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 Drilling Company (IDC) has successfully drilled and rehabilitated three oil wells in the Zubair oilfield, as part of its commitment to field development and national production enhancement. The company completed the drilling of Zubair/638 well at a depth of 3,500 metres for ENI, using advanced technologies in collaboration with Schlumberger […]
By John Lee. Kirkuk Governor Ribwar Taha Mustafa has signed a contract for the construction of the Kirkuk Refinery, which has a planned production capacity of 70,000 barrels per day (bpd). The refinery will be built by Sulaymania-based Rania Group, and will reportedly cost around $2 billion. During the signing ceremony, attended by Kirkuk Provincial […]
By John Lee. Gas production at Khor Mor's KM250 expansion is expected to start in Q2 2026. In its results for FY 2024, Dana Gas said: "In September 2024, Pearl Petroleum took over full responsibility for the KM250 expansion project following the termination of the original EPC contractor. Construction resumed fully in December and the […]
By John Lee. The Council of Ministers of the Kurdistan Regional Government (KRG) has instructed the Ministry of Natural Resources (MNR) to maintain coordination with the federal Ministry of Oil, State oil Marketing Organization (SOMO), and oil-producing companies in the region to ensure the swift resumption of Kurdistan Region's oil exports through SOMO, with the […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, today reported 2024 revenues of USD 667 million on the back of what it described as "stellar production" in the Kurdistan region of Iraq. According to a company statement this morning: "Net production climbed 50 percent year-on-year to 77,300 barrels of oil equivalent per […]
By John Lee. Prime Minister Mohammed S. Al-Sudani met with Mikhail Bogdanov, Special Envoy of Russian President Vladimir Putin, to discuss strengthening Iraq-Russia relations. Talks covered economic cooperation, regional stability, and the upcoming Arab-Russian Summit, which Al-Sudani signalled his intent to attend. Discussions also focused on expanding collaboration in multiple sectors, including the Development Road […]
By John Lee. Prime Minister Mohammed S. Al-Sudani has overseen the signing of an $800-million contract for the expansion of Al-Diwaniya Refinery, adding a 70,000 barrel-per-day (bpd) atmospheric distillation unit to raise total capacity to 90,000 bpd. The project includes hydrocracking, gasoline upgrading, isomerization, and environmental compliance measures. The initiative aims to modernise Iraq's refining […]
Wood reaches 500 Iraqi local nationals hiring milestone in Basra Wood has recruited its 500th Iraqi national employee, demonstrating its commitment to building a sustainable workforce to support Iraq's energy sector. Administration Assistant, Rehab Zubaid, was recruited as her experience aligned perfectly with the role requirements. Rehab said: "It is an honour to be the […]
By John Lee. The Iraqi Council of Ministers has approved a modification to the contract area of the East Baghdad Oil Field - Southern Region, adding 95 km² west of the Diyala River. According to the Media Office of the Prime Minister, this expansion aims to exploit an estimated 710 million barrels of crude oil […]
By John Lee. Iraq's Minister of Oil, Hayan Abdul Ghani, met on Monday with a delegation from UAE-based energy services company Kent, and Iraq's Al-Shalal Al-Azraq Company (SHACo). The delegation included Shalal Al-Saraifi [Dr. Shalal M. Falih], Chairman of Shaco; Matthew Bishop, Senior Vice President of Kent; and Alexon Strandberg, Managing Director of Kent Iraq. […]
By John Lee. The Iraqi Parliament has voted to approve the first amendment to the Federal Budget Law (No. 13 of 2023) for the fiscal years 2023, 2024, and 2025. Proposed by the Finance Committee, the amendment aims to appoint an international technical advisory firm to assess fair production and transportation costs for oil fields […]
By John Lee. The Iraqi Ministry of Oil has reiterated that all crude oil exports adhere to global standards ensuring maximum transparency. According to a statement from the Ministry, Iraqi crude is sold to reputable international companies with certified refineries under Free on Board (FOB) terms from Iraqi export terminals. The ministry categorically denies any […]
