Tag Archives | Basra Oil Company (BOC)

Iraqi Cabinet Approves "Final Settlement" with Petrofac

By John Lee. The Iraqi cabinet has approved what it described as a "final settlement" between the Ministry of Oil / Basra Oil Company (BOC) and Petrofac. The settlement reduces the amount to be paid for the second central processing plant (CPF2) in the Majnoon oil field from $30 million to $27.5 million. (Source: PMO)

PetroChina Takes Over as Operator of West Qurna 1

By John Lee. Under the patronage of Oil Minister Hayyan Abdul Ghani, Basra Oil Company (BOC) organized a ceremony for the handover of the main operator role for the West Qurna 1 oilfield. The event, attended by the Ministry's Deputy for Extraction Affairs Basim Mohammed Khudair, marked the transfer of management responsibilities to China's PetroChina, […]

IDC Completes Directional Oil Well for Basra Oil Company

By John Lee. The Iraqi Drilling Company (IDC) has accomplished the drilling of the directional oil well MJ-159 in collaboration with Halliburton, as part of the project to drill 42 oil wells in the Majnoon Oilfield for Basra Oil Company (BOC). Mr. Muhannad Maki Tarash, the Director of the First Operations Department at the company, […]

Iraq to Increase Gas Production at Siba

By John Lee. Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil has announced plans to increase gas production from the Siba Gas Field in Basra to 100 million cubic feet per day. Currently, the field produces 50-60 million cubic feet daily, and the goal is to double that output. During a recent […]

Iraqi Cabinet Allocates Funds for Key Oil Infrastructure Projects

By John Lee. In its 39th regular session, chaired by Prime Minister Mohammed Shia Al-Sudani, the Iraqi Cabinet made important decisions concerning the oil sector and infrastructure development for exports: The Ministry of Finance will allocate the total cost of IQD 1,265,444,000,000 [$967 million] for the construction of offshore pipelines (4 and 5) and a […]

Iraq Approves Final Settlement with ExxonMobil

By John Lee. The Iraqi Ministry of Oil has received approval from the Ministerial Energy Council (Recommendation 23067/T) for a final settlement with ExxonMobil. This settlement, known as the "Settlement Agreement," resolves longstanding disputes arising from the service contract for the West Qurna oilfield project between Basra Oil Company (BOC) and US-based oil giant. The […]

More on Iraq's $27bn Energy Deal with TotalEnergies

By Irina Slav for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Inks Long-Awaited $27 Billion Energy Deal With TotalEnergies The government of Iraq and TotalEnergies have signed a long-awaited deal worth $27 billion that should see Iraq's oil production grow […]

IDC Completes 86 Oil Wells in the First Half of 2023

By John Lee. Khalid Hamza, the General Manager of the Iraqi Drilling Company (IDC), has said the company has completed the drilling or development of 86 oil wells in the first half of 2023. This included the successful completion of the 24th well in the Majnoon oil field, reaching a depth of 3,079 meters, in […]

Iraqi Govt allocates $417m to build New Oil Export Facility

By John Lee. The Iraqi government has reportedly allocated approximately $417 million to build a third offshore oil export pipeline. State-owned Basra Oil Company (BOC) is said to have signed a ontract with the Dutch company Royal Boskalis, to build the two-million-bpd facility. (Sources: INA, Reuters, Kurdistan24)

IDC completes new Oil Well at Majnoon

By John Lee. The Iraqi Drilling Company (IDC) has successfully completed the drilling of oil well MJ-150 in the Majnoon oil field in southern Iraq, collaboration with Halliburton. This is part of the contract between the ICD and the Basra Oil Company (BOC), which involves drilling a total of 43 oil wells in the area. […]