From Arab News The state-run company responsible for oil projects in mid-stream had “a spotty execution track record” LONDON: Growth in Iraqi oil production will be squeezed for the next decade despite the country being the second largest OPEC producer after Saudi Arabia and the fourth biggest in the world, according to a report by US consultancy IHS Markit. The
From MENAFN – Asia Times Basra protesters set the Iranian consulate ablaze on Friday night, the latest manifestation of outrage against influential actors in Basra city, which should be one of the richest in the country with its massive oil reserves and port, but which has become one of the most decrepit. More than 18,000 Basra residents have been poisoned
Youthful protesters seek jobs, drinkable water and steady electricity for air conditioning From The Washington Times BAGHDAD — Protesters poured into the streets and picketed oil fields in southern Iraq amid growing discontent over the government’s failure to combat unemployment, provide drinkable water or guarantee a steady electricity supply to power the air conditioning needed to survive the country’s grueling August heat. Having
From Kurdistan 24 Authorities in Iraq have not yet resolved a dispute regarding agreements signed by Russian energy giants Rosneft and the Kurdistan Regional Government (KRG) for assets in the region, Iraqi Ambassador to Russia Haidar Mansour Hadi said earlier this week. Despite objections from the Iraqi government, the Russian energy giant has continued to sign deals with the KRG, most recently
From Financial Times In many ways Iraq’s oil industry is a success story. After decades of isolation, oil production has risen by more than 75 per cent since 2013 to almost 4.5m barrels a day and, despite conflicts with the Kurds and Isis, security has been maintained and exports steadily increased. There are plans for a further rise in output to more
Iraq’s five year development plan calls for production to rise to 6.5 MMBOPD by 2022 BAGHDAD — Iraq is opening more of its untapped oil and gas resources to foreign developers, hoping to increase revenue after its costly war with the Islamic State militant group, but analysts say the rushed bidding process — now timed to precede national elections —
From PNG News IRAQ’S oil ministry has postponed its latest exploration licencing round to April 25, giving international oil companies 10 days to study the proposed model contracts. SP Global’s Adal Mirza writes from Dubai that the petroleum contracts and licencing directorate sent the final tender document outlining the bidding process and model for two proposed contracts to the companies
Iraq wants to bump production to more than 5 MMBOPD From Xinhua BAGHDAD, March 26 (Xinhua) — Iraq plans to invite foreign energy companies to a new bid for the exploration and development of 11 oil and gas blocks near the borders with Iran and Kuwait, said Iraqi Oil Ministry in a statement Monday. The ministry will hold a conference
Earlier today Shell EP Middle East Holdings (ticker: RDS) agreed to sell the entire share capital of Shell Iraq B.V, which holds its 19.6% stake in the West Qurna 1 Oil Field, for $406 million, to a subsidiary of Itochu Corporation. Itochu will assume debt of $144 million as part of the transaction. The sale has received the necessary regulatory
Iraq may owe international oil companies compensation for lost production Less than a week into the new year, many oil market experts are beginning to wonder if OPEC will be able to follow through with its production cuts. Already Iraq, the group’s second-largest producer, appears to be facing problems in implementing cuts as the cash-strapped country looks to lower output
Kurdistan says Iraq will need to shoulder the burden of cuts Iraq’s central government in Baghdad will be responsible for meeting the production cuts set forth in the OPEC production deal without Kurdistan, according to Kurdish news network Rudaw. Kurdish officials have dismissed claims that the Kurdistan Regional Government (KRG) will cooperate with the Iraqi central government on production cuts.
News that Iraq is willing to join OPEC cuts sends prices higher Oil prices turned positive Wednesday as Iraq said it was willing to join an OPEC cut in production. Iraq and Iran have both been holding out on joining the rest of OPEC in production cuts as the former looks for ways to fund its war against ISIS, and
