The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
Iraq will cut its 'overambitious' oil targets, the oil minister, Abdul-Kareem Luaibi [Elaibi] said on Tuesday. AKnews reports that the country had planned to up output to 12 million barrels per day (bpd) by 2017, but now aims for 8 million bpd within 13 or 14 years. Independent experts had challenged the ability of Iraq’s […]
Iraq’s Deputy Prime Minister for Energy Affairs, Hussein al-Shahristani, has said that Iraq has oil reserves of 200 billion barrels, according to Aswat al-Iraq. This would place Iraq in third place in the worldwide rankings of oil reserves. While the officially-announced oil reserves are 143 billion barrels, the report says that this does not include […]
Iraq's Deputy Prime Minister for energy, Hussain al-Shahristani (pictured), said on Sunday that Iraq does not plan to lower its target for oil production of 12 million barrels per day or to re-negotiate contracts with oil firms over their plateau targets. "Absolutely not. There is no intention at all to renegotiate the contracts," Shahristani told […]
Iraq's South Oil Company said on Tuesday that productivity at the West Qurna-1 oil field increased to 300,000 barrels per day, and stressed that the productivity of the field will rise at the end of the current year to 400,000 barrels per day. ExxonMobil, which along with Shell has the contract to develop West Qurna […]
As predicted, ExxonMobil and its Iraqi partners have reached "a major milestone" for oil production at the West Qurna oil field in southern Iraq, according to a report from UPI. ExxonMobil announced field production at West Qurna-1 rose from 244,000 barrels of oil per day to 285,000 bpd under the terms of its technical services […]
The Iraqi oil minister said his office is planning to raise oil production volume to 6.5 million barrels per day (bpd) over the next four years. Abdul-Kareem Lueibi [Luaibi, Elaibi] told a press conference that the ministry expects to raise the volume to 2.75m bpd in 2011, 3.3m in 2012, 4.5m in 2013, and 6.5 […]
By Stan Harbison, Vice President of Research and Analysis at energy consultants EPRINC. The initial steps in new Iraqi production have been well received by the Oil Ministry, but now the heavy lifting is underway. A bevy of oil service contracts is in place. The most important work is taking place in the three large […]
Production Baiji [Beiji, Bayji] refinery has reached 300,000 barrels per day, according to an official spokesman at the oil ministry. Essam Jehad told Aswat al-Iraq news agency that the refinery’s production was at its highest level this year. Output at the complex, which processes crude into diesel and gasoline, fell by 150,000 barrels after a […]
By Ahmed Mousa Jiyad, Norway, 7th March 2011. Recent data on Rumaila production for the period 26 December 2010 to 27 February 2011 indicates that after achieving the 10% threshold over the baseline production, daily production dropped sharply to the extent that in few days, production levels were lower even than the baseline production. The […]
Reuters reports that ExxonMobil is expected to raise production at Iraq's West Qurna I oilfield by 10 percent over the agreed baseline this month or in early April. When asked when Exxon would hit its initial production target in West Qurna, Abdul-Mahdy al-Ameedi, head of the Oil Ministry's licensing and contracting office, told Reuters,"God willing, […]
Reuters reports that Iraq exported an average of 2.202 million barrels per day in February, up from 2.16 million bpd in January, and the highest level since the 2003 U.S.-led invasion. Falah Alamri, head of the State Oil Marketing Organisation (SOMO), said exports from the northern fields, which included crude from the country's Kurdish region, […]
By Stan Harbison, Vice President of Research and Analysis at energy consultants EPRINC. A year ago, Iraqi oil officials were no doubt justifiably proud of their achievement in 2009. Against all skepticism they had in hand contractual agreements with foreign oil companies to rapidly develop over 60 billion barrels of oil reserves. It was an […]
