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Exploration successes by a number of small independent companies in Iraqi Kurdistan have inspired investor interest. But scrutiny of the regional government’s unorthodox financial arrangements with its partners shows that political risks remain high, even if the geological risks are lower than first supposed

Engaging international oil companies in projects at home is essential to meet long-term demand, but MPs’ failure to agree on the way forward means Kuwait is having more success abroad

The Majlis (Parliament) has approved the appointment of Massoud Mirkazemi as oil minister. Mirkazemi, the former commerce minister who enjoys close links with the Islamic Revolutionary Guard Corps (IRGC), has been criticised for his lack of knowledge and experience of the oil industry. His running of the department, which is engulfed in crisis, will be crucial during the new parliamentary term, particularly if further sanctions are imposed on the oil industry over the country’s nuclear programme.

Dubai Ruler Sheikh Mohammed Bin Rashid Al-Maktoum has issued decrees setting up two new authorities – one to manage crude oil sales and the other to manage energy supplies.

US major Chevron Corporation has closed its head office in Kuwait after failed negotiations for enhanced technical services agreements (TSAs) – indicating that the recent government reshuffle may have done little to change political opposition to foreign involvement in the hydrocarbons industry.

Backed by one of the world’s wealthiest governments, Abu Dhabi National Energy Company is already a major player in ten countries in the GCC, Europe, North America and Africa. Iraq will soon become its next play, chief executive Peter Barker-Homek told GSN

Only BP and Chinese partner CNPC were prepared to go ahead with Hussein Shahristani licensing round terms. Mission accomplished for the harassed oil minister, if not for his IOC suitors.

Russia and Oman have signed an agreement on nuclear energy co-operation

Genel Enerji’s Heritage Oil deal represents an important first step in the consolidation of Kurdistan’s oil sector. GSN’s soundings suggest the deal isn’t politically motivated, but it will still serve to reinforce the trend of growing Turkish commercial influence in the region, which could be the precursor to warmer political relations.

Al-Ghanim & Sons has signed a MoU with Russian state-owned power trader Inter Rao and VTB Bank to invest up to

Bid award ceremonies lasting two days will begin early on 29 June, drawing unprecedented numbers of IOCs to Baghdad to participate in a series of eight sequential bids for oil and gas fields. The round’s timing means that IOCs’ engagement in Iraq must get very real, very quickly, with this round of bidding expected to be followed by months of horse-trading over terms and farm-ins.

Ever since five UK citizens were snatched from the Iraqi Ministry of Finance in May 2007 – they continue to be held by Iranian-backed groups – it has been passé to consider a ministry building as secure or Iraqi forces as entirely trustworthy. Nor are Iraqi security forces yet sufficiently polished to meet the rigorous security standards of western executives.

Kurdistan oil was set to start flowing through Iraq’s northern export pipeline as GSN went to press, a range of sources said, including to one of the international companies whose field is covered by a recent compromise deal between the federal Ministry of Oil (MOO) and the Kurdistan Regional Government (KRG)’s Natural Resources Ministry. And yet, thanks to a determination on both sides not to compromise on fundamental issues of principle, it is still unclear how the exporting IOCs will be paid.

Baghdad International Airport (BIAP) is used to VIP visitors from the US president to other foreign leaders and ministers, down to the ordinary dignitaries and senior businessmen. Even so, security is always a concern in an airport perched on the edge of Baghdad's 'Wild West'. The first and last step of the process at BIAP is landing and take-off, which present fairly manageable risks. Even so, the ride looks scary from the perspective of risk-averse IOCs.

Widening their scope of operations, Somali pirates are posing an ever greater challenge to regional governments. While energy producers are rethinking their export strategies, governments are concerned that the Horn of Africa’s instability will encroach on the Gulf region’s southern flank. Yemen is especially vulnerable as the collapse of export revenues piles further pressure on President Saleh. GSN analyses developments in the Gulf of Aden, Somalia and Yemen, and talks exclusively to the Southern Movement’s new figurehead Ali Salem Al-Baydh.