Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The World Bank's latest Global Gas Flaring Tracker Report, a leading global and independent indicator of gas flaring, finds that global gas flaring decreased by three percent to 139 bcm in 2022 from 144 bcm in 2021 Consistent with previous years, flaring during 2022 was dominated by a relatively small number of […]
Gulf Keystone Petroleum (GKP) is providing an update on its announcement dated 27 March 2023 regarding the shut-in of the Iraq-Turkey pipeline on 25 March 2023 and suspension of exports. GKP announces that it expects to shut-in production processed at Production Facility 1 ("PF-1") today [Friday], while production flowing into Production Facility 2 ("PF-2") will […]
By John Lee. Gas operations have begun at the Akkas gas field in Anbar governorate. A statement from the Ministry of Oil said production of 60 million standard cubic feet per day (MMSCFD) is being used to produce 90-95 megawatts of electricity. The State Company for Oil Projects (SCOP) built a 30-kilometer pipeline (pictured) to […]
By Ragip Soylu for Middle East Eye. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. 'Hollow victory': Iraq is not really a winner in the Turkey oil arbitration case Ankara is likely to pay only a few hundred million dollars to Iraq, which […]
By John Lee. Genel Energy has just published details of its payments to governments for the year 2022: Introduction and basis for preparation This report sets out details of the payments made to governments by Genel Energy plc and its subsidiary undertakings ('Genel') for the year ended 31 December 2022 as required under the Disclosure […]
By John Lee. Following the suspension of oil exports from Iraq via pipeline to the Turkish port of Ceyhan, a statement from the Turkish Ministry of Energy claims that the court ordered Iraq to pay compensation to Turkey. This appears to contradict previous reports which said that Turkiye was ordered to pay around $1.5 billion […]
DNO ASA, the Norwegian oil and gas operator, today announced that it has started an orderly shutdown of its operated oil fields in the Kurdistan region of Iraq four days after it was instructed to temporarily cease deliveries to the Iraq-Turkey Pipeline destined for the Mediterranean port of Ceyhan following an arbitration ruling in favor […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraqi Kurdistan faces end of era as independent oil exports under threat Iraq's oil export dynamics are facing a major potential shift. An arbitration ruling by the International Chamber of Commerce (ICC) has […]
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 […]
