The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
Gulf Keystone Petroleum (GKP) has provided an operational and corporate update. Operational Average gross production for the year up to 30 November 2019 of 32,127 barrels of oil per day ("bopd"). November gross production averaged 40,582 bopd, with current production rates from the field at c.42,000 bopd. GKP is therefore on track to meet its […]
Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has produced its three-millionth tonne of oil since starting commercial production at the Sarqala field in the Kurdistan Region of Iraq (KRI). Total cumulative production at the Sarqala field has reached three million tonnes, or 23 million barrels of oil, as at December 2019. Daily liquid hydrocarbon production at this asset is currently running at 4,000 […]
ShaMaran Petroleum has reported that the Atrush oil field total production has exceeded 20,000,000 barrels. ShaMaran President and Chief Executive Officer Dr. Adel Chaouch said: "This cumulative production milestone demonstrates Atrush's upward path to higher production and has been attained ahead of target. We look forward to further future production achievements and operational improvements in […]
By John Lee. Oil minister Thamer al-Ghadhban (pictured) has said Iraq will reduce oil production from October, in the hope of achieving stability in the world oil market. He added that talks with Iraqi Kurdistan on coordinating the export of oil from the two regions were in "advanced stages". (Source: Iraqi Ministry of Oil)
By John Lee. Basra Oil Company (BOC) has signed two contracts for new drilling at the giant Majnoon oil field. China's Hilong Oil Service & Engineering Company is to drill 80 oil wells at a cost of $54 million, while the Iraqi Drilling Company (IDC) will drill 43 oil wells at a cost of $255 […]
By John Lee. Zubair oilfield has reportedly reached a production level of 500,000 barrels of crude oil per day (bpd). According to Business Korea, Kogas made the announcement on Thursday, adding that its "second-stage goal" is 700,000 bpd. The project is being developed by Eni (32.81%), Kogas (18.75%), Maysan Oil Company (25%), and South Oil […]
Genel Energy has announced its unaudited results for the six months ended 30 June 2019. Bill Higgs (pictured), Chief Executive of Genel, said: "These results demonstrate the continued success of our strategy -highly cash generative productionunderpins capital investment in growth opportunities that deliver rapid returns and enables a compelling cash return to shareholders through our […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq’s government wants to see a big increase in oil production. Oil and natural gas make up 90 percent of the country’s revenue. But years of war and new environmental challenges are making […]
By Padraig O'Hannelly. A senior oil executive has predicted that Iraq could surpass Saudi Arabia as an oil producer. Addressing delegates at CWC's Iraq Petroleum conference in London, Majid Jafar (pictured), CEO of Sharjah-based Crescent Petroleum, said: "Iraq is hugely underexplored. We at Crescent know of 300 structures just in the Western Desert that have […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq exports around 3.5 million barrels of oil a day. Heightened regional tensions between the US and Iran and recent attacks on oil tankers in the Gulf have heightened security fears. The government […]
By John Lee. Production at the West Qurna 1 oilfield has reportedly reached 465,000 barrels per day (bpd), following the completion of new crude processing facilities and oil storage tanks. Officials told Reuters on Monday that the field was previously producing about 440,000 bpd. Exxon's foreign staff were present at a ceremony to launch the […]
By John Lee. Russia’s Gazprom Neft is reported to be interested in expanding its operations in Iraq. Reuters says boss Alexander Dyukov told the annual general meeting on Friday that the company, which is already developing the Badra oilfield, is also "looking at" the Mansuriyah gas field near the Iranian border. It says that Iraqi […]
