Tag Archives | Iraqi Oil Exploration Company

Iraq Claims Increased Oil and Gas Reserves

By John Lee. During a visit to Iraq's Oil Exploration Company (OEC), the Minister of Oil, Hayan Abdul-Ghani, announced that the company's seismic teams have successfully added 6 billion barrels of oil and 32 billion standard cubic feet of gas to the country's national reserves. The Minister emphasized the importance of the oil exploration sector […]

Iraqi PM Doubles Down on Oil Deals with China and Russia

By Simon Watkins for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's New Prime Minister Doubles Down On Oil & Gas Deals With China And Russia It is possible that U.S. Secretary of State, Antony Blinken, believed for a moment that […]

China to Study Iraq's Offshore Oil Resources

By John Lee. The Iraqi Oil Exploration Company has signed a contract with China National Offshore Oil Corporation (CNOOC) to study Iraq's offshore oil block in the Gulf. The Undersecretary for Extraction Affairs represented the Oil Minister, Mr. Ihsan Abdul-Jabbar Ismail, at the signing ceremony. The General Manager of CNOOC Middle East and Iraq said […]

Iraq Planning Increased Oil Production in "Coming Years"

By John Lee. The First Vice President of the Iraqi National Oil Company (INOC), Hamid Younis, has said that oil production in Iraq can be increased to 5-to-8 million barrels per day (bpd) "during the coming years." He is quoted in a statement from the Iraqi Ministry of Oil, following a meeting that he chaired […]

CNOOC to Explore Offshore in Iraq

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 […]

Seismic Survey begins at Sasan-Talafar

By John Lee. Iraq's Ministry of Oil has announced the start of seismic survey work at the Sasan-Talafar exploration project in Nineveh. The Director General of the Iraq Oil Exploration Company said that the eighth seismic division has started two- and three-dimensional geological survey work at the site, "within the framework of the oil exploration […]

Mansuriya Gas Contract "Cancelled"; Russia "Extremely Interested"

By John Lee. Iraq has reportedly cancelled a contract to develop its Mansuriya gas field near the Iranian border. Iraq Business News understands that, under a deal agreed in 2010, the field was being developed by Turkish Petroleum (TPAO) (37.5%), Iraqi Oil Exploration Company (25%), Kuwait Energy (KEC) (22.5%), and Kogas (15%). According to Reuters, […]

Petrel Resources eyes Opportunities in Iraq

By John Lee. Irish-based Petrel Resources has said that one of its main priorities has been re-building its presence in Iraq. In its financial results for the six months ended 30th June 2019, the company said: "While challenges remain, the Iraqi government encourages international investors with Iraqi operating experience.  The security situation has dramatically improved […]

Iraq to Increase Production at West Qurna 1

By John Lee. Oil production is to increase at the West Qurna 1 oilfield, according to Reuters. The news agency quoted Basra Oil Company (BOC) chief Ihsan Abdul Jabbar as saying on Wednesday that output will rise from 440,000 barrels of crude oil per day (bpd) to 490,000 bpd in the “next few days”. The […]

Schlumberger to Drill 40 Wells at Majnoon

By John Lee. US-based Schlumberger has won a deal with Iraq's Basra Oil Company (BOC) to drill 40 new wells at Majnoon oilfield. In a statement on Wednesday, the Ministry of Oil also announced that the BOC had entered into a 19-month contract with the Iraqi Oil Exploration Company to carry out 2D and 3D […]

INOC takes over 9 State Oil Companies

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has transferred ownership of nine state-owned oil companies from the Ministry of Oil to the newly-created Iraqi National Oil Company (INOC). The Minister is also the President of INOC. The companies transferred to INOC ownership are: Iraqi Oil Exploration Company Iraqi Drilling Company (IDC) State […]

Iraq Plans to take over Mansuriyah Gas Field

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) as ordered Iraq's state-owned oil companies to devise an urgent plan to develop the Mansuriyah (Mansouriya) gas field, following what he described as the delay and the failure of foreign companies to start developing the field. The field, in Diyala province, was awarded in […]