Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Basra Oil Company (BOC) has opened the first phase of a new fuel depot at the West Qurna 1 field. The depot, with a storage capacity of 800,000 liters, was opened by Mr. Asaad Aboud, Director of the West Qurna 1 Field Operations. Mr. Aboud explained that the current storage capacity of […]
By John Lee. UAE-based Dana Gas has announced its financial results covering nine months to 30th September 2024. Regarding the company's operations in the Kurdistan Region of Iraq, it said: "Dana Gas and Pearl Petroleum (Pearl) are fully committed to safely and efficiently resuming the KM250 project. Following the termination of the previous EPC contract, […]
By John Lee. The Deputy Minister of Oil for Extraction, Mr. Bassem Mohammed Khudair, met with Mr. Fan Jianbang, CEO of the Chinese company Geo-Jade Petroleum, along with his accompanying delegation, on Sunday. Discussions focused on the development of the Naft Khana oil field in Diyala Province, operated by Geo-Jade on behalf of the Midland […]
By John Lee. Iraq's State Company for Oil Projects (SCOP) has laid the foundation stone for the Wasit Oil Authority building, a project aimed at enhancing administrative and organizational performance within the Midland [Middle] Oil Company. The project spans 6 dunams (approximately 15,000 square meters) and includes a three-story building covering 1,100 square meters, along […]
By John Lee. Iraq's Ministerial Council for Energy has decided to major develop the Diwaniyah refinery, with a capacity of 70,000 barrels per day (bpd). The decision, along with five others that were not specified in the Oil Ministry's statement, will be submitted to the Cabinet for approval. An expansion of the plant to 70,000 […]
By John Lee. On Thursday, DNO, the Norwegian oil and gas operator, reported a 24-percent increase in revenue to USD 170 million in the third quarter of 2024, with operating profit also higher at USD 31 million, up from an operating loss of USD 3 million in the previous quarter. Regarding operations in the Kurdistan […]
By John Lee. The Iraqi Cabinet has approved an amendment to the Budget Law, compensating the Kurdistan Regional Government (KRG) for production and transportation costs of oil produced in the region and received by the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil. It said the Federal Ministry of Finance will compensate […]
By John Lee. Iraq's Ministry of Oil has said it has reduced its oil exports to 3.3 million barrels per day (bpd) and decreased domestic consumption. It said the move was in line with Iraq's commitment to the OPEC+ agreement on voluntary oil production cuts. "This reduction is set to continue in the coming months […]
By John Lee. The Iraqi Ministry of Oil has signed a contract to develop the Mansuriya gas field in Diyala province. The contract, awarded to a consortium of China's Jereh (represented by Mr. Li Weibin, the managing director of Jera), and Petro Iraq, aims to increase gas production by 300 million cubic feet per day. […]
By John Lee. The China National Offshore Oil Corporation (CNOOC) has announced that its wholly owned subsidiary, CNOOC Africa Holding Ltd., has entered into the Exploration, Development & Production Contract (EDPC) with Iraq's state-owned Midland Oil Company for Block 7. It says the block is mainly located in Diwaniyah governorate, and covers an area of […]
By John Lee. QatarEnergy is to take a 50-percent stake in the TotalEnergies solar energy project in Iraq: Partnership Agreement: QatarEnergy has signed an agreement with TotalEnergies for a solar power project in Iraq as part of the Gas Growth Integrated Project (GGIP). Stake Distribution: QatarEnergy will acquire a 50% stake in the project, with […]
By John Lee. Iraq's Oil Ministry reported steady progress on the gas investment project led by French company TotalEnergies in Basra, confirming it aligns with the government's strategic timelines. Deputy Oil Minister for Extraction, Mr. Basem Mohammed Khudair, chaired the seventh Joint Management Committee meeting, attended by officials including Deputy Minister for Gas Mr. Ezzat […]
