Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq's State Oil Marketing Organization (SOMO) has announced Ali Nizar Fayeq al-Shatari as its next Director General. He succeeds Khudhyer Abbas Abed, who has held the role for less than a year. Originally qualified as a chemical engineer from the University of Baghdad, Al-Shatari completed an MSc in Energy Economics and Policy […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil export volumes for January, but has again not disclosed the value of oil exports for the month. This continues the practice of delayed or missing oil export data from the Ministry. Total exports of crude oil: 103,343,193 barrels. Exports from the oil fields in […]
By John Lee. The Oil Ministry has reaffirmed its commitment to the development of the Akkas gas field, with Deputy Minister for Extraction Affairs, Eng. Basim Mohammed Khudair, chairing a meeting to assess the project's progress. Attendees included the Director General of Midland Oil Company (MdOC), the Director General of Reservoirs and Field Development, the […]
By John Lee. The United States and Iraq have agreed on the need for Iraq to become energy independent, and to quickly reopen the Iraq-Türkiye Pipeline (ITP), which can transport oil from Northern Iraq and Iraqi Kurdistan to the Turkish port of Ceyhan. In an announcement following US Secretary of State Marco Rubio's call with […]
By John Lee. BP has reached a contractual agreement with the Government of Iraq to invest in the rehabilitation and redevelopment of several giant oil fields in Kirkuk. The agreement, signed in Baghdad on Tuesday under the patronage of Prime Minister Mohammed Shia Al-Sudani, encompasses oil, gas, power and water development, with potential for future […]
By John Lee. The Iraqi Council of Ministers has authorized the Ministry of Oil / Basra Oil Company (BOC) to sign a non-binding Memorandum of Understanding (MoU) with Aurasyia Scope Group Oil & Gas UK LTD for a tank farm and industrial island project. The project is considered strategically important for Iraq's oil industry, aiming […]
By John Lee. The Iraqi Council of Ministers has approved an increase in the consultancy contract amount for the Basra Refinery Development / Fluid Catalytic Cracking (FCC) Project with Japan's UNICO and France's Technip. The decision also includes an extension of the contract duration, granted as an exception to Government Contracting Instructions No. (2) of […]
By John Lee. The Iraqi Ministry of Oil has reaffirmed its full commitment to the OPEC+ production agreement, including additional voluntary cuts and compensation for excess production. In a statemet on Monday, the Ministry will implement necessary measures to ensure compliance, including submitting an updated plan to offset previous overproduction. This commitment was reiterated during […]
By John Lee. The Association of the Petroleum Industry of Kurdistan (APIKUR) has said its member companies are ready to restart oil exports from Iraqi Kurdistan once agreements are in place. In a statement on X, the association called for written sales and lifting agreements with Baghdad and Erbil ensuring payment transparency and protection from […]
By John Lee. The Federal Ministry of Oil has confirmed the completion of procedures for resuming the export of oil produced in the Kurdistan Region through Ceyhan Port (pictured), in accordance with the mechanisms outlined in the Budget Law and its amendments and within Iraq's OPEC production quota. In a statement on Saturday, the Ministry […]
By John Lee. Iraq's Council of Ministers has approved the conversion of the Qayyarah [Qayara] Gas Power Plant from simple-cycle to combined-cycle operation. According to a statement from the Prime Minister's Office, the State Company for Northern Electricity Production has been authorised to award the contract to 'ARGAN INT', following the completion of procedural requirements. […]
By John Lee. Iraq's Minister of Oil, Hayan Abdul Ghani Al-Sawad, met on Sunday with Russian Ambassador to Baghdad, Elbrus Kutrashev, and a delegation from Russia's OMK Group. Discussions focused on enhancing bilateral cooperation in the oil, gas, and energy sectors. According to its LinkedIn page, United Metallurgical Company (OMK) is one of Russia's largest […]
