The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
By John Lee. Share in Genel Energy closed Thursday up 2.75% after the company announced an update on activity at the Taq Taq field (Genel 44% working interest), as testing of the TT-20z well has now been completed. In a statement, the company said the well has entered production at an initial rate of 2,000 […]
Russia's Gazprom Neft has commissioned a third production well at its Sarqala field in the Kurdistan Region of Iraq (KRI) Potential production at this new well is estimated at 12,000 barrels per day. Cumulative daily oil production at the field following the commissioning of the Sarqala-3 well has increased by 25 percent reaching 35,000 barrels. […]
DNO ASA, the Norwegian oil and gas operator, today announced 2018 net profit of USD 354 million on revenues of USD 829 million, the highest annual revenues in the Company's 47-year history. Cash flow from operations increased 40 percent to USD 472 million in 2018, of which USD 334 million represented free cash flow. Operated […]
Genel Energy has announced an update on activity at the Taq Taq Field (Genel 44% working interest). Testing of the TT-32 well has now completed. The well flowed oil from three separate zones, with a maximum individual zone flow rate of c.5,500 bopd with a 36/64" choke. The free water level was encountered at 1458 […]
By John Lee. Iraq’s Basra Oil Company (BOC) has agreed a deal with the state-owned Iraqi Drilling Company (IDC) to drill 40 new oil wells in the giant Majnoon oilfield. In a statement on Thursday, the Ministry of Oil said the aim is to increase production at the field to 450,000 barrels per day (bpd) […]
Genel Energy has issued the following trading and operations update in advance of the Company's full-year 2018 results, which are scheduled for release on 20 March 2019. The information contained herein has not been audited and may be subject to further review. Murat Özgül, Chief Executive of Genel, said: "2018 was a very positive year […]
By John Lee. Oil production at Majnoon oilfield is reportedly planned to increase from 240,000 barrels per day (bpd) currently to 290,000 bpd by the end of 2019 and 450,000 bpd by the end of 2021. State-owned Basra Oil Company (BOC) took over the field from Shell and Petronas at the end of June 2018, with […]
By John Lee. Iraq's oil ministry has said it will seek to limit oil production to 4.513 million barrels per day (bpd) for the next six months. based on the OPEC deal recently agreed. According to a statement from the Ministry of Oil, this would be a reduction of 140,000 bpd from the reference level […]
By John Lee. Production at Halfaya oilfield has reportedly increased by 100,000 barrels per day (bpd) to a total of 370,000 bpd. Adnan Noshi, head of Maysan Oil Company, told Reuters that output rose after the completion of a new oil processing facility. A further increase to 470,000 bpd is expected next quarter. (Source: Reuters)
Tawke Licence: The Kurdistan Regional Government notes the updates by DNO and Genel Energy on November 1st regarding production increases under the Tawke Production Sharing Contract (PSC). The KRG is pleased with the efforts of the Tawke PSC Contractors in the Peshkabir area of the Tawke PSC Licence, where production has risen to over 50,000 […]
By John Lee. Russia's Lukoil will start production at Block 10 in 2021, according to a report from Platts. The Chinese company Bohai has started to drill the 4th well at the block in southern Iraq. In February 2017 Lukoil announced Iraq's largest discovery of oil for twenty years at the Eridu field in Block 10, […]
By John Lee. The Basra Oil Company (BOC) reportedly plans to increase production from 3.2 to 5 million barrels per day over the next seven years. According to Platts, BOC directror Ihsan Ismaael told the CWC Basra conference in Istanbul that the increased production would be sustained for at least 20 years after that. Among […]
