By John Lee. French-based petroleum consultancy Beicip Franlab has signed a deal to provide consultancy services to the Iraqi Oil Ministry's Reservoirs & Fields Development Directorate. The Minister of Oil and President of Iraqi National Oil Company (INOC), Ihsan Abdul-Jabbar Ismail, said that Franlab will give advice that can be used to develop the oil […]
By John Lee. The China National Offshore Oil Corporation (CNOOC) is to press ahead with oil exploration at a 530-km2 offshore block in Basra. Originally agreed in 2019, the work had been delayed due to the COVID-19 pandemic. In parallel, Iraq's state-owned Oil Exploration Company (OEC) will carry out seismic surveys on the adjoining 120-km2 […]
Writing in Oil Price, Simon Watkins that the recent approval of the Iraqi National Oil Company (INOC)'s acquisition of ExxonMobil's 32.7 percent stake in the West Qurna 1 oil field is likely to leave China delighted, the U.S. irritated, and Iraq's oil industry still unable to achieve any of its key oil output goals. Click […]
By John Lee. The Iraqi cabinet has agreed to allow the Basra Oil Company (BOC) to take over ExxonMobil's holding in the West Qurna 1 oilfield, at a price of up to $350 million. Addressing media after Wednesday's cabinet meeting, Minister of Communications Arkan Al-Shaibani (pictured) said the cabinet also allocated an initial payment of […]
By John Lee. The Iraqi Cabinet has authorised the Iraqi National Oil Company (INOC) to negotiate directly with US oil company Chevron to develop four oil fields in Dhi Qar Governorate. According to a statement from the Ministry of Oil, the fields constitute the Nasiriyah block, which has a target output of 600,000 barrels of […]
Writing about the new Iraqi National Oil Company (INOC) in Oil Price, Simon Watkins argues that the greater the concentration of power over oil and money in one place, the more monumental the scale of corruption becomes. Click here to read the full story.
By John Lee. The Iraqi cabinet has approved a plan for the newly-formed Iraqi National Oil Company (INOC) to be a financial partner with TotalEnergies in its projects in Basra. It said it will support INOC to "maximize revenues and financial returns to the general budget." In September, TotalEnergies signed a number of major agreements […]
By John Lee. The President of the Iraqi National Oil Company (INOC), Oil Minister Ihsan Abdul-Jabbar Ismail, has chaired a meeting with the CEO and management of Angola's Sonangol, the main operator of the Qayara [Qayyarah] oil field in Nineveh Governorate. Also joining the meeting was the management of the North Oil Company (NOC) and […]
By John Lee. The recently-created Iraqi National Oil Company (INOC) has held its first meeting in Baghdad. Among the items discussed were the five-year plan for the oil exploration sector, and what were described as "interim and future production and export plans", in coordination with the State Oil Marketing Organization (SOMO). (Source: Ministry of Oil)
By John Lee. Iraq's Oil Minister, Ihsan Ismaael [Ahsan Abdul-Jabbar Ismail], will reportedly become the head of a recently-revived Iraq National Oil Company (INOC). Mr Ismael was previously the director general of the state-run Basra Oil Company (BOC); he joined the cabinet of Prime Minister Mustafa Al Kadhimi in June. More here. (Source: The National)
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The following is an executive summary of my detailed assessment of the INOC Law First Amendment, currently debated by the Council of Ministers: The verdict by the Federal High Court-FHC regarding the […]
By John Lee. Iraq's Ministry of Oil has postponed a decision to transfer ownership of nine state-owned oil companies from the Ministry to the newly-formed Iraqi National Oil Company (INOC). The original decision was announced on Thursday, but it has now been held following complaints that the decision should be made by the incoming goverment […]
