The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
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 […]
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. Iraq's Ministry of Oil has said it has reduced its oil exports to 3.3 million barrels per day (bpd) and decreased domestic consumption. It said the move was in line with Iraq's commitment to the OPEC+ agreement on voluntary oil production cuts. "This reduction is set to continue in the coming months […]
By John Lee. The China National Offshore Oil Corporation (CNOOC) has announced that its wholly owned subsidiary, CNOOC Africa Holding Ltd., has entered into the Exploration, Development & Production Contract (EDPC) with Iraq's state-owned Midland Oil Company for Block 7. It says the block is mainly located in Diwaniyah governorate, and covers an area of […]
By John Lee. Iraq's Ministry of Oil has finalised contracts for the "fifth-plus" and sixth oil licensing rounds with the successful companies. Minister Abdul Ghani highlighted that these agreements, which cover the development of oil and gas fields and exploration blocks across several provinces, are poised to boost Iraq's production capacity by 800-850 million standard […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, has issued an update on production, sales volumes and other key information for Q3 2024: Q3 2024 Trading Update and Invitation to Earnings Call Oslo, 14 October 2024 - DNO ASA, the Norwegian oil and gas operator, will publish its Q3 2024 operating and interim […]
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 […]
