Iraq Negotiates with Exxon, Petrochina

By John Lee. Iraq’s Deputy Oil Minister has said that Iraq is negotiating with Exxon Mobil and Petrochina to develop the Artawi and Nahran Omar [Nahr Bin Umar, Nahr Umr] oil fields in the south of the country. Fayyad Al-Nima, who has been acting oil minister since Adel Abdel Mahdi [Adil Abd Al-Mahdi] “suspended his participation” […]

Genel Energy Shares Fall on Weaker Outlook

By John Lee. Shares in Genel Energy fell 11 percent to 91.5p on Thursday after the company cut its revenue projection for the year. Meanwhile, Numis Securities maintained a ‘buy’ recommendation for the shares, with a target of 210p. Murat Özgül (pictured), Chief Executive of Genel, said: “The receipt of nine consecutive monthly payments from […]

Video: 3,000+ Displaced from Shirqat

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Aid workers are warning of a desperate humanitarian situation in the Iraqi town of Shirqat. More than 3000 people have been displaced from there since Sunday. The Iraqi military has retaken areas near […]

Strikes Continue Against Terrorists in Syria, Iraq

U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq yesterday, Combined Joint Task Force Operation Inherent Resolve officials reported today. Strikes in Syria Attack, fighter, and remotely piloted aircraft conducted 14 strikes in Syria: Near Abu Kamal, a strike destroyed an ISIL vehicle. Near […]

Iraqi forces in Ninevah eye the ultimate prize: Mosul

By Mohammed A. Salih for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Almost four months into the launch of the Ninevah Liberation Operation, Iraqi forces managed to secure a major gain July 9 by capturing the strategic Qayyarah air base in the southern countryside of Ninevah […]

Asiacell: Revenue Down, Profit Up

In its results for the first half of 2016, Qatar-based Ooredoo said that its Iraqi mobile phone business Asiacell continued to be impacted by the security situation, the challenging economic environment and a decrease of customer purchasing power in Iraq. Revenue stood at QAR 2.1 billion [$577 million], down 15% compared with QAR 2.5 billion […]

Genel Energy Receives Full Payment for June

Genel Energy has announced that the Taq Taq field partners have received a gross payment of $24.91 million from the Kurdistan Regional Government for oil sales during June 2016. Genel’s net share of the payment is $13.70 million. The payment reflects full settlement of the invoiced amount for June 2016 oil sales, and incorporates $20.82 […]

Five New Wells Completed at Halfaya

By John Lee. Iraq’s Ministry of Oil has announced the completion of five new oil wells at the Halfaya oil field. Mr. Adnan N. Sajit, the director general of the Maysan Oil Company (MOC), said the drilling was done by two Chinese companies contracted by Petrochina, the main operator of the field. Production at Halfaya […]

KRG PM: Education is Key to Success and Progress

Kurdistan Regional Government Prime Minister Nechirvan Barzani says education is the key to success and progress in Kurdistan. Prime Minister Barzani says, development and prosperity are achieved through the advancement of Kurdistan’s education system. Mr. Barzani made the statement during a special ceremony held on Tuesday in Erbil to honor top students for 2015-2016 academic […]

Strikes Target ISIL Terrorists in Syria, Iraq

U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq on Monday, Combined Joint Task Force Operation Inherent Resolve officials reported n Tuesday. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack, ground […]

Japan to Lend $2.1bn to Develop Basra Refinery

By John Lee. The Japanese government has reportedly agreed to lend $2.1 billion to Iraq to develop Basra refinery. The Head of Oil and Gas Committee of the Basra Provincial Council, Ali Shaddad [Ali Shadad Al Fares] said: “The Japanese government has agreed to lend Iraq a loan of 2.1 billion US dollars to execute […]

10th Production Well Commissioned at Badra Oil Field

Russia’s Gazprom Neft has commissioned its 10th production well (P-07) at the Badra oil field. Together with the other wells at the field, the P-07 well is in free-flow production. With production volumes at the newly launched well now at 6,527 barrels per day, its commissioning has allowed daily production levels at the field to […]