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 Oil Revenue falls below $10bn in August

By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for August of 101,859,528 barrels, giving an average for the month of 3.286 million barrels per day (bpd), down from the 3.303 million bpd exported in July. The exports from the oilfields in central and southern Iraq amounted to approximately 100,750,000 barrels, while […]

US Consul says Existing KRG Oil Contracts must be respected

By John Lee. The US's newly-appointed Consul General in Erbil has said that existing contracts between international oil companies (IOCs) and the Kurdistan Regional Government (KRG) must be respected. Consul Irvin Hicks Jr. made the comment following a meeting with the KRG's Minister of Natural Resources, Kamal Muhammed Salih, on Wednesday. In a statement issued […]

GKP Profits more than Double

Gulf Keystone Petroleum (GKP) has today announced its results for the half year ended 30 June 2022. Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "With the strengthening oil price and increased production, we have delivered strong profitability and cash flow generation in the first half of the year. As we progress towards approval […]

KRG Condemns SOMO Threats to Buyers of Kurdish Crude Oil

From the Kurdistan Regional Government: The Kurdistan Regional Government strongly condemns the letter issued on 23 August 2022, by Iraq's State Oil Marketing Organization (SOMO) that threatens legal action against buyers and traders of crude oil produced in the Kurdistan Region. SOMO's letter is nothing more than another drip in a stream of disinformation published […]

Three Contractors "Quit" Khor Mor Field

By John Lee. Three companies have reportedly stopped operations at Kurdistan's Khor Mor gas field following rocket attacks. According to Reuters, the companies are Texas-based Exterran, and Turkish subcontractors Havatek and Biltek. The field is operated by Pearl Petroleum, a consortium led by UAE-based Dana Gas and Crescent Petroleum. More here. (Source: Reuters)

Will Oil Dispute with Baghdad shift Dynamics in Kurdistan?

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Will oil dispute with Baghdad shift dynamics within Iraqi Kurdistan? In Iraq, the federal government and the authorities in the Kurdistan region are locked in a serious and multipronged dispute over the country's […]

Iraq Confirms July Oil Exports

By John Lee. Iraq's Ministry of Oil has announced finanlised oil exports for July of 102,385,049 barrels, giving an average for the month of 3.303 million barrels per day (bpd), down from the 3.373 million bpd exported in June. The exports from the oilfields in central and southern Iraq amounted to approximately 99,965,094 barrels, while […]

Amarinth delivers Pumps to West Qurna-2

By John Lee. UK-based Amarinth has reportedly delivered pumps worth £1.2 million to the West Qurna-2 expansion project. According to World Pumps, the first order was from Italy's Cannon Artes, and was for seven super duplex API 610 OH1 pumps. The second order, from SICIM (also from Italy), was for three super duplex API 610 […]

CBI tries to find way to pay Russian Oil Companies

By John Lee. Mustafa Ghaleb Mokhif, the Governor of the Central Bank of Iraq (CBI) has met with the Russian Ambassador to Iraq, Elbrus Kutrashev, to discuss the payments due to Russian companies operating in Iraq. In a statement after the meeting, both parties expressed the need to find appropriate solutions to this issue. Payments […]

Work Begins on Akkas Gas Pipeline

By John Lee. Work has begun on the project to extend the gas pipeline from the Akkas gas field to the Akkas power station, in the Qaim district of Anbar Governorate. The General Manager of the State Company for Oil Projects (SCOP), Shaker Mahmoud Khalaf, said the pipeline (pictured) will be 35 kilometers in length. […]

Are Iraq's Ambitious Oil Production Goals Feasible?

Writing in Oil Price, Simon Watkins argues that while Iraq's plans to increase oil production are, in broad terms, entirely realistic, the extent of Iraq's ultimately recoverable oil resources is subject to a large degree of uncertainty. Click here to read the full article.