The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
By John Lee. An industry group representing international oil companies (IOCs) in Iraqi Kurdistan has called for formal tripartite meetings with the Government of Iraq and Kurdistan Regional Government (KRG) officials to immediately restore exports through the Iraq-Türkiye Pipeline. A statement from the Association of the Petroleum Industry of Kurdistan (APIKUR) said: As world leaders […]
By John Lee. Iraq's Ministry of Oil has announced the completion of its first multilateral oil well in the Southern East Baghdad field, using modern drilling technology. Deputy Minister for Extraction Affairs, Bassem Mohammed Khudair, highlighted the rapid drilling and doubled production capacity achieved at a low economic cost. The project, operated by China's EBS […]
By John Lee. Iraq's Oil Minister, Hayan Abdul Ghani, announced plans to open 10 gas exploration blocks for investment in a new licensing round. According to the state-run Iraqi News Agency (INA), Abdul Ghani revealed that the ministry will present these opportunities to specialized companies during an upcoming visit to the United States, targeting global […]
By John Lee. Gulf Keystone Petroleum (GKP) has announced its results for the half year ended 30 June 2024: Jon Harris, Gulf Keystone's Chief Executive Officer, said: "We have safely delivered a solid operational and financial performance in the first half of 2024, with robust local sales combined with sustained capital and cost discipline supporting […]
By John Lee. OPEC, the Organization of the Petroleum Exporting Countries, has published a revised compensation plan relating to over-production of oil in the first seven months of 2024. The new plan (see below) compensates for over-production from January to July (inclusive), with compensation taking place from this month (August 2024) to September 2025. It […]
By John Lee. DNO has announced that it has increased spending in Iraqi Kurdistan during the second quarter of 2024, to optimize production from existing wells at the flagship Tawke license (DNO 75 percent and operator), "raising gross output from the Tawke and Peshkabir fields to an average of 83,500 boepd in the first half […]
By John Lee. Iraq's Ministry of Oil, led by Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani, has signed 13 initial contracts with companies to develop oil fields and exploration blocks as part of the supplementary fifth and sixth licensing rounds. The deals are expected to add 750,000 barrels per day […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq Proposed Oil Overproduction Compensation, Raises Questions Await Answers OPEC Secretariat statement No. 9/2024, dated 24th July 2024, confirms receipt of plans to compensate for "Cumulative overproduction Jan. 2024 to June 2024 […]
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 Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Serious and Impacting Discrepancies in Estimating Oil Export Prices and Revenues A comparison of available data on oil export prices and revenues for the first four months of this year reveals significant […]
By John Lee. An industry group representing international oil companies (IOCs) in Iraqi Kurdistan has said that its members would agree to direct sales agreements with the State Oil Marketing Organization (SOMO), which is controlled by Baghdad's Ministry of Oil. A statement from the Association of the Petroleum Industry of Kurdistan (APIKUR) on Friday, issued […]
By John Lee. The 37th OPEC and non-OPEC Ministerial Meeting -- known as 'OPEC plus' -- was held in Vienna at the weekend. Among the items agreed was to keep Iraq's planned oil production flat at 4.431 million barrels of oil per day for 2025. The next meeting of the group is scheduled to be […]
