By John Lee. Iraq is reportedly cutting its oil output by around 700,000 barrels per day (bpd), a third less than required under an OPEC+ supply pact. Iraqi oil officials told Reuters that the government failed to persuade the international oil companies (IOCs) to agree to bigger reductions. More here. (Source: Reuters)
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 Loses $11bn in 4 Months as Oil Prices Plunge
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq has incurred around $11 billion in losses in four months due to the global drop in oil prices, the State Organisation for Marketing of Oil […]
US Welcomes New Iraq Govt; Extends Iran Sanctions Waiver
By John Lee. US Secretary of State Mike Pompeo (pictured) has welcomed the formation of a new government in Iraq following months of instability. In a phone call with the new Prime Minister, Mustafa Kadhemi, he said that the US would not enforce sanctions on Iraq buying electricity from Iran for 120 days "as a […]
Tags: electricity imports, Electricity In Iraq, featured, Iran, Mike Pompeo, mn, sanctions, United States
Recon Wins Contract at Garraf Oilfield
China's Recon Technology has announced that it has signed a $2.8-million engineering and construction service subcontract with Grand Energy Development Limited on a heavy oil transportation system project (the "Project") at the Garraf oilfield in Iraq for the services that Recon has provided. Pursuant to the subcontract, Recon shall carry out all the engineering design […]
Tags: China, featured, Garraf, Gharaf, Gharraf, Grand Energy Development, heavy oil, mn, pipelines, Recon Technology
DNO Completes Baeshiqa Testing, Prepares to Spud Next Well
DNO ASA, the Norwegian oil and gas operator, has announced completion of testing and appraisal of the Baeshiqa-2 exploration well in the Kurdistan Region of Iraq and the imminent spud of an exploration well on a separate prospect, Zartik, located 15 kilometers southeast on the same license. The testing has proven oil and gas in […]
Tags: Baeshiqa, DNO, Exxon, Exxon Mobil, ExxonMobil, featured, KRG, Kurdistan News, Kurra Chine, mn, Norway, Turkish Energy Company (TEC), Zartik
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KRG nets $4.5bn Oil Revenues for 2019
The KRG's Regional Council of Oil and Gas Affairs has published a report containing verified statistics covering the Kurdistan Region's oil exports, consumption and revenues for 2019. The report, available in Kurdish, English and Arabic, provides a quarterly analysis of oil export information and average prices, together with a consolidated annual overview. The data verification […]
Negotiations Continue on Bina Bawi Oilfield
By John Lee. Shares in Genel Energy plc were trading lower in Friday after the company said negotiations were continuing regarding the Bina Bawi field in Iraqi Kurdistan. In a statement, the company said: "Extensive documentation was received in mid-April from the Kurdistan Regional Government ('KRG') following the commercial understanding reached in September 2019. The […]
GKP Directors Buy Shares
By John Lee. Gulf Keystone Petroleum (GKP) has announced that it was informed on 30th April 2020 of the following transactions by persons discharging managerial responsibilities and persons closely associated with them. Mr Ian Weatherdon (pictured), Chief Financial Officer, purchased 50,112 common shares in Gulf Keystone Petroleum Limited on 30 April 2020 at a price […]
Oil Ministry Finalises Export Figures for March
By John Lee. Iraq's Ministry of Oil has announced final oil exports for March of 105,118,523 barrels, giving an average for the month of 3.390 million barrels per day (bpd), essentially the same as the 3.391 million bpd exported in February. These exports from the oilfields in central and southern Iraq amounted to 101,392,918 barrels, […]
US Renews Waiver for Iraq to Import Electricity from Iran
By John Lee. Washington has renewed a waiver for Iraq to continue importing Iranian electricity, a US State Department official said. "The Secretary granted this brief extension of the waiver to allow time for the formation of a credible government," the official said, referring to US Secretary of State Mike Pompeo, and added that the […]
Baghdad "Halts Payments to KRG"
By John Lee. Baghdad is said to have stopped payments to the Kurdistan Regional Government (KRG). Writing for Argus Media, Rowena Edwards says central government will also seek to recover payments made since the start of the year, in the absence of KRG transfers of crude oil, which were part of the as-yet-unsigned 2020 budget. […]