By John Lee. The Federal Ministry of Oil has confirmed the completion of procedures for resuming the export of oil produced in the Kurdistan Region through Ceyhan Port (pictured), in accordance with the mechanisms outlined in the Budget Law and its amendments and within Iraq's OPEC production quota. In a statement on Saturday, the Ministry […]
By John Lee. Iraq's Minister of Oil, Hayan Abdul Ghani, highlighted the government's commitment to gas investment as a key driver for economic and industrial development at the Iraq Britain Business Council (IBBC) Baghdad Conference on Monday. He outlined Iraq's major achievements in the oil and gas sector, including: Adding 380,000 barrels per day to […]
By John Lee. The Council of Ministers of the Kurdistan Regional Government (KRG) has instructed the Ministry of Natural Resources (MNR) to maintain coordination with the federal Ministry of Oil, State oil Marketing Organization (SOMO), and oil-producing companies in the region to ensure the swift resumption of Kurdistan Region's oil exports through SOMO, with the […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, today reported 2024 revenues of USD 667 million on the back of what it described as "stellar production" in the Kurdistan region of Iraq. According to a company statement this morning: "Net production climbed 50 percent year-on-year to 77,300 barrels of oil equivalent per […]
By John Lee. The Iraqi Parliament has voted to approve the first amendment to the Federal Budget Law (No. 13 of 2023) for the fiscal years 2023, 2024, and 2025. Proposed by the Finance Committee, the amendment aims to appoint an international technical advisory firm to assess fair production and transportation costs for oil fields […]
By Charles Kennedy for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Parliament Ends Year With No Kurdistan Oil Deal The Iraqi parliament ended this year's session without finalizing a deal with the semi-autonomous region of Kurdistan for the exports of crude […]
By John Lee. Iraq's Minister of Oil, Hayan Abdul-Ghani, has met with members of the Parliamentary Finance Committee, led by Chairman Atwan Al-Atwani, to discuss resuming oil exports from the Kurdistan region via the Iraq-Turkey Pipeline (ITP) and the Turkish port of Ceyhan. The meeting focused on strengthening cooperation between the Ministry of Oil and […]
By John Lee. The Iraqi Cabinet has approved an amendment to the Budget Law, compensating the Kurdistan Regional Government (KRG) for production and transportation costs of oil produced in the region and received by the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil. It said the Federal Ministry of Finance will compensate […]
By John Lee. Genel Energy has announced that domestic sales demand from the Tawke field has "shown resilient consistency in the past 6 months." The company also announced a bond buyback. In its unaudited results for the six-month period ended 30 June 2024, Paul Weir, Chief Executive of Genel, said: "We have continued to progress […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, will publish its Q2 2024 operating and interim financial results on 15 August at 07:00 (CET). A videoconference call with executive management will follow at 14:00 (CET). On Tuesday the Company provided an update on production, sales volumes and other key information for the […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Once Again, Turkey Violates the Pipeline Agreement Turkish media has recently reported on a potential new breach by Turkey of the Kirkuk-Ceyhan crude oil pipeline agreement. This alleged violation involves Turkey extending […]
By John Lee. Genel Energy issued the following trading and operations update relating to Q1 2024 on Thursday, ahead of the Company's Annual General Meeting: Paul Weir (pictured), Chief Executive of Genel, said: "We have achieved balanced income and expenditure in the first quarter of the year, which is ahead of schedule. Local sales from […]
