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.

New Iraqi Cabinet Named

During a special session in Baghdad, Iraq’s parliament approved candidates nominated by Prime Minister Adil Abd Al-Mahdi for membership of the Iraq’s new Cabinet. Prime Minister Adil Abd Al-Mahdi outlined to parliament the key priorities of the new Iraqi government which include the delivery of good public services, protecting Iraq’s national security and fighting extremism, […]

Tags: , ,

Oil Ministry Pauses Transfer of Oil Cos to INOC

By John Lee. Iraq’s Ministry of Oil has postponed a decision to transfer ownership of nine state-owned oil companies from the Ministry to the newly-formed Iraqi National Oil Company (INOC). The original decision was announced on Thursday, but it has now been held following complaints that the decision should be made by the incoming goverment […]

Tags: ,

Schlumberger Wins 30-Well Deal in Iraq

By John Lee. ExxonMobil Iraq Limited has awarded Schlumberger a 42-month IDS contract for 30 wells in the West Qurna Field. The contract includes the provision of drilling rigs and multiple technologies and services, and the first well was spud in July. The announcement was made in the company’s Third-Quarter 2018 Results on Friday. (Source: […]

Tags: , , , , ,

Petroleum Policy Proposal for the New Govt

By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Petroleum Policy Proposal for the New Government: Contents, Justifications and Indicators Petroleum (oil & gas) sector remains, in the next four years as it has been in previous eight decades, the basic […]

Tags: ,

Amarinth secures order for Pumps at Rumaila

UK-based Amarinth has secured its first order from Iraq Gates Contracting Company (IGCC) for $410K of API 610 OH1 pumps on 22-weeks FCA delivery for the Rumaila oil field, Iraq. This first order for Amarinth from Iraq Gates Contracting Company (IGCC) of $410K is for ten API 610 OH1 condensate transfer pumps with Plan 11 […]

Tags: , , , , , , , , ,

INOC takes over 9 State Oil Companies

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has transferred ownership of nine state-owned oil companies from the Ministry of Oil to the newly-created Iraqi National Oil Company (INOC). The Minister is also the President of INOC. The companies transferred to INOC ownership are: Iraqi Oil Exploration Company Iraqi Drilling Company (IDC) State […]

Tags: , , , , , , , , , , , ,

Oil Production to Start at Block 10 in 2021

By John Lee. Russia’s Lukoil will start production at Block 10 in 2021, according to a report from Platts. The Chinese company Bohai has started to drill the 4th well at the block in southern Iraq. In February 2017 Lukoil announced Iraq’s largest discovery of oil for twenty years at the Eridu field in Block 10, […]

Tags: , , , , , , , ,

Iraq Plans Big Increase in Oil Production

By John Lee. The Basra Oil Company (BOC) reportedly plans to increase production  from 3.2 to 5 million barrels per day over the next seven years. According to Platts, BOC directror Ihsan Ismaael told the CWC Basra conference in Istanbul that the increased production would be sustained for at least 20 years after that. Among […]

Tags: , , , ,

Luiebi named Head of new National Oil Company

Iraq’s Cabinet has named Jabbar al-Luiebi, the current oil minister, to head the new Iraqi National Oil Company (INOC) – giving new momentum to a fundamental restructuring of the country’s oil sector. “Yes, he is the president of the Iraqi National Oil Company,” said Oil Ministry Spokesperson Assem Jihad, in an interview with Iraq Oil […]

Tags: , ,

Turkish FM meets New Iraqi Leadership, Discusses Oil

By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Turkish Foreign Minister Mevlut Cavusoglu (pictured) is due to travel to Iraq on Oct. 11 for a two-day official visit to the capital Baghdad and the Iraqi Kurdistan Region’s seat of government, Erbil. […]

Tags: ,

Genel Energy Shares Gain on Trading Update

Shares in Genel Energy were trading up more than 5 percent on Wednesday as the company issued a trading and operations update in respect of Q3 2018. The information contained herein has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: “Genel continues to rapidly increase […]

Tags: ,

Iraq targets major Basra Gulf Expansion

Iraq is pursuing major infrastructure projects to add millions of barrels per day of export capacity, in an effort to keep pace with ambitious plans to raise production. In the short term, the Oil Ministry is looking to jump-start work on a long-delayed pipeline contract with the Australian company Leighton Offshore. Beyond that, Iraq is […]

Tags: , , , , , , ,