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.

Qayyarah Oilfields Still Burning

By Simon Kent. Qayyarah’s oilfields are still on fire weeks after the self declared Islamic State set them on fire as part of a scorched earth strategy during their retreat. The terrorists also poured oil from Qayyarah into the Tigris and set it alight in an attempt to burn a makeshift Iraqi Army bridge. Before […]

New Oil Deal Still Under Discussion

By Simon Kent. Kurdish and Iraqi officials are still thrashing out details of a more sustainable and far reaching oil revenue and exports deal, following the resumption of federal oil exports into the Kurdish pipeline from Kirkuk. Last week, 100,000 bpd of Kirkuk crude from Baba Gorgor, Jambour and Khabbaz, three fields in the giant Kirkuk […]

Abadi: Kirkuk Resumption Protects Reservoir

By Simon Kent. Prime Minister Haidar al Abadi (pictured) has remarked that the resumption of pumping oil into the Kurdish export pipeline from Kirkuk–from 70,000 bpd to an expected 150,000 bpd, is due to preserving the reservoir in one of the world’s oldest oilfields. Previously oil was being re-injected by the federal North Oil Company […]

Luaibi Targets More Production Ahead of OPEC Meeting

By Simon Kent.  Iraq’s Oil Minister Jabbar Ali al Luaibi has met with IOCs and asked them to do their utmost to increase production in Iraq’s southern fields, which has fluctuated in 2016. The announcement, relayed by Ministry of Oil spokesman Asim Jihad, comes over a month before a meeting on the 26th of September […]

Ministry of Oil: IOC Contracts Must Reflect Prices

By Simon Kent. Newly appointed Minister of Oil Jabbar Ali al Luaibi has announced that the government’s plan to review contracts with IOCs is still in effect. Iraq has long been seeking contracts which reflect lower prices, since the technical service contracts (TSCs) signed in 2009 remunerate IOCs for a fixed per barrel fee. This […]

Condensate and LPG Exports Continue

By Simon Kent. Iraq’s Ministry of Oil have announced that 2 cargoes, one of LPG, one of Condensate, have departed the export terminals at Basra. Iraq began exporting LPG earlier this year through its Basra Gas Company Joint Venture, a consortium of Shell, Iraq’s South Gas company and Mitsubishi as the minority stakeholder. Proceeds will […]

NOC Allows Kirkuk Oil to Enter Kurdish Pipeline

By Simon Kent. Heightening speculation that  a new, comprehensive deal may be reached between the Kurdish Regional Government (KRG) and Baghdad over oil exports and revenues, news has emerged that the federal North Oil Company (NOC) is allowing exports of Kirkuk crude via the Kurdish pipeline through Turkey. This could add up to 150,000 bpd […]

Gazprom Raises Production at Badra

By Simon Kent. Gazprom Neft, the Russian oil and gas giant, has announced increased production at the Badra field, reaching an aggregate production of 3 million tons in less than two years, according to Sputnik news. Badra has estimated reserves of over 3 billion barrels, and this year Gazprom added another 3 wells, totaling an additional […]

New Baghdad- Erbil Deal Could Be Imminent

By Simon Kent. Two recent reports point to the possibility of an imminent oil deal between Baghdad and Erbil over revenues and exports, following the breakdown of the fourth revenue and exports deal in early 2015. In an interview with Kurdish publication Rudaw, KRG spokesman Safeen Dizayee (pictured) noted that there was a positive view of new Iraqi Minister […]

DNO Launch New Drilling at Tawke

By Simon Kent. Norway’s DNO ASA have launched a new drilling campaign at Tawke, Oilvoice reports. The field, currently producing 117,000 bpd and selling at an average price of $34 per barrel, earned DNO $16 million in profit in the second quarter. DNO Chief Executive Bijan Mossavar-Rahmani (pictured) noted that the profits would help underpin the current new investment. […]

Luaibi: Iraq will work with OPEC

By Simon Kent. New Iraqi Oil Minister Jabar Ali al-Luaibi  has said he wants to work to increase Iraq’s oil reserve estimates and increase exports while working with OPEC on quotas, which currently stand at 14% of OPEC production for Iraq. Luaibi noted, “We will work to draw up stable policies and work to achieve […]

New Oil Minister Luaibi Backs Deal With Kurds

By Simon Kent. Iraq’s new oil Minister Jabbar Al Luaibi, who was appointed April 14th, has remarked that the Kurdish Regional Government (KRG) and Baghdad are planning a new oil exports and revenue sharing deal to replace the one which collapsed in early 2015. According to Gulf News, Safeen Dizayee, a spokesman for the KRG also confirmed new […]