The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
As part of the KRG's drive to promote transparency, Deloitte have been commissioned to produce an audited report detailing oil and gas exports, production costs, and revenues for the second half of 2021. The report, which analyzes the oil and gas industry on a quarterly basis, is now available as a PDF in English, Kurdish […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed up nearly 13 percent on Wednesday after the company announced that revenue for 2021 had almost tripled. In its results for the full year ended 31 December 2021, Jon Harris, Gulf Keystone's Chief Executive Officer, said: "I am pleased to report a year of strong […]
Writing in Oil Price, Simon Watkins says Iraq's West Qurna 2 oilfield, run by Russian oil giant Lukoil, may see a quick increase in production from 400,000 barrels per day (bpd) to well over 600,000 bpd, rising to more than 1 million bpd further out. Click here to read the full article.
Genel Energy has announced its audited results for the year ended 31 December 2021. Bill Higgs, Chief Executive of Genel, said: "Our strategy and business model remain focused on cash generation. Prior to the invasion of Ukraine and the associated increase in the oil price, we were well positioned for our free cash flow to […]
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. Market Review: "Oil and the Economy" The market, as measured by the Rabee Securities RSISX USD Index, increased by 4.5%, and 8.8% for the year. Average daily […]
By Ruxandra Iordache for Argus Media. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq's State Oil Marketing Organization (SOMO) has received requests for additional crude supply as buyers seek alternatives to Russian volumes, according to a senior Iraqi official. Click here to […]
DNO ASA, the Norwegian oil and gas operator, today reported record revenues exceeding USD 1 billion in 2021, up 63 percent from a year earlier, on the back of high oil and gas prices and solid production performance. Annual operating profit climbed to USD 321 million, reversing operating loss of USD 315 million in 2020. […]
By John Lee. The President of the Iraqi National Oil Company (INOC) has laid the foundation stone for the $594-million crude oil processing plant at Block 9, within the Al-Fayha Oil Field in Basra Province. Ihsan Abdul-Jabbar Ismail said that the development is important for the production of light oil, with a target for this […]
Shares in Genel Energy rose by nearly 5 percent on Tuesday morning after the company issued the following trading and operations update in advance of the Company's full-year 2021 results, which are scheduled for release on 15 March 2022. The information contained herein has not been audited and may be subject to further review. Bill […]
Writing in Oil Price, Simon Watkins that the recent approval of the Iraqi National Oil Company (INOC)'s acquisition of ExxonMobil's 32.7 percent stake in the West Qurna 1 oil field is likely to leave China delighted, the U.S. irritated, and Iraq's oil industry still unable to achieve any of its key oil output goals. Click […]
Deloitte report on Oil and Gas review in the Iraqi Kurdistan Region - Q1 and Q2 of 2021 The KRG has published the reports containing verified statistics covering the Kurdistan Region's oil exports, consumption and revenues for covering period 1 January 2021 to 30 June 2021. During the first half of 2021, the KRG exported […]
By John Lee. The Iraqi Ministry of Oil has officially established the new Basra Energy Company (BECL), which will be the main contractor at the giant Rumaila oilfield, under a Technical Service Contract (TSC). Representing BECL at the ceremony, Zaid Elyaseri (BP) said the field will be developed to reach a peak production of 1.7 […]
