Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraqi drilling experts at the Iraqi Drilling Company (IDC) have successfully completed the drilling of oil well 61, reaching a depth of 2096 meters in the Nasiriya oil field. This achievement marks the fifteenth well completed by the company under the contract signed with Dhi Qar Oil Company (DQOC) to drill a […]
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for August: Total exports of crude oil: 106,122,874 barrels Revenues from crude oil exports: $8.846 billion Oil fields in central and southern Iraq accounted for 105,236,963 barrels of crude oil exports. Exports from Kirkuk through the port of Ceyhan have been suspended. Oil […]
By John Lee. The Iraqi Ministry of Oil has received approval from the Ministerial Energy Council (Recommendation 23067/T) for a final settlement with ExxonMobil. This settlement, known as the "Settlement Agreement," resolves longstanding disputes arising from the service contract for the West Qurna oilfield project between Basra Oil Company (BOC) and US-based oil giant. The […]
By John Lee. An industry group representing international oil companies (IOCs) in Iraqi Kurdistan has said that, even if the Iraq-Turkey Pipeline (ITP) is reopened, its members will not produce oil until it is clear how they will be paid. While welcoming recent discussions between Iraq and Turkey on the possible reopening of the line, […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 31st August 2023). Please click here to view a table of listed companies and their associated ticker codes. Note: ISX will be closed on Sep. 6 (Wednesday) and on Sep. 7 (Thursday) due to the religious holiday of Arbaeen. The next trading session […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP), which operates oilfields in Iraqi Kurdistan, were trading down 7 percent at lunchtime on Thursday, after the company announced a "material uncertainty" regarding its continuation as a going concern. In its results for the half year ended 30 June 2023, the company said: "Nonetheless, given the […]
By John Lee. Iraq and Turkmenistan have reached a preliminary agreement to enhance cooperation in the gas sector, specifically concerning the importation of gas into Iraq. The Deputy Minister of Oil for Gas Affairs, Mr. Azat Saber, said that a high-level government delegation held meetings with gas sector officials in Turkmenistan. The two parties have […]
By John Lee. The Iraqi Ministry of Oil has announced the delivery of a new oil tanker named "Sumer." The Director-General of the Iraqi Oil Tankers Company (IOTC) emphasized the ministry's commitment to expanding the national fleet through new contracts with global specialized firms. Mr. Ali Qais said the technical team and the designated committee […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for July: Total exports of crude oil: 106,755,169 barrels Revenues from crude oil exports: $8.330475 billion Oil fields in central and southern Iraq accounted for 105,487,610 barrels of crude oil exports. Exports from Kirkuk through the port of Ceyhan have been suspended. Oil […]
By Ezgi Akin for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Turkey's FM tackles long-held disputes with Iraq in first official visit Hakan Fidan chose Iraq for his first official visit as Turkey's new foreign minister, but the visit appeared […]
By John Lee. Under the guidance of Iraq's Deputy Prime Minister for Energy and Minister of Oil, Mr. Hayan Abdul Ghani, Dhi Qar Oil Company (DQOC) has completed the trial operation of a gas power plant at the Al-Gharraf oil field in Dhi Qar province. This achievement aligns with the ministry's strategy to harness associated […]
By John Lee. The Japan International Cooperation Agency (JICA) has ssigned a loan agreement with Iraq to provide a Japanese ODA loan of up to 203,060 million yen [$1.4 billion] for the Basrah Refinery Upgrading Project (V). This project will improve Iraq's capacity for producing oil products and the quality of such products by installing […]
