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 Minister meets Turkish Firm to discuss Projects

By John Lee. Oil Minister Thamer Al-Ghadhban met on Tuesday with Nhat Ozdemir, Chairman of the Board of Directors of Turkish conglomerate Limak. The minister said he was keen to develop the energy sector through cooperation with international companies, noting the presence of promising opportunities in Iraq. Mr Ozdemir said his company wants to cooperate […]

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Iraq Oil Exports Down Slightly in February

By John Lee. Iraq’s Ministry of Oil has announced interim oil exports for February of 101,387,615 barrels, giving an average for the month of 3.621 million barrels per day (bpd), down from the 3.649 bpd exported in January. These exports from the oilfields in central and southern Iraq amounted to 99,120,006 barrels, while exports from […]

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Iran’s President to Visit Iraq in March

Iranian President Hassan Rouhani will travel to Iraq on March 11 for an official visit. Heading a high-ranking delegation, the Iranian president will be visiting the Arab country at the official invitation of Baghdad. It will be Rouhani’s first official visit to Iraq during his tenure. On Monday, Iranian Deputy Foreign Minister Abbas Araqchi met […]

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Genel Energy completes Acquisition of Chevron Fields

By John Lee. Genel Energy has announced that approval has been given by the Kurdistan Regional Government (KRG) regarding the acquisition of stakes from Chevron in the Sarta and Qara Dagh (pictured) blocks, in the Kurdistan Region of Iraq. According to a statement from the company, the acquisitions have now closed and Genel therefore has […]

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Chinese Company “wins Contract” to build NGL Plant

By John Lee. A Chinese company has reportedly won a contract to build a natural gas liquids (NGL) plant in Basra. According to Xinhua, China’s Petroleum Engineering and Construction Corporation (CPECC) signed the contract on Wednesday with Iraq’s Basra Gas Company (BGC). As a result of the new plant, BGC will increase its gas production […]

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Deloitte Report on Kurdistan Oil and Gas

Deloitte report on Oil and Gas review in the Iraqi Kurdistan Region – Q3 of 2018 On Wednesday, the KRG Regional Council for Oil and Gas Affairs has published new verified data on the Kurdistan Region’s oil exports, consumption and revenues, covering the period from 1 July 2018 to 30 September 2018, after a review […]

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Oil Ministry Finalises Export Figures for January

By John Lee. Iraq’s Ministry of Oil has announced final oil exports for January of 113,111,429 barrels, giving an average for the month of 3.649 million barrels per day (bpd), down from the 3.726 bpd exported in December. These exports from the oilfields in central and southern Iraq amounted to 110,245,281 barrels, while exports from Kirkuk […]

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Riding the Oil Markets, Iraq’s Economy in Transition

The Iraq Energy Institute (IEI) has issued its 2018 Annual Report, entitled “Riding the Oil Markets, Iraq’s Economy in Transition“. In its summary, the IEI says: “Iraq’s fortunes are once again highly dependent upon oil prices following a period where the government succeeded in stabilising expenditures, on the basis of IMF conditionality. “This period was […]

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Iran questions Iraq’s Promise to Import Oil

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iran questions Iraq’s promise to import oil despite sanctions Iran and Iraq have quite different views of their relationship status, with Tehran claiming it’s been jilted and Baghdad declaring it’s […]

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Rumaila raises funds for Iraqi Children Foundation (ICF)

Staff at BP and the Rumaila Operating Organization (ROO) have raised $17,200 for the Iraqi Children Foundation (ICF). According to Julian O’Connell, Rumaila Deputy General Manager and BP Iraq General Manager, this is by far the largest amount they have ever raised with their annual charity fun run. ICF Director Cindy Fogelman expressed the charity’s […]

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KRG “suspends Oil Exports to Iran”

By John Lee. The Kurdish Regional Government (KRG) has reportedly suspended oil exports to Iran. According to Anadolu Agency, the KRG’s Ministry of Finance and Economy did not specify a reason for the move, and “it remains unclear whether the suspension is linked to U.S. sanctions on Iran.” (Source: Anadolu Agency) (Source: Tasnim, under Creative […]

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Basrah Gas Company to Increase Capacity by 40%

By John Lee. Shell has reportedly announced that the Basrah Gas Company (BGC) has taken a “final investment decision (FID)” on its growth programme, which will increase BGC’s capacity by 40 percent. According to Oil and Gas Middle East, the decision was taken with the support of all BGC’s shareholders: South Gas Company (SOC), Shell […]

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