The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has commissioned a second well — the Sarqala-2 — at its Sarqala field (within the Garmian block), located in the Kurdistan Region of Iraq (KRI). The new well is currently producing 11,000 barrels per day (bpd), with potential to increase this to 15,000. Total daily production at […]
By John Lee. According to a report from Platts, Iraq has shortlisted five international engineering companies to bid for the first phase of the Common Seawater Supply Project (CSSP), a major water-injection project that will help the country boost long-term production from its southern oil fields. The project would take in around 5 million barrels […]
DNO ASA, the Norwegian oil and gas operator, today released its 2017 Annual Report and Accounts together with its 2017 Annual Statement of Reserves and Resources and reported improvements across key financial and operational metrics. Annual 2017 revenues climbed to USD 347 million, up 72 percent from year earlier levels. Operating profit totaled USD 521 […]
By John Lee. Platts reports that Iraq plans to launch a new Basrah Medium crude oil grade "whenever logistics allow," to provide "more stability" in existing grades. It quotes Ali Nazar al-Shatari, the Deputy Director General of the State Oil Marketing Organization (SOMO) as saying the new grade will have an API gravity of 29-30 degrees, […]
By John Lee. France's Total is said to be interested in bidding to build the greenfield 150,000-bpd Nassirya oil refinery. The Director General of the Dhi Qar Oil Company (DQOC), Ali Warid Hammood, told Reuters at the CWC Iraq Petroleum Conference in Berlin that bids are still open for the project, and that international oil […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) has said Iraq plans to increase its crude oil production capacity from 5 million bpd at present to 7 million bpd by 2022. According to a report from Reuters, he added that Iraq needs $4 billion for new investments in its downstream oil industry, […]
DNO ASA, the Norwegian oil and gas operator, today announced a 50 percent hike in 2018 spending in the Kurdistan region of Iraq to USD 250 million net to the Company on the back of higher revenues and regular export payments. Annual 2017 revenues stood at USD 347 million, up 72 percent from 2016, bolstered […]
By John Lee. Iraq reportedly plans to increase production at the Majnoon oilfield from 240,000 bpd now to 450,000 barrels within three years. Ahmed Abdul Razzaq, the head of a committee in charge of developing the field, told Reuters that the Basra Oil Company (BOC), which will take over operations from Shell, is studying proposals from […]
By John Lee. Financial Times reports that Iraq will comply with OPEC-led efforts to restrict crude oil production, even as Saudi Arabia said it is striving to boost its export capacity. It quotes Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] as saying that Iraq’s export capacity would reach 5m bpd by the end of this […]
Genel Energy has issued a trading and operations update in advance of the Company's full-year 2017 results, which are scheduled for release on 22 March 2018. The information contained herein has not been audited and may be subject to further review. Murat Özgül, Chief Executive of Genel, said: "A strong final quarter of 2017 completed […]
As the Kurdistan Regional Government has promised, and to prove its commitment to transparency in the entire oil and gas sector of the Kurdistan Region, today the first report by the international auditing company, Deloitte, is released. The report, which includes verified numbers of export and sales of oil in the Kurdistan Region for the […]
By John Lee. Russia’s Gazprom Neft has reportedly revised down its output plateau for the Badra oil field. Denis Sugaipov, head of Gazprom Neft’s department of large projects, told Reuters that the consortium running the project has proposed setting the output plateau for the next few years at its current level of around 85,000 bpd, […]
