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.

Kuwait and Iraq discuss Grid Connector

By John Lee. Iraq's Ambassador to Kuwait, H.E. Mr. Al-Manhal Al-Safi, met on Friday with the Kuwaiti Minister of Electricity, Water and Renewable Energy, H.E. Dr. Mishaan Al-Otaibi. They discussed cooperation in renewable energy and natural gas, as well as developments in grid connection to supply Iraq with electrical power. (Source: MoFA)

GKP Shares Rise on Corporate Update

By John Lee. Shares in Gulf Keystone Petroleum (GKP) ended the day up more than 6 percent on Friday, as the Kurdistan-focused oil producer gave an operational and corporate update: Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "We continue to safely navigate a challenging operating environment due to COVID-19, with gross average year-to-date […]

KRG to rely 100% on Natural Gas for Electricity

Ten electricity plants were provided with transformers at a ceremony attended by Deputy Prime Minister Qubad Talabani in Koya town on Thursday. The Deputy Prime Minister commended the Koya transformer project and addressed developments in the electricity sector, including the Kurdistan Regional Government's decision to go all in on natural gas. "The power generation costs […]

Iraqi Tankers Re-Registered in Umm Qasr

By John Lee. Two oil tankers owned by the State Company for Maritime Transport (SCMT) have been transferred from Jordanian registration to registration in the Iraqi port of Basra, following the lifting of sanctions. Iraqi Transport Minister, Captain Nasser Hussain Bandar Al-Shibli [Captain Nasser Hussein Bandar Al-Shibli], raised the Iraqi flags on the vessels, the […]

LUKoil announces Plans for Iraq's Block 10

By John Lee. The head of Russia's LUKoil has said that the company plans to start production at Iraq's Block 10 at the end of 2022 or in 2023. Vagit Alekperov (pictured) told a Reuters that output will start at 30,000 barrels per day (bpd). The field is being developed by LUKoil (60%) and Inpex […]

Petrel Resources' Focus will be Iraq

By John Lee. In its preliminary results for the year ended 31st December 2020, Petrel Resources made the following statement on its interests in Iraq: "Meanwhile Petrel continues to push its interest in Iraq and Ghana. For the foreseeable future oil will play a major part in world economic development. "Iraq has some of the […]

Increasing Oil Production at West Qurna 2

By John Lee. Iraq's Oil Minister, Ihssan Abdul-Jabbar Ismail, has announced the start of experimental operations at the Yamamah reservoir in the West Qurna 2 oil field, with the aim of increasing output from the reservoir from 10,000 barrels per day (bpd) to 350,000 bpd. When fully implemented, the development would bring total production at […]

Genel Energy receives March Oil Payments from KRG

Genel Energy has announced that payments have been received from the Kurdistan Regional Government ('KRG') for its entitlement for oil sales during March 2021. Those payments are made up as follows: (all figures $ million) Payment Tawke 14.3 Taq Taq 2.1 Sarta 3.4 Total 19.8 As announced on 13 May, Genel and other KRI operators […]

Iraq Finalises Oil Exports for April

By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for April of 88,398,319 barrels, giving an average for the month of 2.947 million barrels per day (bpd), effectively the same as the 2.946 million bpd exported in March. The exports from the oilfields in central and southern Iraq amounted to approximately 85,534,916 […]

Rumaila Oilfield "delivers Strong 2020 Performance"

The Rumaila Operating Organisation (ROO) has announced its 2020 performance results. The field's oil production rate averaged 1.392 million barrels per day (bpd), despite the impact of COVID-19, a budget reduction and compliance with instructions from BOC to reduce oil production, which reflected OPEC+'s request for Iraq to curtail oil exports. The year's strong performance […]

Petrofac Iraq Revenues Down

By John Lee. Petrofac has announced that for the year ended 31st December 2020, the company had revenues of $238 million in Iraq -- $105 million in engineering and construction, and $133 in engineering and production services. This represented about 6 percent of the company's total turnover, and was down from a total of $325 […]