Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
A Tale of Two Transitions : Iraq's Energy Sector and Macroeconomic Stability in a Climate-Constrained World (English) This paper from the World Bank assesses the costs and benefits of Iraq's own energy transition from fossil fuel dependent power sector to one with a significantly higher share of renewables amid an accelerating global energy transition. The […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for February: Revenues achieved: 7.063 billion dollars Total exported quantities of crude oil: 92,255,610 barrels Exported quantities from central and southern Iraq: 89,140,448 barrels Exported quantities from Kirkuk through Ceyhan port: 2,834,393 barrels Average daily quantities exported: 3.295 million barrels per day, slightly […]
By John Lee. There has been a sharp sell-off in the shares of oil companies with interests in Iraqi Kurdistan on Monday, following the arbitration ruling that has stopped oil exports from the Kurdistan Region of Iraq via pipeline to the Turkish port of Ceyhan: Genel Energy, which has interests in the Tawke, Taq Taq […]
By John Lee. Following the arbitration ruling that has stopped oil exports from the Kurdistan Region of Iraq, the oil companies affected have issued statements to the markets on the situation. Genel Energy, which has interests in the Tawke, Taq Taq and Sarta fields, said that public statements made by both the Federal Iraq Ministry […]
By John Lee. Oil exports from Iraqi Kurdistan were suspended on Saturday after a ruling that Turkiye can not allow exports from the autonomous region by pipeline to the port of Ceyhan (pictured). The Paris-based International Court of Arbitration, which operates under the auspices of the International Chamber of Commerce (ICC), found that Turkiye was […]
By John Lee. Iraq's cabinet has approved the recommendation of the Energy Ministerial Council regarding the renewal of the contract to supply the Egyptian General Petroleum Corporation (EGPC) with oil. The contract will involve the supply of four million barrels of Basra medium crude oil, with two million barrels for June and another two million […]
From Arab Gulf States Institute in Washington (AGSIW). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. A New Opportunity for the Basra-Aqaba Pipeline? While the Basra-Aqaba pipeline project promises economic, energy, and security benefits for Iraq and Jordan, high costs and political and security […]
By Andrew Parasiliti for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. 'You don't solve issues by running away,' says Iraq's KRG PM Masrour Barzani, in an exclusive interview with Al-Monitor, discusses the dispute with the rival PUK party; relations with […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were trading up nearly five percent on Thursday after the company announced its results for the full year ended 31 December 2022 and the 2022 Competent Person's Report: Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "We delivered strong operational and financial performance in 2022 […]
DNO ASA, the Norwegian oil and gas operator, today reported that cumulative oil production from its Peshkabir field in the Kurdistan region of Iraq has broken through the 100 million-barrel milestone less than six years after startup. The field was initially estimated to contain proven and probable reserves of 75 million barrels of oil commingled […]
Shares in Genel Energy rose nearly five percent on Wednesday as it announced its audited results for the year ended 31 December 2022. Paul Weir, Chief Executive of Genel, said: "Our production business generated record cash flow in 2022, building our significant financial resources and resulting in a net cash balance at the end of […]
By John Lee. An advisor to the Iraqi Prime Minister has said that the Kurdistan Regional Government's oil revenues will now be placed in an account controlled by the federal government in Baghdad. Husham Hamad added that the agreement was reached through what he called the "high understanding and keenness of the federal government and […]
