Archive | Iraq Oil & Gas News

Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.

Oil Production to Start at Block 10 in 2021

By John Lee. Russia’s Lukoil will start production at Block 10 in 2021, according to a report from Platts. The Chinese company Bohai has started to drill the 4th well at the block in southern Iraq. In February 2017 Lukoil announced Iraq’s largest discovery of oil for twenty years at the Eridu field in Block 10, […]

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Iraq Plans Big Increase in Oil Production

By John Lee. The Basra Oil Company (BOC) reportedly plans to increase production  from 3.2 to 5 million barrels per day over the next seven years. According to Platts, BOC directror Ihsan Ismaael told the CWC Basra conference in Istanbul that the increased production would be sustained for at least 20 years after that. Among […]

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Luiebi named Head of new National Oil Company

Iraq’s Cabinet has named Jabbar al-Luiebi, the current oil minister, to head the new Iraqi National Oil Company (INOC) – giving new momentum to a fundamental restructuring of the country’s oil sector. “Yes, he is the president of the Iraqi National Oil Company,” said Oil Ministry Spokesperson Assem Jihad, in an interview with Iraq Oil […]

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Turkish FM meets New Iraqi Leadership, Discusses Oil

By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Turkish Foreign Minister Mevlut Cavusoglu (pictured) is due to travel to Iraq on Oct. 11 for a two-day official visit to the capital Baghdad and the Iraqi Kurdistan Region’s seat of government, Erbil. […]

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Genel Energy Shares Gain on Trading Update

Shares in Genel Energy were trading up more than 5 percent on Wednesday as the company issued a trading and operations update in respect of Q3 2018. The information contained herein has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: “Genel continues to rapidly increase […]

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Iraq targets major Basra Gulf Expansion

Iraq is pursuing major infrastructure projects to add millions of barrels per day of export capacity, in an effort to keep pace with ambitious plans to raise production. In the short term, the Oil Ministry is looking to jump-start work on a long-delayed pipeline contract with the Australian company Leighton Offshore. Beyond that, Iraq is […]

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Peshkabir Production Pushes 50,000 bpd

DNO ASA, the Norwegian oil and gas operator, today announced production at the Peshkabir field in the Kurdistan region of Iraq has ramped up to 50,000 barrels of oil per day (bopd), meeting the end-2018 target ahead of schedule and below budget. One of two recently completed wells, Peshkabir-7, is producing over 10,000 bopd from […]

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Petrofac secures $50m Contract Extension in Iraq

Petrofac’s Engineering & Production Services (EPS) East business has secured a four-year renewal of a contract for maintenance management services for an international oil company client in Iraq. Under the agreement, which is worth approximately US$50 million, Petrofac will continue to provide specialist personnel to support maintenance services for existing mature assets and new production […]

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Oil Exports Revenues Rise in September

By John Lee. Iraq’s Ministry of Oil has announced interim oil exports for July of 106,795,022 barrels, giving an average for the month of 3.560 million barrels per day (bpd), a slight decrease from the 3.583 bpd exported in August. These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan. […]

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Lawsuit Imperils Formation of Iraq National Oil Company

A coalition of Iraqi oil technocrats has filed a legal challenge against a law to re-establish the Iraq National Oil Company (INOC), which is likely to delay – if not derail – a major restructuring of the country’s oil sector. Under the law, which took effect in April, the government has a six-month window to […]

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Oil Production Resumes at Qayara

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has announced the resumption of production at Qayara oil field in Nineveh province. The field has been rehabilitated following its destruction by the Islamic State group (IS, ISIS, ISIL, Daesh). It is currently producing 30,000 barrels of oil per day, with a plan to increase […]

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SOMO may buy Oil Storage in Asia

By John Lee. Iraq’s State Oil Marketing Organization (SOMO) is reportedly trying  to acquire storage tanks in Asia. According to Reuters, any deal may involve a profit-sharing arrangement. (Source: Reuters)

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