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.

Algeria’s Sonatrach to Invest in Iraq

By John Lee. Sonatrach, the state-owned Algerian energy company, is to form a joint venture with Iraq to cooperate in the harvesting of associated flare gas. The will be used for power generation, and in the production of petrochemicals and fertilizers. The deal was agreed during a visit by Algerian Energy Minister Mustapha Guitouni to Baghdad. (Source: […]

New Firms Qualified for next Oil Licensing Round

By John Lee. Iraq’s Petroleum Contracts and Licensing Directorate (PCLD) has announced the five additional companies have been approved to bid for Iraq’s “borderline onshore & offshore exploration blocks & fields.” The companies are listed as: Dana Gas (UAE) Dragon Oil (UAE) Geo-Jade Petroleum (China) Schlumberger (USA) Zarubezhneft (Russia) Eight companies had applied for approval. […]

Petronas confirms Exit from Majnoon Oilfield

By John Lee. Malaysia’s Petronas has reportedly confirmed that it will exit from Iraq’s Majnoon oil field along with joint stakeholder Shell. A spokeswoman for Petronas told The National: “Petronas confirms its exit from the Majnoon oilfield, Iraq, together with Shell. We will be working with Shell on the handover of the field to the […]

Baghdad “bans” Kar Group from Kirkuk Oilfields

By John Lee. The Iraqi parliament has reportedly banned Erbil-based Kar Group from operating oil fields in Kirkuk. According to Rudaw, it assigned the state-owned North Oil Company (NOC) to take over oil production in the province and export it through Iraq’s State Oil Marketing Organisation (SOMO). Reuters reports that Kar Group had been operating some […]

Kuwait Gas-Supply Pact — Iraq “has Much to Gain”

By Salam Zidane for Al Monitor. Any views expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News.  Iraq has much to gain from gas-supply pact with Kuwait Kuwait will begin importing natural gas from neighboring Iraq this year, a development welcomed in Baghdad as it could improve Iraq’s […]

Scandalous Satarem Refinery Contract gets Final Notice

By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Satarem-Missan Refinery Scandalous Contract Gets Final Termination Notice The Iraqi Ministry of Oil (MoO) announced on 4th January 2018 that it had obliged Missan International Refinery Company (MIRC) (actually the bankrupt Swiss […]

Qatar to Invest in Iraqi Oil

By John Lee. Qatar Petroleum (QP) has confirmed that it plans to invest in Iraq’s upstream oil businesses. President and CEO Saad Sherida Al Kaabi (pictured) told reporters: “I have met personally with the Iraq’s Oil Minister (Jabar Al Luaibi) and have conveyed my interest in investing Iraq’s upstream business, and he welcomed that. “Iraq […]

Jacobs signs MOU with Iraq Oil Company

US-based Jacobs has signed a Memorandum of Understanding (MOU) with the Iraq Oil Company to explore mutual benefits of cooperation in the region of Basra, Iraq. The vast majority of Iraqi oil production takes place in Basra. Iraq Oil Company is looking for business partners based in the Kingdom of Saudi Arabia to support economic […]

Oil Exports Rise Again in December

By John Lee. Iraq’s Ministry of Oil has announced preliminary oil exports for December of 109,573,817 barrels, giving an average for the month of 3.535 million barrels per day (bpd), an increase from the 3.502 bpd exported in November. The exports were entirely from the southern terminals, with no exports from Kirkuk via Ceyhan. Revenues for the […]

China’s Zhenhua Oil to develop East Baghdad Oilfield

China’s state-run Zhenhua Oil has agreed to develop the southern part of the East Baghdad oilfield. Under the agreement, Zhenhua will increase production at the field by 40,000 barrels per day above current production, and provide gas for power stations in the Baghdad area. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] said that this contract […]

Int’l Companies Invited to Invest in New Pipeline

Iraq’s Ministry of Oil has invited local and international companies to participate in the execution of the oil export pipeline extension, which extends from the Kirkuk oilfield to the Iraqi-Turkish border, and will run side-by-side with the old strategic pipeline to the Turkish port of Ceyhan (pictured). Mr. Assim Jihad, the spokesman of the Ministry […]

Oil Ministry Declares its Final Exports for November

By John Lee. Iraq’s Ministry of Oil has announced final oil exports for November of 105,050,819 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. These exports were shipped by 40 multinational companies from the ports of Basra, Khor Al-Omaia and the SPM’s […]