The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] (pictured) told Reuters on Thursday that Iraq’s plans to increase oil output this year will go ahead, with exports running in January at a record level and unaffected by Iran’s return to the market. He told the news agency he expects output from the […]
By John Lee. Iran's Minister for Petroleum, Bijan Nadar Zangeneh (pictured), has revealed plans to increase production at the country’s western joint fields with Iraq by 200,000 bpd. The increase will happen over the next eight months and "surge to 700,000 bpd in the years to come", according to a report from PressTV. Iran has […]
By John Lee. Iraq has reportedly approached PetroChina and ExxonMobil about investing in a multi-billion dollar project to help boost output from a number of smaller southern fields. The Deputy Chairman of the South Oil Company (SOC), Basim Abdul Kareem, told Reuters that the "Integrated South Project" consists of building oil pipelines, storage facilities and […]
By Simon Kent. Iraq's oil minister Adel Abdul Mahdi (pictured) has spoken to Reuters regarding Iraq's position on OPEC's failure to agree on a production ceiling as the battle to drive out shale production continues. Abdul Mahdi said that Iraq was now looking at the "real world" and that they would have to monitor production in countries […]
The Kurdistan Regional Government (KRG) has published its monthly export report for November 2015. The KRG exported 18,023,075 barrels of crude oil (an average of 600,769 barrels per day (bpd)) in the month of November through the Kurdistan pipeline network to the port of Ceyhan in Turkey. Of this amount, fields operated by the KRG contributed […]
The Kurdistan Regional Government's Ministry for Natural Resources has published a report on crude oil production, refining, local consumption and export in the Kurdistan Region of Iraq in 2015. The report also includes information on the Region’s oil revenue, pipeline infrastructure, the status of exploration blocks, and the composition of the workforce in the Region’s […]
By John Lee. Iraq's oil exports rose to a record average of 3.37 million barrels per day in November, up from 2.7 million bpd the previous month, reports Reuters. Officials at the South Oil Company (SOC) said the jump in exports was facilitated by the large quantities of crude held in storage due to bad […]
By John Lee. Iraq is planning to produce up to 6 million barrels of oil per day by 2020, Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] (pictured) has said. Speaking to a Shana correspondent he said that the country’s current oil production stands at 4.3 million barrels per day. He also announced that Iraq […]
By John Lee. Iraq's Cabinet has approved a budget of 106 trillion Iraqi dinars ($91 billion) for 2016. The figures are based on crude oil output of 3.6 million barrels per day (BPD) at a price of $45 a barrel. Spokesman Saad al-Hadithi told The Associated Press that Iraq will run with a deficit of […]
By Simon Kent. The director of licensing at Iraq's Ministry of Oil, Abdul Mahdy Al-Ameedi, has written a letter to IOCs asking them for conservative spending plans for 2016 in light of the ongoing oil price rout. The low oil prices seen since last year have limited Iraq's ability to pay companies to meet production […]
KRG continues direct oil export despite sabotage attempt on pipeline In August, direct oil export from Kurdistan Region continued despite sabotage and attempted theft on the export pipeline inside Turkey borders, which occurred on 27 July and extended to the first week of August. According to the Kurdistan Regional Government, KRG, Ministry of Natural Resources […]
By John Lee. In its latest Half Yearly Report, Russia's Lukoil reports that in the first half of 2015, the Group accrued revenue from the West Qurna-2 project in the total amount of $1,535 million, consisting of cost recovery of $1,475 million and remuneration fee of $60 million, compared to the revenue of $1,179 million […]
