The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
By John Lee. The Iraqi Ministry of Oil has reaffirmed its full commitment to the OPEC+ production agreement, including additional voluntary cuts and compensation for excess production. In a statemet on Monday, the Ministry will implement necessary measures to ensure compliance, including submitting an updated plan to offset previous overproduction. This commitment was reiterated during […]
By John Lee. The Association of the Petroleum Industry of Kurdistan (APIKUR) has said its member companies are ready to restart oil exports from Iraqi Kurdistan once agreements are in place. In a statement on X, the association called for written sales and lifting agreements with Baghdad and Erbil ensuring payment transparency and protection from […]
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. The Iraqi Drilling Company (IDC) has commenced drilling operations for the first well in an 18-well project at the Southern East Baghdad oil field, in cooperation with China's EBS Petroleum, a body registered in Iraq to conduct the petroleum operations on behalf of China's ZhenHua Oil, The project aims to boost national […]
By John Lee. The Iraqi Drilling Company (IDC) has successfully drilled and rehabilitated three oil wells in the Zubair oilfield, as part of its commitment to field development and national production enhancement. The company completed the drilling of Zubair/638 well at a depth of 3,500 metres for ENI, using advanced technologies in collaboration with Schlumberger […]
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 John Lee. A leading Iraqi economist has predicted that US President Donald Trump's pressure to reduce oil prices will harm the Iraqi economy, and could lead to a devaluation of the Iraqi dinar. In a post on Facebook, Dr Nabil Jaafar Al-Marsoumi, former Professor of Economics at Basra University, and member of the Advisory […]
By John Lee. Oil output at Iraq's Rumaila oilfield is reportedly down by 300,000 barrels-per-day (bpd) following a fire last week. The fire is said to have occurred in a decommissioned storage tank at the field's fifth gas separation station (DS5) in northern Rumaila. It was not reported when the field is expected to be […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed the day down 5 percent on Thursday following the company's Operational and Corporate Update. The company announced increased production, sales and cash balances, and described the near-term local sales outlook as "strong." Full statement from the company: Gulf Keystone, a leading independent operator and producer […]
By John Lee. Iraq's Midland [Middle] Oil Company (MdOC) has reportedly announced the discovery of a significant oil reserve in the East Baghdad field. The discovery was made in collaboration with EBS Petroleum, a body registered in Iraq to conduct petroleum operations on behalf of China's ZhenHua Oil, According to state-run Iraqi News Agency (INA), […]
