Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Genel Energy plc has updated its oil reserves across its portfolio. Net oil Reserves (MMbbls) 1P 2P 3P 31 December 2020 69.4 117.2 177.2 Production (11.6) (11.6) (11.6) Technical revisions 4.8 (1.4) (28.9) 31 December 2021 62.6 104.2 136.6 International petroleum consultants DeGolyer and MacNaughton, working on behalf of the operator DNO, […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. KRG' Contracts, Laws and Oil Exports are Unconstitutional and Nullified, Federal Supreme Court Decides Federal Supreme Court-FSC in Iraq issued, after ten years of debate and deliberate procrastination tactics, a long-waited constitutional […]
By Bilal Wahab for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The Death of Oil Federalism? Implications of a New Iraqi Court Ruling The legal decision and its political fallout are threatening some of the country's […]
By John Lee. Iraq's Federal Supreme Court has ruled that sales of oil and gas by the Kurdistan Regional Government (KRG), independently of the central government in Baghdad, is unconstitutional. In a statement on Tuesday, the court said that the Oil and Gas Law of the Kurdistan Regional Government, No. (22) of 2007, violated the […]
By John Lee. Iraq's Ministry of Oil has denied reports that its multi-billion-dollar deal with France's TotalEnergies has stalled amid disputes over terms, and that it risks being scrapped by the next government. On Monday, Reuters cited sources at the Ministry, and other oil industry sources, as saying that the deal was mired in disputes. […]
By John Lee. At its regular meeting this week the Iraqi Cabinet approved the recommendation of the Ministerial Council for Energy to proceed with the development project at Haditha refinery. The American company Honeywell UOP is to carry out the work on behalf of the North Refineries Company (NRC). Haditha refinery is situated in Anbar […]
DNO ASA, the Norwegian oil and gas operator, today reported record revenues exceeding USD 1 billion in 2021, up 63 percent from a year earlier, on the back of high oil and gas prices and solid production performance. Annual operating profit climbed to USD 321 million, reversing operating loss of USD 315 million in 2020. […]
Writing in Oil Price, Simon Watkins says Iraq's $27-billion four-project deal with French energy company TotalEnergies will be a game-changer. Click here to read the full article.
By John Lee. Iraq's Ministry of Oil has announced total financial revenues from oil exports to $75.650 billion for 2021, which it says is a marked increase on budgeted expectations for the year. The Ministry's Deputy for Upstream Affairs, Kareem Hattab, pointed to the commitment of the OPEC+ producers in achieving stability in oil markets, […]
By John Lee. Iraq was the largest beneficiary from China's Belt and Road Initiative (BRI) in 2021, according to a study by the Green Finance & Development Center, at Shanghai's Fudan University. It says the country with the highest construction volume was Iraq, with about $10.5 billion, followed by Serbia (about $6.8 billion) and Indonesia […]
Writing in Oil Price, Simon Watkins says that China has continued to press home the geopolitical advantage given to it in Iraq following the official end of the U.S.'s 'combat mission' in the country with the conclusion of three huge deals, all focused on the oil sector. Click here to read the full article.
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for January of 99,286,078 barrels, giving an average for the month of 3.203 million barrels per day (bpd), down from the 3.277 million bpd exported in December. The exports from the oilfields in central and southern Iraq amounted to approximately 96,430,596 barrels, while […]
