Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The Iraqi Embassy in Moscow has issued a clarification regarding reports that Iraq plans to nationalise the West Qurna-2 oil field, operated by Russia's Lukoil. The embassy confirmed that the field is fully state-owned. Under the 2008 licensing round agreement, Lukoil managed and developed the field and produced oil under a service […]
By John Lee. Rudaw has quoted the Director General of Iraq's State Oil Marketing Organisation (SOMO), Ali Nizar al-Shatri [Shatari], as saying that the Ministry of Oil has signed a contract with British consulting firm Wood Mackenzie to calculate the actual production costs at oil fields in the Kurdistan Region. Iraq Business News has approached […]
By John Lee. State-owned Basra Oil Company (BOC) has been approved by the Council of Ministers to assume responsibility for managing petroleum operations at the West Qurna 2 oilfield, in line with the provisions of the field's service and development contract. According to a statement from the Prime Minister's Office, the Cabinet decision also authorises the […]
By Yesar Al-Maleki, for the Institute of Regional and International Studies (IRIS) at the American University of Iraq, Sulaimani (AUIS). The opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Rebuilding Resilience: The Iraq-Türkiye Pipeline's Role in Iraq's Oil Export Security The resumption of Kurdish crude […]
By John Lee. The Kurdistan Regional Government (KRG) has outlined what it claims is a significant funding shortfall in transfers from the Federal Government over the past three years, describing the situation as a "financial gap" and an effective blockade on investment. According to its data, the Kurdistan Region's total constitutional entitlement between 2023 and […]
By John Lee. Opportunities to expand investment in Iraq's oil and energy sectors were discussed during talks between the government and US energy giant Chevron, focusing on increasing production returns and expanding refining capacity. The discussions covered the company's current activities and potential areas of cooperation, as well as ways to improve the investment environment […]
By John Lee. The Iraqi Drilling Company (IDC) completed drilling and rehabilitation work on 237 oil wells during 2025, supporting production programmes across oilfields from northern to southern Iraq. The achievements included the drilling of 62 new oil wells and the rehabilitation of 175 existing wells, carried out in line with approved technical programmes and […]
By John Lee. Iraq participated via video link in a meeting of OPEC+ countries to review global oil market conditions and the production outlook, as the group confirmed it will maintain its current production policy during early 2026. Full statement from OPEC: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to […]
By John Lee. Plans have reportedly been approved to expand the Najaf refinery's production capacity to 100,000 barrels per day, alongside the development of several oilfields in the province. The governor of Najaf, Yousif Kinawi, told the state-run Iraqi News Agency (INA) that the refinery's current capacity stands at around 30,000 barrels per day. Implementation […]
By John Lee. Construction has begun on a new field operations centre at the Naft Khana oilfield in Diyala province, marking a new phase of development for the project. The facility is being developed under a contract signed during Iraq's fifth licensing round between Midland Oil Company (MdOC) and the Chinese firm Geo-Jade, which covers […]
By Ahmed Tabaqchali, for the Institute of Regional and International Studies (IRIS) at the American University of Iraq, Sulaimani (AUIS). The opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's Gas Flaring Paradoxes: Economic and Technical Obstacles Almost every year, since 2012, Iraq vies with […]
By John Lee. The Iraqi Drilling Company (IDC) has completed drilling the Majnoon-170 appraisal well at the Majnoon oilfield in Basra to a depth of 4,280 metres. The well was drilled using the IDC-57 rig, the largest drilling unit in Iraq, with a capacity of 3,000 horsepower. The work was carried out for the Basra Oil […]
