The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
By John Lee. The German newspaper Sueddeutsche Zeitung reports that the Islamic State (IS, ISIS, ISIL) now has control of just one functioning oil field in Iraq, the Qayara field south of Mosul in Nineveh Province. As a result, oil production in areas under its control is now estimated at 2,000 bpd, just 5 percent […]
By John Lee. DNO, the Norwegian oil and gas operator, produced its first 100 million barrels of oil at its flagship Tawke field in February. Executive Chairman Bijan Mossavar-Rahmani told a conference in Oslo: "Output will pick up at Tawke this spring with the expansion of the field's capacity to 200,000 barrels per day." A […]
By John Lee. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] has announced a plan to build new oil storage tanks to help smooth oil production during bad weather. Iraq's exports were restricted in January due to bad weather in the Gulf. (Source: AIN) (Oil tanks image via Shutterstock)
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were down 10 percent on Friday morning, after it announced the suspension of crude oil exports by truck from Iraqi Kurdistan. The company said it remains in a dialogue with the Kurdistan Regional Government's Ministry of Natural Resources ("MNR"), in order to receive the outstanding payments […]
By John Lee. Production at the Khabbaz oilfield, 20 km southwest of Kirkuk, remained suspended on Monday following severe damage during a weekend attack by Islamic State (IS, ISIS, ISIL) insurgents. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] (pictured) said there is severe damage to the field, which was recaptured by Kurdish forces on […]
Shares in Genel Energy were down 3 percent on Wednesday morning following the company's trading and operations update in advance of the its full-year 2014 results, which are scheduled for release on 5 March 2015. The information contained herein has not been audited and may be subject to further review: HIGHLIGHTS A combination of low […]
By John Lee. Iraq produced a record of around 4 million barrels per day (bpd) of crude oil in December, Oil Minister Adel Abdel Mehdi (pictured) told a press conference on Sunday. This beat the previous record for Iraqi production of 3.56 million bpd in 1979, according to an official from the State Oil Marketing […]
By John Lee. The current average output from Iraq's southern oilfields is reported to be about 3 million bpd, according to a report from Reuters. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] told reporters that average export levels are about 2.5 million bpd. (Source: Reuters)
By Patrick M Schmidt. The Dubai-based division of the Russian oil company, Lukoil announced revise production figures for the West Qurna-2 fields. The company began production in March 2014 with an output of approximately 120,000 barrels of oil per day. Current production levels are now at 300,000 barrels of oil per day. It is expected […]
By John Lee. Sharess in Gulf Keystone Petroleum surged as much as 10 percent by lunchtime on Wednesday, after teh company issued an update on the its operations at Shaikan, its key producing asset: The Company remains focused on achieving the target of 40,000 barrels of oil per day ("bopd") of production capacity from the […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The New Oil Production Targets, New Terms and Implications Most petroleum professionals, including myself, had expressed their serious doubt about the suitability, attainability and sustainability of oil production plateau targets for many […]
By John Lee. BP has reportedly finalised its revised contract for Iraq's giant Rumaila oilfield, cutting the final production target from 2.85 million barrels per day (bpd) to 2.1 million bpd. According to Reuters, officials from BP and Iraq's oil ministry signed the amendment to the existing contract in a closed-door meeting at Rumaila on […]
