The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
DNO ASA, the Norwegian oil and gas operator, will publish its Q4 and full-year 2022 operating and interim financial results on 9 February 2023 at 07:00 (CET). A videoconference call with executive management will follow at 11:00 (CET). The Company issues below an update on production and sales volumes for the quarter as well as […]
By John Lee. The Iraqi Minister of Oil, Hayan Abdul-Ghani, has said that Iraq wants to increase production capacity of the giant Rumaila oilfield by 300,000 barrels per day (bpd). This would give it a potential output of 1.7 million bpd. He made the statement during his visit to to the field earlier this week, […]
By John Lee. Share in Gulf Keystone Petroleum (GKP) were trading down around 3 percent on Monday as the company said that production for 2022 would be towards the lower end of its guidance range. Jon Harris, Gulf Keystone's Chief Executive Officer, said: "Our leverage to strong oil prices, low-cost production base and focus on […]
By Hassan Al-Saeed 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's commitment to OPEC oil reduction won't affect exports Iraq's oil reduction per the recent OPEC+ agreement will not affect the country's revenues, according to Iraq's oil minister. Click […]
By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Markets Discount and Look through Violent Clashes The market, as measured the Rabee Securities RSISX USD Index, was up 2.1% for the month, and up 1.2% for […]
By John Lee. According to a report from Reuters, oil production in Iraqi Kurdistan could almost halve by 2027 if there is no new exploration or major investment in the sector. Click here to read the full report. (Source: Reuters)
Gulf Keystone Petroleum (GKP) has today announced its results for the half year ended 30 June 2022. Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "With the strengthening oil price and increased production, we have delivered strong profitability and cash flow generation in the first half of the year. As we progress towards approval […]
From the Kurdistan Regional Government: The Kurdistan Regional Government strongly condemns the letter issued on 23 August 2022, by Iraq's State Oil Marketing Organization (SOMO) that threatens legal action against buyers and traders of crude oil produced in the Kurdistan Region. SOMO's letter is nothing more than another drip in a stream of disinformation published […]
Writing in Oil Price, Simon Watkins argues that while Iraq's plans to increase oil production are, in broad terms, entirely realistic, the extent of Iraq's ultimately recoverable oil resources is subject to a large degree of uncertainty. Click here to read the full article.
DNO ASA, the Norwegian oil and gas operator, today reported strong second quarter operational and financial results powered by high oil and gas prices and by solid production in its operated flagship Kurdistan Tawke license. Spurred by quarterly revenue of USD 361 million and free cash flow of USD 167 million, the Company reduced debt […]
Genel Energy notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on licence activity. Gross production at the Tawke licence averaged 106,900 bopd during the second quarter, of which Peshkabir contributed 62,300 bopd and Tawke 44,600 bopd, the latter representing the first quarterly production increase […]
By John Lee. The First Vice President of the Iraqi National Oil Company (INOC), Hamid Younis, has said that oil production in Iraq can be increased to 5-to-8 million barrels per day (bpd) "during the coming years." He is quoted in a statement from the Iraqi Ministry of Oil, following a meeting that he chaired […]
