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 final oil exports for January of 113,111,429 barrels, giving an average for the month of 3.649 million barrels per day (bpd), down from the 3.726 bpd exported in December. These exports from the oilfields in central and southern Iraq amounted to 110,245,281 barrels, while exports from Kirkuk […]
The Iraq Energy Institute (IEI) has issued its 2018 Annual Report, entitled "Riding the Oil Markets, Iraq’s Economy in Transition". In its summary, the IEI says: "Iraq’s fortunes are once again highly dependent upon oil prices following a period where the government succeeded in stabilising expenditures, on the basis of IMF conditionality. "This period was […]
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iran questions Iraq's promise to import oil despite sanctions Iran and Iraq have quite different views of their relationship status, with Tehran claiming it's been jilted and Baghdad declaring it's […]
Staff at BP and the Rumaila Operating Organization (ROO) have raised $17,200 for the Iraqi Children Foundation (ICF). According to Julian O'Connell, Rumaila Deputy General Manager and BP Iraq General Manager, this is by far the largest amount they have ever raised with their annual charity fun run. ICF Director Cindy Fogelman expressed the charity's […]
By John Lee. The Kurdish Regional Government (KRG) has reportedly suspended oil exports to Iran. According to Anadolu Agency, the KRG’s Ministry of Finance and Economy did not specify a reason for the move, and "it remains unclear whether the suspension is linked to U.S. sanctions on Iran." (Source: Anadolu Agency) (Source: Tasnim, under Creative […]
By John Lee. Shell has reportedly announced that the Basrah Gas Company (BGC) has taken a "final investment decision (FID)" on its growth programme, which will increase BGC’s capacity by 40 percent. According to Oil and Gas Middle East, the decision was taken with the support of all BGC's shareholders: South Gas Company (SOC), Shell […]
Genel Energy has announced that McDaniel and Associates ('McDaniel') has completed the competent person's report ('CPR') relating to the oil reserves at Taq Taq as at 31 December 2018. Field performance in 2018, and notably the success of the TT-29w well drilled on the northern flank of the field, has led to an upwards technical revision […]
Shares in DNO ASA, the Norwegian oil and gas operator, were trading up five percent on Monday afternoon following the company's announcemnt that it has replaced 2018 production through additions to reserves, marking the second consecutive year in which the Company's replacement of proven reserves reached or exceeded 100 percent of production. "DNO's stellar record […]
Russian oil company Lukoil has commenced drilling of new production wells at West Qurna-2 field as part of the second development phase. The company has so far concluded contracts to drill 57 production wells, including 54 wells at Mishrif formation and 3 wells at Yamama formation. The drilling campaign will ramp up production at West […]
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Accusations are flying about oil smuggling in Iraq's Ninevah province, and many accusers say government officials, armed factions and other powerful parties are involved. Representatives of the province, including parliament member Ahmed al-Jubouri, have said recently […]
The governor of the Central Bank of Iran unveiled plans for using non-dollar accounts for oil and gas trade with Iraq. Abdolnaser Hemmati on Wednesday held a meeting with presidents of Iraqi banks, members of Iraq’s chamber of commerce and the Arab country’s business people during a trip to Baghdad. In the gathering, the top […]
DNO ASA, the Norwegian oil and gas operator, today announced 2018 net profit of USD 354 million on revenues of USD 829 million, the highest annual revenues in the Company's 47-year history. Cash flow from operations increased 40 percent to USD 472 million in 2018, of which USD 334 million represented free cash flow. Operated […]
