Archive | Iraq Oil & Gas News

Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.

Iraq passes $89bn Federal Budget Bill

By Joe Snell for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq passes $89 billion federal budget bill The budget confronted issues of unemployment, currency devaluation and non-oil revenues and was passed as lawmakers prepare for October's general election; the […]

Iraq to Exploit Massive Natural Gas Reserves

Iraq Moves To Exploit Its Massive Natural Gas Reserves Writing in Oil Price, Simon Watkins says that despite Iraq's huge potential gas resources, it has made little progress on developing this potential either for associated or non-associated gas. But last week, a heads-of-agreement deal was announced with Total, to work jointly on four major projects […]

Iraq Oil Exports slightly Down in March

By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for March of 91,311,929 barrels, giving an average for the month of 2.946 million barrels per day (bpd), down slightly from the 2.960 million bpd exported in February. These exports from the oilfields in central and southern Iraq amounted to approximately 88,240,184 barrels, […]

Protesters Block Entrances to Oil Facilities

By John Lee. Protesters have reportedly blocked the entrances to the Dhi Qar Oil Company (DQOC), Dhi Qar Refinery, and the Oil Products Distribution Company. According to Anadolu Agency, they were protesting the passing of the 2021 budget by the Iraqi parliament, which did not meet their expectations regarding guaranteed employment. More here. (Source: Anadolu […]

GKP claims "Strong Start to 2021"

Gulf Keystone Petroleum (GKP) has announced its audited results for the full year ended 31 December 2020. Jon Harris, Gulf Keystone's Chief Executive Officer, said: "Against the backdrop of extraordinary global challenges in 2020, GKP acted decisively to successfully manage the impact of COVID-19 on our staff, contractors and production operations. We achieved all of our cost […]

Cabinet Extends Contracts of KBR and Antonoil at Majnoon

By John Lee. The Iraqi Cabinet has approved the renewal of two contracts at the Majnoon oil field. Chinese company Anton Oilfield Services Group (Antonoil) is to continue to provide Integrated Field Management, while the American company KBR will provide Engineering, Procurement and Construction Management (EPCM). The decision allows for the extension of the contracts […]

Iraq signs 4 Major Energy Deals with Total

By John Lee. Iraq's Ministry of Oil has signs an agreement of principles with the French company Total for four major energy projects in the country: Plants to collect and refine associated natural gas at the fields of Artawi [Ratawi], West Qurna 2, Majnoon, Tuba [Subba] and Lahais [Luhais]. This will include a Central Gas […]

Iraq Finalises Oil Exports for February

By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for February of 82,877,757 barrels, giving an average for the month of 2.960 million barrels per day (bpd), up from the 2.868 million bpd exported in January. These exports from the oilfields in central and southern Iraq amounted to approximately 79,105,329 barrels, while […]

Cabinet approves $480m Drilling Deal in Southern Iraq

By John Lee. The Iraqi Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi. Following discussions, the Cabinet approved a bid from Schlumberger to drill 96 wells for the Basra Oil Company (BOC) and ExxonMobil. The company has previously worked at ExxonMobil's West Qurna 1 field in southern Iraq. […]

GKP Resumes Kurdistan Investment Programme

Gulf Keystone Petroleum (GKP) has announce the resumption of the Company's growth plans to ramp-up gross production towards 55,000 barrels of oil per day ("bopd"). Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "After a year of successfully managing the impact of COVID-19 on our people and production operations at Shaikan, we are pleased […]

Petrofac Wins Contract Extension in Iraq

By John Lee. Petrofac has announced that its Engineering & Production Services division ('EPS') has secured a one-year contract extension worth around US$80 million with a key client in Iraq. While not mentioning the specific project, the company said: "The award is recognition of Petrofac's successful eight-year track record of safe delivery as the incumbent […]