The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
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), […]
By John Lee. Minister of Oil, Hayan Abdul Ghani, reaffirmed Iraq's commitment to achieving gas self-sufficiency through enhanced gas capture from oil production, development of gas fields, and exploration zones. Speaking at the handover ceremony for the Subba [Sabah, Tuba] Oilfield project, he highlighted its role in boosting oil production and meeting energy demands. The […]
By John Lee. Iraq's Ministry of Oil celebrated the groundbreaking of the West Qurna 1 Field Operations Center (Phase 1) and inaugurated several service projects in Al-Sadiq District, Basra Province. The initiatives were carried out by the Basra Oil Company (BOC) in collaboration with PetroChina, the operator of the West Qurna 1 field. The new […]
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. On Thursday, Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held a virtual meeting on the sidelines of the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM). Objective: Reinforce precautionary efforts. Support stability and balance in the global oil markets. Key Decisions: Extension of April 2023 Adjustments: Adjustment Volume: […]
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. On Thursday, DNO, the Norwegian oil and gas operator, reported a 24-percent increase in revenue to USD 170 million in the third quarter of 2024, with operating profit also higher at USD 31 million, up from an operating loss of USD 3 million in the previous quarter. Regarding operations in the Kurdistan […]
