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, has inaugurated new projects intended to sustain and increase production in the West Qurna 1 oil field, which has current production at 560,000 barrels per day (bpd). The projects include a water treatment unit with a capacity of 235,000 barrels per day, aimed at optimizing water […]
By John Lee. The governments of Iraq and Lebanon have signed a Memorandum of Understanding (MoU) wherein Iraq will supply Lebanon with quantities of fuel and crude oil. The agreement, in line with Cabinet Decision No. 23265 in 2023, aims to support Lebanon's electricity sector and strengthen cooperation between the two countries, serving their mutual […]
By John Lee. China's Zhongman Petroleum and Natural Gas Group Corporation (ZPEC) has signed a major drilling engineering service contract for Iraq's giant Rumaila oilfield. The contract was signed on Sunday with the Basra Energy Company Limited (BECL), which was set up in 2021 to operate the field, and announced to the markets on Wednesday. […]
By Bilal Wahab and Dennis Ross, for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's Power Problem (Part 2): Implications of the New Oil-for-Gas Deal with Iran Baghdad hopes to avoid power cuts, political turmoil, and […]
By John Lee. A report from Telegraph India suggests that ONGC Videsh Ltd (ONV) is considering resuming operations in Iraq. The company received the rights to Block 20 in the Western Desert (then known as "Block 8") in 2000, but declared force majeur in 2003 due to the security situation at that time. According to […]
By Firas Elias for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Hakan Fidan and the New Turkish Diplomacy in Iraq As Minister of Foreign Affairs, Hakan Fidan (pictured) will have to navigate urgent changes and new […]
By Simon Watkins for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Why TotalEnergies' $27 Billion Deal With Iraq Is A Gamechanger The long-delayed US$27-billion four-pronged megadeal between France's TotalEnergies and the Federal Government of Iraq has received the final go-ahead from […]
By Simon Watkins 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 Takes First Step Towards Becoming The World's Biggest Oil Producer Iraq's parliamentary oil and gas committee plans to increase the country's oil production to more than five million barrels […]
By John Lee. Deloitte has recently published a report on the Kurdistan Region's oil production, sales, exports and revenues for the first quarter of 2023. Unlike previous press releases from KRG relating to the Deloitte reports, this latest press release does not include a link to the actual report, but instead consists of just the […]
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq, Iran oil-gas swap deal to continue until end of 2023 Iran has resumed the supply of natural gas to Iraq nearly two weeks after it had cut down its exports to the neighboring […]
By John Lee. India has reportedly started talks with Iraq regarding building facilities to liquefy natural gas that is currently flared, and transporting it as liquefied natural gas (LNG) to India. The Indian Express quotes an anonymous senior Indian official as saying, "we are exploring if our companies can set up plants in Iraq to […]
By John Lee. The Iraqi Cabinet has approved the recommendation of the Energy Ministerial Council for the construction of a third offshore oil export pipeline, sometimes referred to as "Sealine 3" or "SL-3". The 48-inch pipeline will have a capacity of 2 million barrels per day (bpd), and is planned to be completed in 400 […]
