Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Chevron has received approval from Iraq's Council of Ministers for the final terms and conditions of a framework agreement with the Ministry of Oil concerning the management and operation of the West Qurna 2 oil field. According to the Prime Minister's Office, the agreement is between the Ministry of Oil, represented by […]
By John Lee. Iraq's Oil Exploration Company has reported significant progress on a two-dimensional seismic survey programme north of Fallujah in Anbar province. The project, conducted for Midland Oil Company, forms part of the Ministry of Oil's plans to expand geological and geophysical data to support oil and gas exploration. According to the company, more […]
By John Lee. Production has been suspended at the Sarsang oil field in Duhok Governorate following an attack that caused damage to the facility. According to the Ministry of Natural Resources of the Kurdistan Regional Government (KRG), the incident occurred on Thursday night and was carried out by armed groups operating outside the law in […]
By John Lee. Angola's Sonangol has reported an incident involving the oil tanker Sonangol Namibe (pictured) while anchored at Khor Al-Zubair in southern Iraq awaiting loading operations. Preliminary reports indicate that a localised explosion occurred on the vessel's deck on 5th March (Thursday). The tanker is registered under the Bahamas flag and is operating within the […]
By John Lee. The Iraqi Drilling Company (IDC) completed the drilling and rehabilitation of 16 oil wells in February 2026 for national and international operators working in Iraq. The works included: Drilling of three new wells; Rehabilitation of 13 existing wells. Director General Mohammed Hantoush said the operations were carried out in line with approved technical […]
By John Lee. The Iraqi Cabinet has authorised the Ministry of Oil to exercise the necessary powers to address a potential crisis in crude oil and petroleum product exports resulting from the closure of the Strait of Hormuz. The decision relates to anticipated disruptions to export operations and is intended to enable the Ministry to […]
By Simon Watkins for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. How Chevron's New Deals Could Transform Iraq's Production Outlook The very recent signing of two sets of major oil deals by U.S. oil giant Chevron following the forced withdrawal of Russian […]
By John Lee. Gulf Keystone Petroleum (GKP) has announced the temporary shut-in of production operations at the Shaikan field in the Kurdistan Region of Iraq, citing the developing regional security environment. The company said it has taken measures to protect staff and confirmed that its assets have not been impacted. Shares in GKP closed down […]
By John Lee. Iraq participated via video link in a meeting of OPEC+ countries to review global oil market conditions and the production outlook. The group agreed to modestly increase oil production starting April 2026, adding 206,000 barrels per day, as part of a gradual unwinding of earlier voluntary output cuts, citing stable economic conditions […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Preliminary Assessment of MoO-Chevron Agreements On February 23, 2026, the Ministry of Oil (MoO) website published a very brief statement indicating the signing of bilateral and trilateral settlement and framework agreements with […]
By Clayton Seigle, for the Center for Strategic and International Studies (CSIS). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. If Trump Strikes Iran: Mapping the Oil Disruption Scenarios President Donald Trump has hinted at potential military strikes unless Iran agrees to fully abandon […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil export volumes for January 2026. Total exports of crude oil (including condensates): 107,616,220 barrels. Exports from the oil fields in central and southern Iraq amounted to 101,160,349 barrels. Exports from the Kurdistan Region via the Turkish port of Ceyhan amounted to 6,455,871 barrels. Average […]
