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.

US Sanctions Iraqi-British National for Smuggling Iranian Oil

By John Lee. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions targeting networks involved in transporting and purchasing Iranian oil, including a group of companies led by Iraqi businessman Salim Ahmed Said. The U.S. alleges that Said's network smuggled Iranian oil disguised as, or blended with, Iraqi oil, […]

Iraq-Lebanon Oil Link to be Revived?

By Dana Taib Menmy for The New Arab. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Is the revival of the Iraq-Lebanon oil link just a pipe dream? The proposal has been raised multiple times over the past few years in talks between successive […]

Iraqi Drilling Company completes 113 Oil Wells in H1 2025

By John Lee. The Iraqi Drilling Company (IDC) has announced the completion of drilling and rehabilitation operations on 113 oil wells during the first half of 2025. The company's teams successfully drilled 27 new wells and rehabilitated 86 existing ones, contributing to the Ministry of Oil's objectives of boosting production levels and improving oilfield efficiency. […]

Oil Exploration Company Completes 2D Survey in Nineveh

By John Lee. Iraq's Oil Exploration Company (IEC) has successfully completed the two-dimensional "Hadhab" seismic survey in Nineveh province. The project, carried out by the Eighth Seismic Team of the Field Operations Directorate, covered 1,691.9 km and included 33,876 energy points. According to a statement from the Ministry of Oil, this was accomplished despite challenging […]

Iraqi Oil Minister Meets Russian Energy Delegation

By John Lee. Iraq's Minister of Oil, Hayan Abdul Ghani, held talks in Baghdad on Wednesday with Russian Ambassador Elbrus Kutrashev and a delegation from Russian energy giant Lukoil. The meeting focused on strengthening cooperation between Iraq and Russia in the oil, gas, and energy sectors. Also in attendance were Bassem Mohammed Khudair, Undersecretary for […]

Petrel Resources Updates on Iraqi Prospects

By John Lee. Irish-based Petrel Resources Plc (LON: PET) has published its consolidated financial statements for the year ended 31st December 2024. The company's accounts show no assets or liabilities in Iraq. It adds: "Title to oil and gas assets in Ghana and Iraq can be complex. The Group is currently awaiting ratification of its licenses […]

Al Fajer Group Joins IBBC

By John Lee. Iraq's Al Fajer Group has joined the Iraq Britain Business Council (IBBC). Operating from offices in Basra and London, the company supports oil and gas operations with a strong focus on the Rumaila oil field. It delivers a wide range of technical and administrative services, including Electrical & Instrumentation (E&I), ICT & Security, […]

Iraq announces Oil Exports for May

By John Lee. Iraq's Ministry of Oil has announced finalised oil export volumes for May. Total exports of crude oil: 101,630,925 barrels. Exports from the oil fields in central and southern Iraq amounted to 100,365,335 barrels. Exports to Jordan amounted to 309,906 barrels. Exports from Qayyarah were 955,684 barrels. Average daily crude oil exports: 3.278 […]

Basra Gas Company to Boost LPG Output

By John Lee. The Ministry of Oil plans to increase the production of liquefied petroleum gas (LPG) at the Basra Gas Company (BGC) to more than 8,000 tonnes per day in the coming years. Speaking at the LPG Forum organised by the BGC, Izzat Saber Ismail, Deputy Oil Minister for Gas Affairs, said that this […]

Petrel submits Proposal re Relinquished Block from 4th Licensing Round

By John Lee. Irish-based Petrel Resources last week issued unaudited preliminary results for the year ending 31 December 2024. The company, which announced a fundraising in March, said that it has submitted a proposal to undertake contractor obligations on a relinquished block from Iraq's 4th Bid Round, and has also prepared an updated development plan […]

Gulf Keystone Maintains Production Guidance Amid Regional Tensions

By John Lee. Gulf Keystone Petroleum (LSE: GKP) provided an operational and corporate update ahead of its AGM on Friday, reaffirming its 2025 production and financial guidance despite regional uncertainties. CEO Jon Harris reported strong performance so far this year, with gross average production of approximately 44,900 barrels of oil per day (bopd) supported by […]