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 Cabinet has approved the Ministry of Oil's proposal for the construction of the Basra-Haditha oil pipeline, with a capacity of 2.25 million barrels per day. Key decisions include: Contract Approval: Endorsed a 5.97225 trillion dinar [$4.5 billion] contract between Basra Oil Company (BOC) and State Company for Oil Projects (SCOP), […]
By John Lee. The Iraqi Cabinet has approved a one-year, renewable contract between the Ministry of Oil's Midland Refineries Company (MRC) and Rawad Al-Qimmah Company [Rowwad-Elqemma Company], as part of the operational plan for the Karbala Refinery. The contract, valued at $180 million annually, covers operations, laboratories, maintenance, safety, and staff training for gradual refinery […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil export volumes for November, 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: 98,869,824 barrels. Exports from the oil fields in […]
By John Lee. Oil major BP has signed a preliminary letter of technical alignment with H.E. Hayan Abdul Ghani, Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil. This agreement represents a key step in negotiations for the integrated oil and gas redevelopment of several fields in the Kirkuk region, located in northern […]
By John Lee. The Iraqi Ministry of Oil has announced the completion of a 13-kilometer crude oil pipeline to supply fuel to the Haritha [Hartha?] Power Station in Basra Province. The pipeline, with a 12-inch diameter, was built by the Oil Pipeline Company. According to the company's director, Ali Abdul Karim Al-Mousawi, the technical and […]
By John Lee. The Iraqi Drilling Company (IDC) has completed drilling a new injection well in the Siba Gas Field in Basra Province. The well, drilled to a depth of 1,215 meters, marks the first project completed under a contract with Kuwait Energy. Kuwait Energy recognized the drilling team's exceptional performance, awarding them for completing […]
From the Iraq Britain Business Council (IBBC). IBBC holds successful Dubai business conference with senior membership and government dignitaries IBBC held a successful two-day conference in Dubai including a full education day followed by the business day, attended by senior officials from Iraq including HE Mohammed Al Darraji, senior technical advisor to the Iraqi PM […]
By John Lee. The North Refineries Company (NRC) has announced a 20,000-barrel-per-day (bpd) increase in production capacity at the Al-Siniya refinery, raising its output to 50,000 bpd. Director General Adnan Mohammed Hamoud highlighted that the project was completed within six months, with the operation of two new production units, each adding 10,000 bpd. The refinery's […]
By John Lee. Gulf Keystone Petroleum (GKP) has said its near-term local sales outlook is strong. In an operational and corporate update issued today (Wednesday), the operator of the Shaikan Field in the Kurdistan Region of Iraq added that a number of key details remain outstanding regarding payment surety for future oil exports, the repayment […]
By John Lee. The US State Department issued its 2024 Investment Climate Statement for Iraq earlier this year. The report covers the following key areas: Openness To, and Restrictions Upon, Foreign Investment Bilateral Investment and Taxation Treaties Legal Regime Industrial Policies Protection of Property Rights Financial Sector State-Owned Enterprises Responsible Business Conduct Corruption Political and Security Environment […]
By John Lee. The Kurdistan Regional Government (KRG) has issued a statement following its arbitration win in a dispute with Genel Energy. Genel announced last week that a British court had dismissed its claim for damages from KRG for loss of Genel's rights to develop the Bina Bawi and Miran fields in Iraqi Kurdistan. According […]
By Charles Kennedy for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Parliament Ends Year With No Kurdistan Oil Deal The Iraqi parliament ended this year's session without finalizing a deal with the semi-autonomous region of Kurdistan for the exports of crude […]
