By John Lee. Iraq's State Oil Marketing Organization (SOMO) has expressed strong concern following attacks on two oil tankers operating within Iraqi territorial waters. According to SOMO, the tanker SAFESEA VISHNU, flying the flag of the Marshall Islands and chartered by an Iraqi contracting company, and the tanker ZEFYROS, flying the Maltese flag and carrying condensate […]
By John Lee. Chevron has received approval from Iraq's Council of Ministers for the final terms and conditions of a framework agreement with the Ministry of Oil concerning the management and operation of the West Qurna 2 oil field. According to the Prime Minister's Office, the agreement is between the Ministry of Oil, represented by […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Preliminary Assessment of MoO-Chevron Agreements On February 23, 2026, the Ministry of Oil (MoO) website published a very brief statement indicating the signing of bilateral and trilateral settlement and framework agreements with […]
By John Lee. US-based KBR has been awarded a major contract by Basra Oil Company (BOC) to provide Integrated Field Management Services (IFMS) for the Majnoon oil field in southern Iraq. Majnoon is one of the world's largest oil fields, with estimated reserves of more than 38 billion barrels. Under the IFMS contract, KBR will deliver: […]
By John Lee. Preliminary principles agreements have been signed covering the transfer and development of several oil fields in southern and central Iraq. The first agreement was signed between Basra Oil Company (BOC) and US oil major Chevron for the transfer of management of the West Qurna 2 field. A second agreement was signed between […]
By John Lee. Iraq's Council of Ministers has approved an amicable settlement with Lukoil to transfer petroleum operations at the West Qurna 2 field to Basra Oil Company (BOC). The settlement addresses outstanding matters relating to invoices and the employment of foreign staff, subject to certification by a reputable external auditor. It also designates the […]
By John Lee. Energy Intelligence reports that Iraq's state-owned Basra Oil Company (BOC) has subcontracted management of the West Qurna-2 oil field to a consortium of Italian engineering firm Bonatti and local firm Hilal al-Basra [Crescent Basra]. West Qurna-2, operated by Lukoil under a service contract, is fully state-owned. Following recent US sanctions on Lukoil […]
By John Lee. The Ministry of Oil has reviewed progress on major development projects at the Rumaila oil field in Basra governorate. On behalf of Deputy Prime Minister for Energy and Minister of Oil Hayan Abdul Ghani Al-Sawad, Undersecretary for Upstream Affairs Bassem Mohammed Khudair conducted a field visit to Rumaila to follow up on […]
By John Lee. The Ministry of Oil has reviewed progress on the Gas Growth Integrated Project (GGIP) in Basra during a site visit to the Artawi [Ratawi] oilfield. Undersecretary for Extraction Affairs Bassem Mohammed Khudair inspected key projects being implemented by TotalEnergies, in partnership with QatarEnergy and Basra Oil Company (BOC). The visit covered the […]
By John Lee. Russia's Lukoil has signed an agreement with US investment company Carlyle for the sale of LUKOIL International GmbH, a wholly owned subsidiary that holds the its international assets. The agreement is non-exclusive and subject to regulatory approval, including permission from the US Department of the Treasury's Office of Foreign Assets Control (OFAC). Lukoil […]
By Simon Watkins for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Is Iraq About to Make Its Biggest Geopolitical Pivot in Years? Washington's escalation of sanctions on Russia's top oil firms has opened space for Western majors to re-enter Iraq. Click here […]
By John Lee. The Iraqi Embassy in Moscow has issued a clarification regarding reports that Iraq plans to nationalise the West Qurna-2 oil field, operated by Russia's Lukoil. The embassy confirmed that the field is fully state-owned. Under the 2008 licensing round agreement, Lukoil managed and developed the field and produced oil under a service […]
