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.

DNO Steps Up Production at Peshkabir Field

DNO ASA, the Norwegian oil and gas operator, today announced a tripling of production from the Peshkabir field in the Tawke license in the Kurdistan region of Iraq to 15,000 barrels of oil per day (bopd) following completion of the Peshkabir-3 well testing, stimulation and cleanup program. A total of 11 zones in a 1.2 […]

Tehran-Baghdad sign One-Year Oil Swap Deal

Iraqi Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] said on Sunday that a deal signed with Tehran to swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil is for one year. “This is an agreement for one year and then we will see after that […]

Iraq “Fully Implements” Chapter VII, Oil-for-Food Program

The UN Security Council announced on Friday that all the measures imposed in its resolutions 1958 (2010) and 2335 (2016) pursuant to Chapter VII of the Charter of the United Nations in relation to the Iraq oil-for-food programme had been fully implemented. Unanimously adopting resolution 2390 (2017), the Council welcomed the fact that the remaining funds in the […]

Baghdad denies Russian Claims regarding KRG Oil Deals

By John Lee. The Iraqi Ministry of Oil has denied reports that Russian Energy Minister Alexander Novak discussed Russian oil companies’ operations in Iraqi Kurdistan with the Iraqi prime minister or oil minister during his trip to Iraq. Novak had been quoted as saying that Baghdad had no problems with Russian companies doing business with the […]

Saudi, Iraq sign 18 Major Energy Deals

By John Lee. Saudi Arabian companies have signed 18 agreements with the Iraqi government to jointly develop several key projects in the energy sector. The statement from the Iraqi Oil Ministry gave little detail, but quotes the Saudi Minister of Energy Khalid Al-Falih as saying that Saudi companies are keen to develop relations with Iraq, […]

Iran to Boost Gas Exports to Iraq

A top Iranian energy official unveiled plans for a rise in natural gas exports to neighboring Iraq next year. In an interview with Tasnim on Saturday, Managing Director of the National Iranian Gas Company (NIGC) Hamid Reza Araqi said the country’s exports of natural gas to Iraq will increase during the spring and summer of […]

Gazprom Neft commissions New Gas Plant at Badra

Russia’s Gazprom Neft has launched the commercial operation of a 1.6 billion cubic metres capacity gas processing plant at its Badra field, Iraq. Alexander Novak, Minister of Energy of the Russian Federation, was present at the opening ceremony for the new facility, together with the Minister of Oil of the Republic of Iraq, Jabbar al-Luaibi, and Gazprom Neft CEO Alexander Dyukov. Dry feed gas, […]

Genel Energy attempts to Refinance Bonds

Genel Energy has announced that it has instructed the trustee for the GENEL01 bonds (ISIN: NO 001 0710 882) (‘GENEL01’ or ‘the Bonds’) to summons a bondholders’ meeting to resolve a refinancing of the existing Bonds. The Company proposes to refinance GENEL01 through a partial early redemption and debt reduction by replacing the existing Bond Agreement […]

“Good Quality” Oil Bearing Reservoirs found at Taq Taq

Genel Energy has announced an update on activity at the Taq Taq field (Genel 44% working interest). The TT-29w well, which was drilled to appraise the northern flank of the Taq Taq field, has been completed as a producer after successfully encountering oil bearing Cretaceous reservoirs. The well, which was drilled to a measured depth […]

US emphasises Importance of Sound Banking System

US Ambassador to Iraq Douglas Silliman (pictured) has  joined other distinguished guests and speakers at the Iraq Banking and Investment Summit on December 2. The Ambassador spoke about the need to create economic opportunity for Iraq’s younger generation through a transition from a government-controlled, oil-based economy, toward a more diversified free market system that fosters […]

Oil Exports Rise Again in November

By John Lee. Iraq’s Ministry of Oil has announced preliminary oil exports for November of 105,050,804 barrels, giving an average for the month of 3.502 million barrels per day (bpd), considerably up on the 3.348 bpd exported in October. The exports were entirely from the southern terminals, with no exports from Kirkuk via Ceyhan. Revenues for […]

Lukoil to submit West Qurna-2 Plan by end-Dec

By John Lee. Russian oil company Lukoil has said it will present its plans t0 develop the West Qurna 2 oil field to the Ministry of Oil by the end of the month. Company boss Vagit Alekperov (pictured) told reporters that his company is negotiating regarding production volumes, timelines, and investment. (Source: TASS)