By John Lee. An advisor to Iraqi Prime Minister Mustafa al-Kadhimi has said that nearly half of the country's oil exports go to China, making China the number one market for Iraqi oil. Speaking on Thursday, Mazhar Muhammad Salih said that China accounts for about 40-44 percent of Iraqi oil exports, equating to about 800,000 […]
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The Chief Executive of Russia's LUKoil has reportedly confirmed that the company may reduce its stake in Iraq's West Qurna-2 oil field. Reuters cites Vagit Alekperov as making the comment on Thursday during a visit to the company's facilities in Nizhny Novgorod. (Source: Reuters)
By John Lee. Dana Gas PJSC announced that its H1 2021 collections from the Kurdistan Region of Iraq (KRI), and Egypt have increased 106% year-on-year to $185 million (AED 678m), the highest level in more than five years. Dana Gas, which owns a 35% stake in Pearl Petroleum, saw its share of collections from sales […]
By John Lee. Reuters reports that China's state-owned China National Chemical Engineering Company (CNCEC) is to build a 300,000-bpd oil refinery at the Iraqi port of Fao. (Sources: Reuters, Mehr)
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. IOC's Strategic Positioning in Iraq Upstream Petroleum Much talk have been circulating recently on "Big Oil" abandoning Iraq upstream petroleum projects after they rushed into the country many years ago. How much […]
By John Lee. ShaMaran Petroleum has announced that it has signed an agreement with a subsidiary of French major TotalEnergies S.E. to acquire its affiliate (TEPKRI Sarsang A/S) holding an 18% non-operated participating interest in the Sarsang Production Sharing Contract in the Kurdistan Region of Iraq for an initial consideration of USD 155 million plus […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, has announced the appointment of Chris Spencer (pictured) as its Chief Operating Officer, effective immediately. Spencer joined the Company in 2017 and his most recent position was Deputy Managing Director. (Source: DNO)
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. With deal in hand, will Baghdad, Erbil fulfil budget obligations? To what extent will the Kurdistan region of Iraq (KRI) be seriously committed to the provisions of the federal budget now that it […]
By John Lee. Prime Minister Mustafa Al-Kadhimi chaired the regular session of the Iraqi cabinet on Tuesday. Addressing the ongoing crisis in electricity supply, the cabinet agreed to allocate 50 billion Iraqi dinars ($34 million) for emergency expenses and maintenance of the electricity infrastructure. This will be achieved by profitable Ministry of Oil companies lending […]
By John Lee. Both BP and Lukoil are reported to be considering quitting upstream oil operations in Iraq. Reuters quotes Iraq's Oil Minister, Ihssan Abdul-Jabbar Ismail, as making the comments during a parliamentary session last week. Last month, BP was said to be planning to spin off its Iraqi operations in Iraq into a separate […]
Writing in The National, Robert Tollast quotes analysts as saying that the disastrous collapse in Iraqi and Iranian electricity supplies was partly caused by the dysfunctional partnership between the countries' energy sectors. Click here to read the full story.
Writing in Oil Price, Simon Watkins says Iraq is playing the United States and China off against each other in the awarding of contracts for infrastructural development and oil sales. Click here to read the full story.