By John Lee. Basra Oil Company (BOC) has reportedly said that third offshore pipeline at the Khor Al-Amaya Oil Terminal (KAAOT) (pictured) will be completed by the end of 2023. Acting Director General, Ahmed Fadel Dehaim, told the Iraqi News Agency (INA) that the new line will increase oil export capacity by 600,000 barrels per […]
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Writing in Oil Price, Simon Watkins says $100 oil has prompted the Iraqi government to fast-track development of more technically challenging oil fields. Click here to read the full article.
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for April of 101,390,662 barrels, giving an average for the month of 3.380 million barrels per day (bpd), up from the 3.244 million bpd exported in March. This is the highest daily export rate since the 3.438 million barrels per day achieved in […]
By John Lee. A rocket attack that targeted an oil refinery in the Khabat area of Erbil on Sunday has been widely condemned. Six rockets were fired at the Kawergosk refinery, which is owned by KAR Group, reportedly damaging a storage tank. The Iraqi Security Media Cell said it located a launch base near the […]
By John Lee. Gulf Keystone Petroleum (GKP) has just published details of its payments to governments for the year 2021: Introduction This report sets out details of the payments made to governments by Gulf Keystone Petroleum Ltd and its subsidiary undertakings ("Gulf Keystone") for the year ended 31 December 2021 as required under Disclosure and […]
By John Lee. The Iraqi Drilling Company (IDC) has started work on the first of its 20 oil wells at the Nasiriyah oil field in Dhi Qar. IDC's Director General, Basem Abdul Karim, said that the project is part of a contract with the Dhi Qar Oil Company (DQOC) in cooperation with Weatherford. The planned […]
ShaMaran Petroleum has released its financial and operating results and related management's discussion and analysis (MD&A) for the three months and year ended December 31, 2021. Dr. Adel Chaouch, President and Chief Executive Officer of ShaMaran, commented: "2021 has been a transformational year for ShaMaran. The Company generated the highest annual oil sales revenues in […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for March of 100,579,612 barrels, giving an average for the month of 3.244 million barrels per day (bpd), down slightly from the 3.314 million bpd exported in February. The exports from the oilfields in central and southern Iraq amounted to approximately 99,130,677 barrels, […]
By Mina Al-Oraibi, for Foreign Policy. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq's Oil Dysfunction The world's sixth-largest oil producer still suffers from fuel shortages and power outages. Click here to read the full story.
Iraq's economy is gradually recovering from the twin shocks of the pandemic and collapse in oil prices in 2020. Both oil and non-oil growth are on track to reach their pre-pandemic levels as oil production increases and the easing of COVID-19 restrictions restores domestic economic activity. Fiscal and external deficits are back to surpluses as […]
By John Lee Iraqi Prime Minister Mustafa al-Kadhimi has ordered that a working team from the Ministry of Electricity travel to Iran to solve problems related to the supplying of gas. At a meeting with the Electricity Ministry and senior officials on Sunday, there was discussion about the high electricity demand in summer, and how […]
By John Lee. Iraq's oil ministry has said that future of the long-delayed oil export pipeline from Iraq to the Jordanian port of Aqaba will be decided by the next government. The country has still not formed a new government following parliamentary elections in October. At a press conference at the weekend, the Ministry of […]