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 Companies trim Investments in Iraq

By John Lee. Major oil companies including BP, Shell and Lukoil are reported to be cutting investment in Iraq. “You’re going through difficult months,” said Ariel Flores, general manager of the BP-led Rumaila Operating Organization (ROO) told the Wall Street Journal. “You slow down and you make decisions to pause efforts.” Rumaila oil field now […]

Iraq Targets 4.75-5m bpd Oil Output

By John Lee. Oil Minister Jabar Ali al-Luaibi (Allibi) said on Thursday that while Iraq will support a production ceiling next week at an informal meeting of oil producers in Algeria, it aims to defend its share of output of between 4.75 million and 5 million barrels of oil per day. Producers are expected to […]

Gulf Keystone Petroleum: Half-Year Report

Gulf Keystone Petroleum (GKP) has announced its results for the six months ended 30 June 2016. Operational highlights Security situation and HSSE performance All operations in the Kurdistan Region of Iraq remain safe and secure with no significant HSSE incidents during the period Production and sales Strong production performance resulted in gross production of 6.0 […]

Diwaniya New Refinery: Another Dubious Proposal?

By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Two recent statements from a non-oil producing province proposing a new oil refinery in the province, to be financed by private investor(s), were reported by local media. No reference was found to […]

Oil Minister Welcomes UK Companies

By John Lee. On Tuesday, Iraqi oil minister Jabbar al-Luaibi [Allibi] met the envoy of the British Prime Minister, Baroness Emma Nicholson, who was leading a delegation from the Iraq British Business Council (IBBC). The two parties discussed cooperation and the development of the oil and gas industry in Iraq. Mr. Allibi said the Ministry […]

Aug Oil Output Revised Down, Still at Record Levels

By John Lee. Iraq’s oil production in August has been revised down from 4.638 million bpd to 4.622 million bpd, according to a report from Platts. The latest estimate is still a 16,000 bpd increase from July, and is the fourth time Iraq has passed the 4.5 million bpd threshold. The State Oil Marketing Organization […]

PKK “planning to Sell Oil trough Iran”

By John Lee. BasNews reports that the Kurdistan Workers’ Party (PKK) is planning to extract crude oil in the border areas it controls in the Kurdistan Region and transport it to Iran by truck. According to some local sources, a PKK team is building a new 5-km road across the border areas of Kurdistan Region […]

Foster Wheeler to Boost Iraq Oil Export Capacity

By John Lee. Iraq’s Ministry of Oil has agreed with Foster Wheeler to cooperate on implementing projects of increase oil storage and export capacity. At a meeting with representatives of the company, Mr. Fayadh H. Niema, the Senior Deputy Minister of Oil, said that the ministry is keen to develop and update the “exportation, reservation, […]

Baghdad Denies New Oil Export Agreement with Erbil

By John Lee. Iraq’s Ministry of Oil has denied that there is any new agreement between Baghdad and Erbil regarding the export of crude oil. In a statement issued on Monday, the ministry confirms that “the last agreement is still active … [and it] includes the budgets of the last two years in addition to […]

Kirkuk Pipeline hit by ‘Technical Defect’

A pipeline pumping around 90,000 bpd from a field near Kirkuk to the Turkish port of Ceyhan (pictured) via Kurdistan reportedly stopped operations on Monday morning due to a “technical defect“. North Oil Company (NOC) sources told Reuters on Wednesday that maintenance teams are working to repair the pipeline, which is expected to resume operations within […]

Iraq to Increase Oil Exports in October

By John Lee. Platts reports that Iraq plans to export an average of 3.28 million barrels per day (bpd) of crude oil in October, a rise of 23,000 bpd from the previous month. It cites data from the State Oil Marketing Organization (SOMO) showing planned export volumes of 80.68 million barrels (2.6 million bpd) of […]

Giuliani defends Trump ‘taking’ Iraqi Oil

By John Lee. Rudy Giuliani, the former Mayor of New York, and current advisor to Republican presidential hopeful Donald Trump, has defended the Trump’s statement that the US should have taken Iraq’s oil. When asked in an interview if that was legal, Giuliani, a lawyer, said: “Of course it’s legal. It’s a war. Until the […]