The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
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 […]
By John Lee. The Gharraf [Garraf] oil field in Thi Qar [Dhi Qar] province, 85km north of the City of Nasiriyah, produced its first commercial output of oil on 31st August. Iraq's Ministry of Oil said the flow rate was 35,000 barrels a day, and peak production of 230,000 bpd was expected in 2017. Japan […]
By John Lee. Iraq’s oil ministry has reportedly blamed Shell for $4.6 billion in lost revenue due to production delays, according to a letter seen by AFP . The document, dated July 21, 2013, sharply criticizes the company for shortfalls in oil extraction at Majnoon. Two separate sources with knowledge of the letter’s contents confirmed […]
By John Lee. According to a report from Tehran Times, Iran will double output at the Yadavaran oilfield, which straddles the border with Iraq, to 50,000 bpd by the Iranian calendar month of Dey (beginning 22nd December). Production started in February 2012 and the oilfield is currently producing 25,000 bpd of crude oil, but 55 […]
By John Lee. Iraq's Ministry of Oil has announced that the long-awaited start of production at the Gharraf [Garraf] oilfield is now scheduled for the end of August. Initial output is expected to be 35,000 barrels per day (bpd). The company previously had a plan to start operations by September of last year, and were […]
By Matthew Gayle. Iraqi parliament Oil & Energy Committee member, MP Suzan al-Sa'ad, recently stressed that the country's decline in crude oil production during 2013 will lead to major deficit in the federal budget of 2014. According to a report by the Oil Ministry, Iraq oil exports decreased at average of seven million barrels in […]
By John Lee. OPEC crude output hit a four-month low in July as unrest and conflict in Libya and Iraq disrupted supplies, a Reuters survey found on Wednesday. Supply from the organization averaged 30.25 million bpd, down from 30.38 million bpd in June, and the lowest since March 2013 when the group pumped 30.18 million […]
By John Lee. Associated Press reports that the Italian oil company Eni has agreed to lower production targets at the Zubair oil field. It has also extending the length of the contract by five years. Eni says that the deal signed on Monday in Baghdad sets a new target at the field of 850,000 barrels […]
By John Lee. Bloomberg reports that Oryx Petroleum Corp. (OXC) is to drill a well at its Banan site in Iraqi Kurdistan in the third quarter. The company, Canada’s newest publicly traded oil explorer, is hoping to find out of the site has the same type of reserves as its Demir Dagh discovery, which has 160 million […]
By Hiwa Barznjy. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi Kurdistan has a sea of oil and politicians are eager to exploit the resource. But one expert says oil extraction must be more carefully managed. […]
By John Lee. Iraq unveiled a new energy strategy on Wednesday that aims to raise $6 trillion from oil and gas sales by 2030 and massively increase local power generation, reports AFP. The Integrated National Energy Strategy (INES) would see Iraq invest $620 billion in the sector over nearly 20 years. Thamir Ghadhban (pictured), former […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq's top energy official tells AFP his country is re-negotiating all of the oilfield contracts agreed in 2009 to lower the peak production target and spread output over a longer period of time:
