Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. US grants Iraq reprieve to continue buying Iranian gas The United States has decided to grant Iraq a third 90-day sanctions waiver so it can continue to purchase gas from […]
Iraq faces a tough challenge in developing its potential Writing in the Financial Times, Nick Butler argues that while the security situation across Iraq is probably better than at any time in the past three decades, success is not preordained. Click here to read the full article (subscription required)
Iraqi Foreign Minister Mohammad al-Hakim said his country would stand by the Iranian nation and government in the era of US sanctions against Tehran. Iraq stands with Iran and is willing to act as an intermediary between its neighbor and the United States, Hakim said on Saturday speaking in a press conference with his Iranian […]
By John Lee. Iraq’s Ministry of Oil has announced final oil exports for April of 103,988,607 barrels, giving an average for the month of 3.466 million barrels per day (bpd), up from the 3.377 million bpd exported in March. These exports from the oilfields in central and southern Iraq amounted to 100,635,009 barrels, while exports […]
Washington has exempted Baghdad from some of its unilateral sanctions against Tehran, allowing Iraq to continue importing energy from Iran, according to the US envoy to Baghdad. Baghdad can now buy energy from Iran, US charge d’affaires Joey Hood told reporters on Wednesday, Iran's Press TV reported. The waiver will allow Iraq to continue buying […]
By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Has Russia begun to play a role in Iraq? Member of the Iraqi parliament's Security and Defense Committee Hakim al-Zamili announced May 9 that negotiations were underway to buy an S-400 air missile system from […]
By John Lee. Hyundai Engineering & Construction has reportedly won a $2.45-billion deal to build a seawater processing facility in Iraq. South Korean media report that the company signed a letter of intent with Basra Oil Company (BOC) on Wednesday for the 49-month project, which will be capable of supplying 5 million barrels of fresh […]
By John Lee. Oil production is to increase at the West Qurna 1 oilfield, according to Reuters. The news agency quoted Basra Oil Company (BOC) chief Ihsan Abdul Jabbar as saying on Wednesday that output will rise from 440,000 barrels of crude oil per day (bpd) to 490,000 bpd in the “next few days”. The […]
The Rumaila oilfield produced 1.467 million barrels per day (bpd) in 2018 – the oilfield’s highest annual rate of production for 30 years. 2018 also saw the milestone of four billion barrels of oil produced since the Rumaila Operating Organisation [ROO] began operating in June 2010. The results were reported in the 2018 Rumaila Annual […]
By John Lee. The Iraq Britain Business Council (IBBC) has welcomed four new members, bringing its membership to 71 companies: Crescent Petroleum: Sharjah-based Crescent Petroleum is the only foreign oil and gas company to maintain a continuous presence in Iraq for three decades, and is the largest private oil and gas investor in the Kurdistan […]
By John Lee. Oil Minister Thamer al-Ghadban has criticised ExxonMobil's decision to temporarily evacuate staff from the West Qurna oil field as “unacceptable and unjustified”. In a statement on Sunday, he said the move was "political", and pointed out that other international oil companies are continuing to work freely. According to CNN, the company evacuated […]
By John Lee. Oil Minister Thamer Ghadhban (pictured) has reportedly said on Thursday that Iraq has contingency plans in place to cope with any stoppage of Iranian gas imports. His comments come as the US increases sanctions pressure on Iran. According to Reuters, Ghadhban added that he hopes no such disruption will take place. (Source: […]
