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 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 […]
By Shahriar Sheikhlar for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. BP's High-Stakes Return to Kirkuk BP's reemergence in Kirkuk could present significant challenges to both the oil company and Al-Sudani's belief in the future of the country's political environment. The coming […]
By Ingrid d'Hooghe, Vera Kranenburg, and Erwin van Veen, for The Clingendael Institute. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. China in Iraq The main objective of China's engagement in Iraq is to ensure a reliable flow of oil that diversifies Beijing's imports […]
By John Lee. A leading Iraqi economist has predicted that US President Donald Trump's pressure to reduce oil prices will harm the Iraqi economy, and could lead to a devaluation of the Iraqi dinar. In a post on Facebook, Dr Nabil Jaafar Al-Marsoumi, former Professor of Economics at Basra University, and member of the Advisory […]
Genel Energy issued the following trading and operations update in advance of the Company's full-year 2024 results, which are scheduled for release on 18 March 2025. The information contained herein has not been audited and may be subject to further review. Paul Weir, Chief Executive of Genel, said: "We start 2025 with a business that […]
By John Lee. Iran has reportedly launched a $528-million project to develop three oilfields near the Iraqi border. According to the state-owned Iranian PressTV, the fields are Sumar, Saman, and Delavaran, located in Kermanshah and Ilam provinces, part of the Naftshahr Operation Zone. The development, overseen by the National Iranian Oil Company (NIOC), aims to […]
By John Lee. Oil output at Iraq's Rumaila oilfield is reportedly down by 300,000 barrels-per-day (bpd) following a fire last week. The fire is said to have occurred in a decommissioned storage tank at the field's fifth gas separation station (DS5) in northern Rumaila. It was not reported when the field is expected to be […]
By John Lee. The International Energy Agency (IEA) has issued its Gas Market Report, Q1-2025, in which it describes Iraq's progress towards reducing gas flaring as, "slow but steady." It says: "In the Middle East the role of natural gas in the power sector has been increasing in the past decade and oil-to-gas switching continued […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed the day down 5 percent on Thursday following the company's Operational and Corporate Update. The company announced increased production, sales and cash balances, and described the near-term local sales outlook as "strong." Full statement from the company: Gulf Keystone, a leading independent operator and producer […]
By John Lee. Prime Minister Mohammed S. Al-Sudani has instructed the Federal Commission of Integrity to expedite its investigation into irregularities in the awarding of a pipeline project related to light petroleum product disposal outside Karbala Refinery. According to the Prime Minister's office, the project was assigned to a non-specialised intermediary company, leading to delays, […]
