Jobs for locals, diversification, global positioning and stability are key areas for governments and businesses in the region to consider for the future of GCC growth, international management consultancy EY says in a report circulated today. “In a global economy,…
Tag: oil
Kuwait Energy’s cash flow to improve in 2015: Fitch Ratings
Kuwait Energy, the Bahrain-based independent oil and gas company, should enjoy higher cash flows in 2015 as production from its Iraqi gas project starts and capital expenditure on development is scaled back, Fitch Ratings said in a statement issued on…
The struggle for mastery of Iraq’s $20tn oil and gas reserves
According to the annual BP Statistical Review of World Energy published this month, Iraq has 150bn barrels of proven crude oil reserves. Its126.7tn standard cubic feet (scf) of natural gas reserves is the equivalent of a further 21bn barrels.…
KRG denies report of cut-price oil and says exports to double “within weeks”
The Ministry of Natural Resources of the Kurdistan Regional Government (KRG) today issued a statement denying a report that it is selling cut-price oil. It described a story by Bloomberg news agency on 19 June about KRG oil as being…
MEED Kurdistan Projects conference told Iraqi Kurdistan oil output ready for take-off
The long-awaited boom in Iraqi Kurdistan oil production has begun and will reach an initial climax at the end of 2015 when export capacity is forecast to hit 1m barrels a day (b/d), the MEED Kurdistan Projects conference was told…
MEED conference told central government owes the KRG $7bn
Overdue budgetary payments to the Kurdistan Regional Government (KRG) from Iraq’s central government are now worth $7bn, the KRG minister and head of the KRG media and information department Safeen Dizayee told the MEED Kurdistan Projects conference in Erbil this…
MEED conference told that Iraqi Kurdistan to share oil export proceeds with the rest of Iraq
Minister and head of the department of foreign relations in the Kurdistan Regional Government (KRG) Falah Mustafa Bakir told the MEED Kurdistan Projects conference in Erbil this morning that Iraqi Kurdistan is now an oil exporter and intends to share…
KRG adamant about oil and government income sharing
The Kurdistan Regional Government (KRG) which controls the three northern Iraqi provinces of Dohuk, Erbil and Sulaimaniyah remains adamant it will continue to export crude oil independently despite objections from Iraq’s central government. The future of the KRG oil and…
MEED Kurdistan projects conference opens in Erbil amid oil export controversy
MEED’s third annual Kurdistan Projects conference opens in Erbil on Sunday amid hopes that Iraqi Kurdistan’s economy is entering a period of unprecedented expansion. At total of 60 speakers representing government and business in the Kurdistan region of Iraq plus…
Iraq oil production rose by more than 100,000 b/d in April: OPEC
Iraq’s oil production rose to 3.3m b/d in April, more than 100,000 b/d above the figure reported in March, figures in the monthly OPEC Oil Market report show. Aggregate oil output by the six OPEC Gulf states in April was 21.9m b/d,…