The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
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 […]
By John Lee. The Iraqi Ministry of Oil has said it is prioritising the resumption of oil production in Iraqi Kurdistan, and the export of oil through the Iraq-Turkey Pipeline (ITP), "in line with national interests". In a statement on Tuesday, the Ministry said it has invited the Kurdistan Ministry of Natural Resources and international […]
By John Lee. Genel Energy issued the following trading and operations update relating to Q1 2024 on Thursday, ahead of the Company's Annual General Meeting: Paul Weir (pictured), Chief Executive of Genel, said: "We have achieved balanced income and expenditure in the first quarter of the year, which is ahead of schedule. Local sales from […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, reported first quarter 2024 operating profit of USD 61 million, 61 percent higher than the previous quarter, on the back of revenues totaling USD 183 million. Free cash flow at USD 44 million was up 31 percent from the fourth quarter of 2023. Net […]
By John Lee. The Kurdistan Regional Government (KRG) has hit back at the Iraqi federal government in the continuing row over the Region's oil exports. In a statement the KRG questioned the legitimacy of the Federal Supreme Court (FSC), and claimed again that contracts it signed with oil companies are valid. Full statement from KRG: […]
From OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Has No Intention of Restarting Kurdish Oil Pipeline Baghdad is repairing the Kirkuk-Ceyhan pipeline, which has not been operable for ten years and hopes to use it to export some 350,000 bpd to […]
By Jack Dutton for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq plans to reopen own oil pipeline as talks to restart Kurdish route stall The move to reopen the pipeline will irk the Kurdistan Regional Government, as it introduces […]
By John Lee. DNO has announced that production and field operations at its operated Tawke license (DNO 75 percent) in the Kurdistan region of Iraq have recovered from torrential flooding that also washed away large sections of the banks of the Khabur River, damaging roads and interfering with loading of tanker trucks for deliveries to […]
