The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
By John Lee. Iraq produced oil at a rate of 3.5 million bpd in February, and exported at a rate of 2.8 million bpd, a sharp month-on-month gain and the highest such figure in at least a quarter-century, reports AFP. The deputy prime minister for energy affairs, Hussain Al Shahristani (pictured), said February output would have […]
By John Lee. Tense negotiations between Baghdad and Italy's ENI came to a close just hours before ENI was supposedly going to call time on their Iraq operations, Reuters reports. ENI CEO Paulo Scaroni made his dissatisfaction clear to reporters on Tuesday before the new deal was struck, stating, "If they do not sign the contracts […]
The KRG Ministry of Natural Resources (MNR) announces the publication of its first Monthly Report. The Report contains the latest information on production and export in the Kurdistan Region, domestic refining and consumption, well activity, rig counts and map, employment figures and updates on Production Sharing Contracts. The report will help interested citizens, companies and […]
By John Lee. Iraq and Iran, which together hold more oil reserves than Saudi Arabia, are planning to challenge Saudi Arabia's grip on OPEC and its status as the "swing producer" in the cartel, according to a report from The Telegraph. With Iraq poised to triple its capacity to 9 million bpd by 2020, the result […]
By John Lee. Iraq exported a total of 872.3 million barrels of oil last year, giving an average of 2.39 million barrel per day, down from 2.42 million bpd in 2012, according to AFP. Revenue for the year was also down, falling from $94.02 billion in 2012 to $89.22 billion last year. OPEC said Iraqi […]
By John Lee. The Director of the Majnoon oilfield has told Aswat al-Iraq that production at the field has exceeded 210,000 bpd. Basim Tahir added that production may be increased to 220.000 bpd at the beginning of 2014, with gas supplying Rumaila power station. Shell owns 45 percent of the venture, with Petronas owning 30 percent, […]
By Andrew Scarre. Iraq’s oil exports have increased in October to 2.25 million barrels per day, an increase of 0.18 million barrels per day in comparison to September’s figures. Over the course of October, Iraq exported 69.8 million barrels of oil over the course of October, creating US$7.160 of revenue. The ministry confirmed that the […]
By John Lee. Thamir Ghadhban (pictured), chairman of the advisory commission to Iraq's Council of Ministers, has said that he expects a robust return to growth next year as foreign companies push output from the southern oilfields to new records. Output is expected to rise by at least 500,000 barrels per day to an average […]
By John Lee. Shell has officially inaugurated Iraq's huge Majnoon oil field on Sunday, and said it aims to reach 175,000 barrels a day in the coming weeks. Production from the field's first well started on 20th September, and Hussein al Shahristani, the Iraqi deputy prime minister for energy, said in Dubai that output is […]
By John Lee. Iraq's Deputy Prime Minister for Energy, Hussain al-Shahristani (pictured), has said the company is on track to pump 3.7 million barrels a day of crude by the end of the year. He told a conference in Dubai: "Iraq will easily pass 3.5 million barrels a day before the end of the year […]
By John Lee. A pipeline leak has restricted oil flow to Iraq's southern export terminals, according to Reuters. A rate of 1.58 million barrels per day was being achieved on Tuesday, compared to an export rate of 2.3 million bpd in August. Output from Rumaila has been cut due to the leak, while two berths […]
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] told Reuters on Wednesday that the Majnoon oilfield was expected to start a 10-day test production phase on 20th September, after which the field was expected to ramp up towards full production. The Shell-operated field is expected to add 175,000 bpd of capacity in the initial […]
