Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for September of 92,422,485 barrels, giving an average for the month of 3.081 million barrels per day (bpd), up slightly from the 3.054 million bpd exported in August. The exports from the oilfields in central and southern Iraq amounted to approximately 89,224,354 barrels, […]
By John Lee. Iraq reportedly plans to invest $3 billion annually to transition from burning liquids to burning natural gas in its power plants. Deputy Prime Minister and Finance Minister, Ali Allawi (pictured), told the Middle East Green Initiative Forum in Saudi Arabia that Iraq will also end gas flaring by 2025. He also recommitted […]
By John Lee. Oil services company Petrofac has said it is "anticipating significant upside potential upon return to markets in Saudi Arabia, Iraq and the UAE". In 2019, customers in Iraq and Saudi Arabia suspended Petrofac from bidding on new contracts, while allowing it to execute pre-existing contracts, followed by a UAE customer in 2020. […]
By John Lee. Iraq has signed a contract with Schlumberger to drill 96 horizontal and diagonal oil wells at the West Qurna 1 field in Basra. Saad Al-Damen, Vice President of Schlumberger, said the contract will add 200,000 barrels per day to production at the field. The Undersecretary at the Ministry of Oil, Hamid Younis, […]
By John Lee. Oil Minister Ihsan Abdul Jabbar has reportedly told reporters that Iraq hopes LUKoil will keep its stake in the West Qurna-2 oil field. Russian news agency TASS quotes the Minister as saying that Iraq is "negotiating improvement of conditions" for the project. In July, Lukoil Chief Executive Vagit Alekperov was quoted as saying […]
By John Lee. Iraq signed an agreement to build a 525-MW solar power plant in Karbala. The project will be built by a consortium of companies led by the Norwegian Scatec, whose main shareholder is Equinor (formerly Statoil). Also involved are Egypt's Orascom and Iraq's Al-Bilal. The signing comes after recent announcements of renewable energy […]
By John Lee. The US Consul General in Erbil has praised the Dallas-based HKN Energy for directly creating 450 jobs in the Kurdistan Region. Robert Palladino made the comments during a visit to the company's facility in Chamanke. Click here to read the full article. (Source: Kurdistan 24)
By John Lee. Italian energy company Eni S.p.A has signed an agreement with UniHouse to execute the Talented Iraqi Program. Under the scheme, high-caliber, talented Iraqi students will be placed in the UK to study for Bachelor of Medicine degrees. UniHouse will provide a full range of services, including preparation, exams, orientation, and in-country academic […]
By John Lee. The Iraqi cabinet has approved a plan for the newly-formed Iraqi National Oil Company (INOC) to be a financial partner with TotalEnergies in its projects in Basra. It said it will support INOC to "maximize revenues and financial returns to the general budget." In September, TotalEnergies signed a number of major agreements […]
By John Lee. Iraq's Oil Minister Ihsan Abdul-Jabbar Ismail has said that the Iraqi National Oil Company (INOC) has opened a dialogue about gas exploration in the Western Desert in Anbar Governorate. The company involved was not named, but was described as "one of the major international companies". The Minister said Iraq is keen to […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi economy structure is lopsided with heavy dependency on export of natural raw material, i.e., crude oil. The modest unbalanced growth that was accumulated by the end of 1970s began eroding […]
By John Lee. Iraq's Ministerial Energy Council approved discussions with US-based Chevron on the development of four exploration blocks in Dhi Qar. The statement from Iraq's Ministry of Oil gave no further details, but the project had previously been discussed during Prime Minister Mustafa al-Kadhimi's visit to the United States in August. Chevron currently has […]
