Tag Archives | Iraq Oil Production News

The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News

Gazprom Raises Production at Badra

By Simon Kent. Gazprom Neft, the Russian oil and gas giant, has announced increased production at the Badra field, reaching an aggregate production of 3 million tons in less than two years, according to Sputnik news. Badra has estimated reserves of over 3 billion barrels, and this year Gazprom added another 3 wells, totaling an additional […]

Oil Firms to Restart Investment, Boost Output

By John Lee. Reuters reports that Baghdad has reached agreement with BP, Shell and Lukoil to restart stalled investment in Iraqi oil fields, allowing production to increase by 250,000-350,000 bpd in 2017. According to documents seen by Reuters, the three firms agreed to spend in the second half of 2016 roughly half the budgets they proposed […]

July Oil Production Highest since January

By John Lee. Iraq’s crude oil production in July rose to 4.632 million bpd, compared with 4.559 million bpd in June, and its highest level since January’s 4.775 million bpd according to Reuters. Exports from the southern ports rose to an average daily rate of 3.202 million bpd in July, up from 3.175 million bpd in […]

Iraq Negotiates with Exxon, Petrochina

By John Lee. Iraq’s Deputy Oil Minister has said that Iraq is negotiating with Exxon Mobil and Petrochina to develop the Artawi and Nahran Omar [Nahr Bin Umar, Nahr Umr] oil fields in the south of the country. Fayyad Al-Nima, who has been acting oil minister since Adel Abdel Mahdi [Adil Abd Al-Mahdi] “suspended his participation” […]

Five New Wells Completed at Halfaya

By John Lee. Iraq’s Ministry of Oil has announced the completion of five new oil wells at the Halfaya oil field. Mr. Adnan N. Sajit, the director general of the Maysan Oil Company (MOC), said the drilling was done by two Chinese companies contracted by Petrochina, the main operator of the field. Production at Halfaya […]

Midyear Review of Iraqi Upstream Petroleum Sector

By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Midyear Review of the Iraqi Upstream Petroleum Sector 2016 has been, financially as in any other aspects, so far very difficult and the fiscal difficulties are likely to persist during the second […]

Genel Energy gives Operational Update

Genel Energy has announced that the TT-27x side-track well has been successfully drilled and completed in the Cretaceous Shiranish reservoir at the Taq Taq field (Genel 44% working interest, joint operator). The TT-27x side-track was the first well in the 2016 Taq Taq work programme, which aims to more evenly distribute the production rate over […]

Badra to hit 115,000 bpd in 2017

By John Lee. The First Deputy Chief Executive Officer of Russia’s Gazprom Neft has said that the company plans to boost oil production at Iraq’s Badra oil field from 65,000 barrels per day at present to 115,000 bpd “in the next year“. Vadim Yakovlev told the St. Petersburg International Economic Forum (SPIEF) on Thursday that […]

WesternZagros gets Approval for Garmian Field Development

WesternZagros Receives Approval for Garmian Field Development Plan and Submits Kurdamir Field Development Plan WesternZagros Resources has announced the approval of the Garmian Block Field Development Plan (“FDP”) from the Kurdistan Regional Government (“KRG”) and the submission of the Kurdamir Block FDP. Garmian Block Field Development Plan Approval WesternZagros and its co-venturer, Gazprom Neft Middle […]

Demand Increases for both Basrah Light and Basrah Heavy

By John Lee. The head of the State Oil Marketing Organisation (SOMO) said on Tuesday that Iraq is seeing increasing demand for its Basrah Light and Basrah Heavy crudes oil grades. Falah Alamri told Reuters: “There is a lot of demand in summer, more consumption now than the beginning of the year.” He added that […]

Oil Companies Warn of Development Delays

By John Lee. A senior Iraqi oil official has told Reuters that international oil companies (IOCs) have warned of delays to projects to increase its crude oil output if the Iraqi government insists on drastic spending cuts this year. Investments by IOCs are repaid with crude oil, which has become a problem since oil prices […]

Atrush Oil Field to Start Production this year

By John Lee. In its results for the first quarter of 2016, the Abu Dhabi National Energy Company PJSC (TAQA) has said that its Atrush oil project in Iraqi Kurdistan is expected to commence oil production this year with a maximum gross capacity of 30,000 barrels per day. (Source: TAQA)