Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The eight OPEC+ countries, including Iraq, have reaffirmed their coordinated approach to oil market stability and announced a collective production adjustment for August 2025. In a virtual meeting held on 5 July, the group cited healthy market fundamentals and a stable global economic outlook as the basis for a 548,000 barrels per […]
By John Lee. The Dhi Qar Oil Company (DQOC) has launched a comprehensive production plan to develop three key oil fields in Iraq's Dhi Qar province: Nasiriyah, Saba [Subba], and Garraf [Gharraf]. General Manager Sa'id Zgair Shalaka told the state-run Iraqi News Agency (INA) that the company has increased output from the Nasiriyah and Subba […]
By John Lee. Iraq's Ministry of Electricity has confirmed a sharp decline in gas supplies from Iran, causing a loss of approximately 3,800 megawatts from the national power grid. According to Saad Fureih, Director of the Fuel Directorate at the Ministry, gas imports from Iran fell to 25 million cubic metres per day - less […]
By John Lee. The Iraqi government has approved a proposal from the Basra Governorate to include four new water desalination projects in its development plans. The approved plants are: Shatt Al-Arab Desalination Plant, with a capacity of 5,000 m³/hour; Al-Faw and Al-Seeba Desalination Plant, with a capacity of 3,000 m³/hour; Abu Floos Desalination Plant, with […]
By John Lee. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions targeting networks involved in transporting and purchasing Iranian oil, including a group of companies led by Iraqi businessman Salim Ahmed Said. The U.S. alleges that Said's network smuggled Iranian oil disguised as, or blended with, Iraqi oil, […]
By Dana Taib Menmy for The New Arab. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Is the revival of the Iraq-Lebanon oil link just a pipe dream? The proposal has been raised multiple times over the past few years in talks between successive […]
By John Lee. The Iraqi Drilling Company (IDC) has announced the completion of drilling and rehabilitation operations on 113 oil wells during the first half of 2025. The company's teams successfully drilled 27 new wells and rehabilitated 86 existing ones, contributing to the Ministry of Oil's objectives of boosting production levels and improving oilfield efficiency. […]
By John Lee. Iraq's Oil Exploration Company (IEC) has successfully completed the two-dimensional "Hadhab" seismic survey in Nineveh province. The project, carried out by the Eighth Seismic Team of the Field Operations Directorate, covered 1,691.9 km and included 33,876 energy points. According to a statement from the Ministry of Oil, this was accomplished despite challenging […]
By John Lee. Iraq's Minister of Oil, Hayan Abdul Ghani, held talks in Baghdad on Wednesday with Russian Ambassador Elbrus Kutrashev and a delegation from Russian energy giant Lukoil. The meeting focused on strengthening cooperation between Iraq and Russia in the oil, gas, and energy sectors. Also in attendance were Bassem Mohammed Khudair, Undersecretary for […]
By Noam Raydan and Devorah Margolin, for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Redefining and Strengthening the U.S.-Iraq Relationship Through Energy and Security Iraq is more stable than it has been in decades but still […]
By John Lee. Irish-based Petrel Resources Plc (LON: PET) has published its consolidated financial statements for the year ended 31st December 2024. The company's accounts show no assets or liabilities in Iraq. It adds: "Title to oil and gas assets in Ghana and Iraq can be complex. The Group is currently awaiting ratification of its licenses […]
By John Lee. Iraq's Al Fajer Group has joined the Iraq Britain Business Council (IBBC). Operating from offices in Basra and London, the company supports oil and gas operations with a strong focus on the Rumaila oil field. It delivers a wide range of technical and administrative services, including Electrical & Instrumentation (E&I), ICT & Security, […]
