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 to Increase Oil Export Capacity

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 Oil Export Volumes hit 2-Year High

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 […]

Refinery Targeted in Rocket Attack

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 […]

GKP outlines Payments to Govts for 2021

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 […]

IDC starts Drilling 20 Oil Wells at Nasiriyah

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 reports Record Oil Revenues at Atrush

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 […]

Iraq Finalises March Oil Exports

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, […]

Iraq's Oil Dysfunction

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 Economic Update -- April 2022

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 […]

Iraq-Jordan Pipeline Decision Delayed Again

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 […]