Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The International Finance Corporation (IFC), a member of the World Bank Group, is investing in Basrah Gas Company (BGC) to support one of the largest gas flaring reduction projects in the world, helping to improve energy access, prevent associated greenhouse gas (GHG) emissions and support a more resilient, sustainable energy sector in Iraq. BGC is […]
Deloitte report on Oil and Gas review in the Iraqi Kurdistan Region - Q1 to Q4 of 2020 The KRG has published a report containing verified statistics covering the Kurdistan Region's oil exports, consumption and revenues for period 1 January 2020 to 31 December 2020, along with the consolidated report for the year 2020. The report, […]
By John Lee. Egypt's President Abdel Fattah al-Sisi and Jordan's King Abdullah arrived in Baghdad on Sunday for a fresh round of talks aimed at strengthening cooperation between the countries. It is the first visit by an Egyptian head of state to Iraq since Iraq's invasion of Kuwait in 1990. The leaders agreed on the […]
From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. People in a small town in southern Iraq say pollution from oil production is killing them. Al Jazeera's Natasha Ghoneim reports from Bahla village:
By John Lee. Masdar, a subsidiary of the Abu Dhabi-based Mubadala Investment Company, has signed a strategic agreement to develop 2,000 MW of solar photovoltaic (PV) projects in Iraq. Heads of Agreement (HOA) were signed at a virtual ceremony by His Excellency Majid A. Hantosh, Minister of Electricity, the Republic of Iraq, Her Excellency Suha […]
By John Lee. Iraq has reportedly cancelled its $2-billion pre-paid oil supply agreement with Zhenhua Oil Company. Under a deal said to have been agreed in January, the state-owned Chinese company would pay Iraq in advance for a year's supply of oil. S&P Global Platts reported the following month that Iraq had "frozen" the deal, […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for May of 89,881,268 barrels, giving an average for the month of 2.899 million barrels per day (bpd), slightly down from the 2.947 million bpd exported in April. The exports from the oilfields in central and southern Iraq amounted to approximately 86,820,355 barrels, […]
By John Lee. Russian oil company Lukoil has published details of its payments made during the financial year ended 31 December 2020 in favor of the government of Iraq: The Dhi Qar Oil Company (DQOC) [Thiqar Oil Company] received 1,963 million Russian Rubles [$26.9 million] in respect of the Block 10 field; The General Commission […]
By John Lee. UK-based BP is reportedly considering a plan to spin off its operations in Iraq into a separate company. According to Dow Jones, the new company would be jointly owned by the China National Petroleum Corporation (CNPC), BP's partner in the giant Rumaila project. More here. (Source: Dow Jones)
By John Lee. Iraq's Minister of Oil has opened two plants for improving gasoline and hydrogen production at the Al-Dora refinery in Baghdad. The new gasoline line will increase capacity from 3 million liters per day to 4 million liters per day, and is part of a program to reduce fuel imports by 50 percent […]
By John Lee. Iraq's Ambassador to Kuwait, H.E. Mr. Al-Manhal Al-Safi, met on Friday with the Kuwaiti Minister of Electricity, Water and Renewable Energy, H.E. Dr. Mishaan Al-Otaibi. They discussed cooperation in renewable energy and natural gas, as well as developments in grid connection to supply Iraq with electrical power. (Source: MoFA)
By John Lee. Shares in Gulf Keystone Petroleum (GKP) ended the day up more than 6 percent on Friday, as the Kurdistan-focused oil producer gave an operational and corporate update: Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "We continue to safely navigate a challenging operating environment due to COVID-19, with gross average year-to-date […]
