Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Scottish consulting and engineering company Wood has secured a new contract to deliver project management and engineering services for PetroChina at the West Qurna 1 oilfield in southern Iraq -- one of the world's largest -- continuing its decade long support there. Under the contract, Wood will manage engineering, procurement and construction […]
By John Lee. Iraq and Turkey have resumed negotiations on a new agreement for transporting crude oil through the Iraq-Turkey Pipeline (ITP), following a meeting in Ankara. Talks were held between the Iraqi Ministry of Oil and the Turkish Ministry of Energy and Natural Resources, led respectively by the Iraqi Deputy Minister for Extraction and […]
By John Lee. The United States has issued a sanctions waiver allowing continued operations related to Russia's Lukoil until 13th December, following restrictions imposed earlier this month. Lukoil said on 14th November that it is in negotiations with several potential buyers for its international assets, adding that a deal will be announced once agreements and […]
By John Lee. Gulf Keystone Petroleum (GKP) has confirmed the completion of the first lifting of Kurdistan crude allocated to the company and other IOCs for September-October 2025 pipeline exports, carried out by the nominated trader at Türkiye's Ceyhan terminal. Payment for the company's share is expected within 30 days, in line with the interim […]
By John Lee. The International Energy Agency (IEA) has issued its flagship report, World Energy Outlook (WEO) 2025, emphasising: "In a volatile world, energy security takes centre stage. Pressing threats and longer term hazards are elevating energy to a core issue of economic and national security. Energy is at the heart of today's geopolitical tensions, […]
By John Lee. Genel Energy has issued a trading and operations update in respect of the third quarter and first nine months of 2025. Regarding the company's operations in Iraqi Kurdistan, it said: PRODUCTION: KURDISTAN TAWKE PSC (25% interest) Gross production levels are now back to around 80,000 bopd, consistent with the levels achieved in […]
By John Lee. Iraq's Oil Pipelines Company has signed a strategic partnership agreement with Dubai-based Progwin Ltd as part of the Ministry of Oil's efforts to enhance technical and engineering capabilities and strengthen cooperation with reputable international firms. Director General Ali Abdul-Karim Al-Moussawi said the agreement aims to expand technical and investment cooperation between the […]
By John Lee. The State Company for Petrochemical Industries in Basra, part of the Ministry of Industry and Minerals, has announced a series of projects aimed at restarting production across its plants and strengthening Iraq's national industry. Director General Mazen Abdul-Razzaq said the company is continuing implementation of a partnership contract to establish a chlorine […]
By John Lee. The Ministry of Oil has announced the completion of drilling the deepest horizontal well at the Bazargan oil field. According to Hussein Kazem Laibi, Director General of the Maysan [Missan] Oil Company, the achievement was marked by the completion of well BUCN-226H in early November 2025. He told the state-owned Iraqi News […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. MoO Should Brace for ROCs' Coerced Exodus The tripartite (UK, EU and US) sanctions against Russian oil companies (ROCs), Lukoil and Rosneft, present direct, immediate and impacting threats to the development of […]
By John Lee. Swiss-based Gunvor Group has withdrawn its proposal to acquire Lukoil's international assets following opposition from the US Treasury Department. The Treasury stated that Gunvor would not receive a licence to operate as long as Russia continues its military actions in Ukraine, describing the company as "the Kremlin's puppet." Gunvor rejected the claims, […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Will return of US oil giant herald western re-engagement with Iraq's energy sector? ExxonMobil has signed a preliminary agreement with Baghdad to develop the supergiant Majnoon oil field. The move signals the company's […]
