Addax Petroleum Announces Receipt of Letter From Kurdistan Regional Government of Iraq

Addax Petroleum Corporation, announced that it has received a letter (the “KRG Letter”) from the Minister of Natural Resources of the Kurdistan Regional Government (the “KRG”) and has confirmation from Sinopec International Petroleum Exploration and Production Corporation (“SIPC”) that receipt of this letter satisfies the condition to the offer for Addax Petroleum... 

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Addax Petroleum receives notification for international exports from the Kurdistan Region of Iraq

Addax Petroleum Corporation, an international oil and gas exploration and production company today announced that it has received formal notification from the Kurdistan Regional Government of its decision to commence the export of crude oil. The notification requests that Addax Petroleum and Genel Energy International Ltd prepare to truck oil from the Taq Taq field to the Khurmala export station on... 

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Addax Petroleum announces acquisition in Kurdistan region of Iraq

Addax Petroleum Corporation announces that it has acquired a 33.33 per cent interest in the Sangaw North Production Sharing Contract. The Sangaw North license area is operated by Sterling Energy plc and is located approximately 80 kilometers southeast of the Corporation’s Taq Taq field. Commenting today, Addax Petroleum’s President and Chief Executive Officer, Jean Claude Gandur, said:... 

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Khurbet East Oil Field Production Exceeds 11,500 Barrels per day

Gulfsands Petroleum plc, the oil and gas production, exploration and development company with activities in Syria, Iraq, and USA, announced that stabilized oil production through the Khurbet East Early Production Facility (“EPF”) now exceeds 11,500 barrels of 25.7 degree API oil per day (bopd), with production from three vertical and two horizontal wells. Oil production through Khurbet... 

Atwood Oceanics Announces Conditional Exercise of Option to Build Ultra-Deepwater Semisubmersible Drilling Unit With Jurong Shipyard

Atwood Oceanics, Inc. (Houston based International Offshore Drilling Contractor) (NYSE: ATW) announced today that its wholly-owned subsidiary, Atwood Oceanics Pacific Limited, conditionally exercised an option to construct an ultra-deepwater semisubmersible drilling rig to be built based on the Friede & Goldman Ex-D Millennium Dynamically Positioned Semisubmersible rig design with Jurong Shipyard... 

Iraqis Wait in Long Gas Lines

Iraqis trying to gas up their cars sat in lines that stretched for miles through downtown Baghdad, as the government prepared to accept bids on its petroleum fields. The country’s fragile oil distribution system means that periodic shortages appear from time to time. But this week’s crunch seemed among the worst. Iraq announced Monday that it will open six major oil fields and two natural... 

Bidding Starts for Iraq Fields

Iraq opened international bidding for eight enormous oil and gas fields, paving the way for major investments in a nation with one of the world’s largest petroleum reserves. If the contracts are approved, they could mark the biggest foreign stake in Iraq since the industry was nationalized more than 30 years ago. Oil Minister Hussain al-Shahristani named 35 companies that would qualify to bid... 

Talisman Buys Iraq Stakes

Canadian oil and gas producer Talisman Energy Inc. will buy stakes in two oil-drilling regions in Iraq’s Kurdistan region for more than $300 million. The Calgary-based company will take a 40 percent stake in one of the production blocks, which it will share with WesternZagros Ltd. and the Kurdistan Regional Government. Costs for that block, including past expenses and a commitment to operate... 

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Iraq Pipeline Sabotage Wanes

Iraq’s oil minister says pipeline sabotage is down significantly since last year and oil exports are up. Hussain al-Shahristani attributes the improvement to the rise of Sunni awakening councils. That’s the term for Sunni groups that have turned against al-Qaida and now provide security in their home areas. Speaking on Iraq television, al-Shahristani says attacks dropped from about 30 a... 

Crude Drops Almost $5 a Barrel

Oil prices dropped sharply after China said it will raise fuel prices, a move that could dampen its booming oil consumption. Crude-oil prices also were given a downward push by the Iraqi Oil Ministry’s announcement that it is close to signing oil service deals with several major Western oil companies in an effort to boost crude output. Light, sweet crude for July delivery fell $4.75 to settle...