Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Alex Kimani for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. BP To Develop Iraq's Kirkuk Oil Fields On Profit-Sharing Model British oil and gas giant BP Plc (NYSE:BP) will develop Iraq's Kirkuk oil and gas fields based on a profit-sharing model […]
By John Lee. OPEC, the Organization of the Petroleum Exporting Countries, has published a revised compensation plan relating to over-production of oil in the first seven months of 2024. The new plan (see below) compensates for over-production from January to July (inclusive), with compensation taking place from this month (August 2024) to September 2025. It […]
By John Lee. China Energy Engineering Corporation (Energy China, CEEC) and France's TotalEnergies have signed an EPC contract for a 1-GW solar power project at the Ratawi [Artawi] field in Basra. According to a statement from Energy China: "This project is the first large-scale project in the Iraqi government's PV construction plan, and serves as […]
By John Lee. Pearl Petroleum terminated Enerflex's contract for the Khor Mor Gas Expansion Project due to alleged performance issues and project delays. Enerflex disputes the termination, citing a deadly drone attack near the project site and invoking force majeure due to safety concerns. A significant dispute has emerged between Pearl Petroleum, developer of the […]
By John Lee. The Iraqi Ministry of Oil announced that North Gas Company (NGC) has increased its gas supply to power stations by 50 million standard cubic feet per day (MMSCFD). This increase is set to enhance electricity production at several gas power plants, including Dibis [Dibs, Debes] (60-80 MW), Kirkuk (60 MW), and Mosul […]
By John Lee. The Iraq Drilling Company (IDC) has successfully completed the drilling and restoration of three new oil wells in the Zubair and West Qurna fields. The technical teams drilled well IDC 626 to a depth of 3,634 meters for Italy's ENI, in cooperation with Schlumberger (SLB). This marks the 35th well completed as […]
By Charles Kennedy for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Moves to Profit-Sharing Terms in New Oil and Gas Contracts Iraq seeks to attract more investment in its oil and gas industry by moving to profit-sharing contracts for new […]
By John Lee. DNO has announced that it has increased spending in Iraqi Kurdistan during the second quarter of 2024, to optimize production from existing wells at the flagship Tawke license (DNO 75 percent and operator), "raising gross output from the Tawke and Peshkabir fields to an average of 83,500 boepd in the first half […]
By John Lee. Iraq's Ministry of Oil, led by Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani, has signed 13 initial contracts with companies to develop oil fields and exploration blocks as part of the supplementary fifth and sixth licensing rounds. The deals are expected to add 750,000 barrels per day […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq Proposed Oil Overproduction Compensation, Raises Questions Await Answers OPEC Secretariat statement No. 9/2024, dated 24th July 2024, confirms receipt of plans to compensate for "Cumulative overproduction Jan. 2024 to June 2024 […]
By John Lee. The Oil Exploration Company has started a 3D seismic survey of the Qayara oil field in Nineveh province, under a contract with Angola's Sonangol. General Manager Osama Raouf Hussein said the seventh seismic team is conducting the survey over an area of 135 square kilometers, with the work expected to take 150 […]
By John Lee. The Kuwait Fund for Arab Economic Development (KFAED) has said it will provide two KWD 35 million (USD 224 million) loans to support the Gulf Electricity Interconnection System Project, which will export electricity from Saudi Arabia to Kuwait and Iraq. According to a press release from the Fund, the financing constitutes 40 […]
