Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting on Sunday to assess summer electricity supply plans and the progress of oil sector projects. The Minister of Electricity outlined strategies to ensure stable power supply, including fuel station operations, while the Minister of Oil detailed fuel supply plans for power plants, including […]
By John Lee. Irish-based Petrel Resources Plc (LON: PET) has raised £250,000 through a share placement managed by Novum Securities. The placement represents a 45% discount to the closing price on 5 March 2025. According to a statement from the company, the funds will provide additional working capital, supporting Petrel's efforts to secure new oil and […]
By Michael Knights, 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. Make Iraq Independent of Iranian Energy By letting previous waivers expire, the United States can help Baghdad establish other suppliers and stand on its own […]
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 […]
