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.

Iraq to adjust for Oil Over-Production

By John Lee. The Iraqi Ministry of Oil has reiterated its commitment to voluntary production cuts in support of initiatives by OPEC+ member states to maintain stability and balance in the oil market. Despite reports of regional production outside of coordination and agreement with the federal government, the Ministry says it has taken proactive measures […]

Genel Energy Update on Oil Reserves

By John Lee. Genel Energy has issued an updated on oil reserves across its portfolio: Working interest oil reserves (MMbbls) 1P 2P 3P 31 December 2022 68.9 92.2 125.6 Production (4.5) (4.5)   (4.5) Revision of previous estimates (1.0)  4.0   (1.8) Acquisitions and disposals   - (2.7)   (8.4) 31 December 2023 63.4 88.9 […]

Iraq takes Delivery of New Crane Barge

By John Lee. Iraq has taken delivery of a new crane barge, the "Shanashil". Speaking at an inauguration ceremony held at Umm Qasr Port in Basra province, Oil Minister Hayan Abdul Ghani highlighted the significance of this initiative, aimed at supporting national capabilities in managing and maintaining oil ports. He said the new vessel will, […]

Iraq Launches New Oil Tanker

By John Lee. Iraq's Deputy Prime Minister for Energy Affairs and Oil Minister has launched Iraq's latest oil tanker, the Akkad. Speaking at the event, Minister Hayan Abdul Ghani emphasized the Ministry's commitment to bolstering the Iraqi Oil Tankers Company (IOTC) with new vessels. The new tanker has a capacity of 32,000 tons, and measures […]

OPC Completes Rehabilitation of Baiji to Kirkuk Pipeline

By John Lee. Iraq's Oil Pipeline Company announced the completion of rehabilitation works on the 12-kilometer petroleum products pipeline from Baiji to Kirkuk. The General Manager, Ali Abdul Kareem Al-Mousawi, stated that the company's technical and engineering teams successfully rehabilitated the pipeline after it ceased operations in 2014 due to terrorist activities in the region […]

Iraq Plans to Export Oil Derivatives

By John Lee. Iraq's Ministry of Oil has announced plans to increase production capacities of refineries, aiming to improve quality, adhere to environmental standards, and eventually move towards exporting oil derivatives. Currently, production in southern refineries is at 280,000 barrels per day, with the Karbala [Kerbala] refinery contributing 140,000 barrels, according to a report from […]

IOCs Deny Claims of Agreement to Export Kurdish Crude

By John Lee. An industry group representing international oil companies (IOCs) in Iraqi Kurdistan has denied claims by government officials that an agreement has been reached to resume oil exports through the Iraq-Turkey Pipeline (ITP). The Association of the Petroleum Industry of Kurdistan (APIKUR) said it has not seen any proposals from Baghdad or Erbil […]

Iraq's Ministry of Oil withholds Feb Export Revenue

By John Lee. Iraq's Ministry of Oil has announced some preliminary oil export figures for February, but has not disclosed the value of oil exports for the month. This follows an increasing trend of delayed or missing oil export data from the Ministry. Total exports of crude oil: 99,592,311 barrels. Oil fields in central and […]

Corruption "Costs Iraq Another Massive Opportunity"

By Simon Watkins 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's Endemic Corruption Costs It Another Massive Oil and Gas Opportunity British supermajor Shell last week exited Iraq's potentially game-changing US$11-billion Nebras Petrochemical Project. Shell signed the NPP deal, having […]

GKP says Local Sales Volumes have Rebounded

By John Lee. Gulf Keystone Petroleum (GKP) has said that local sales volumes have rebounded in recent weeks. It adds that sales for February are expected to be above expected monthly net capex and costs. Full statement from GKP: Update on Shaikan Field local sales & Notice of 2023 Full Year Results Gulf Keystone, a […]