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.

OPEC Production Level Hits 14-month High

The Organization of the Petroleum Exporting Countries’ (OPEC) crude oil supply rose in February to the highest in 14 months led by Angola and Saudi Arabia, a Reuters survey showed, further reducing compliance with output targets. Supply from the 11 members of OPEC with output targets, all except Iraq, is averaging 26.80 million barrels per […]


Iraq Unlikely to Meet Oil Target

“Iraq continues to grapple with some very serious problems. I will be surprised if they are able to achieve a supply level of 10 to 12 million barrels a day in a foreseeable future,” Herman T Franssen, President of International Energy Associates, a Washington-based company.

Shaping Iraq’s oil policy – and its politics

At stake is arguably the fiscal future of Iraq and its effect on the world’s supply of oil for the next 50 years. The case centres around the applicability of laws from the previous regime, whether an old law which has not been repealed or altered requires federal oil tenders to be ratified by parliament.

Work to Start in Halfaya

China National Petroleum Company (CNPC) will start work on the Iraqi Halfaya project in the second half of this year, Jiang Jiemin, the chairman of CNPC’s subsidiary PetroChina (0857.HK), said on Friday. Jiang also said it would take a fairly long time to finalize the purchase agreement for a deal to buy 2 million tones […]

Tide Turns as Kurds Push for Oil Law

While the Iraqi government has made overtures to its Kurdish counterpart in the north to end an oil standoff, much remains in doubt without legislation to keep the industry in check – rules which this time the Kurds are pressing for rather than Baghdad, writes Fawzia Sheikh For a long time, the northern Kurdistan region […]

Oil Deals Vital to PM’s Campaign

Backed by armed bodyguards, international oil executives have flocked to Basra to survey their potentially lucrative prizes: the fields that they hope will one day be pumping out dramatically greater amounts of cheap, plentiful crude. For their companies, the fields that they won the rights to develop in two biddings rounds last year are their […]

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Drilling Contract in Rumaila

Iraq announced a $318 million contract with a unit of Turkish Petroleum to drill 45 wells in the supergiant Rumaila oilfield as the country strives to regain and even surpass pre-war production levels. Britain’s BP and China’s China National Petroleum Corp signed a 20-year contract to develop the Rumaila field in southern Iraq, which alone […]

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