security Council’s 15 powers are poised to adopt a resolution aimed at disrupting the Islamic State (IS) terror group’s earnings from oil and antiquities sales, ransom payments and other criminal activities. IS is already subject to UN sanctions under resolutions dealing with al Qaida. But the proposed resolution, sponsored by the United States and Russia, elevates IS to the same level as al Qaida, reflecting its split from al Qaida and the growing threat it poses especially in the Middle East and North Africa. US treasury secretary Jacob Lew, who will chair today’s meeting, said disrupting IS’ revenue and cutting it off from the international financial system “are critical to effectively combating this violent terrorist group”.
Slain Iraqi oil company official was investigating corruption claims
A senior employee of Iraq's state-run North Oil Company has been shot dead by gunmen.
Russia accuses Turkish PM of involvement in Islamic State oil trade
Russia’s deputy defence minister has accused the Turkish president and his family of personally benefiting from the illegal oil trade with Islamic State militants.
Dana Gas Group awarded $1.98billion in Iraq Kurds dispute
36 Dana Gas Group Awarded $1.98 Billion in Iraq Kurds Dispute (2) ©2015 Bloomberg News Arif Sharif (Bloomberg) -- Dana Gas PJSC said a court has ordered the Kurdistan Regional Government to pay it and two other energy companies $1.98 billion in a dispute over development rights for two oil and natural gas fields in Iraq’s self-governing Kurdish region.
Wood Group looks to Iraq for more new opportunities
Wood Group is eyeing further opportunities in war-torn Iraq after securing a $90 million project management job in the country.
Wood Group wins $90million contract in Iraq
Wood Group PSN has won a new contract worth around $90 million to deliver services to one of the world's leading blue-chip international oil companies in Iraq.
US and Iraq will fail to boost crude output in 2016
To understand what the oil price crash will mean for global crude supplies next year, look no further than the two nations that added more barrels to world markets in 2015 than anyone else.
ISIS recruiting engineers to help run its oil business
Oil and gas engineers are being told to "name their price" when applying for jobs with Islamic State, according to an international terrorism expert.
HKN Energy makes progress in Iraq
The Kurdistan Regional Government of Iraq (KRG) has formally approved HKN Energy's Sarsang development plan, which is scheduled to increase production to 50,000 barrels of oil per day.