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
OPEC appears to be struggling to close on a production agreement Oil prices dropped Monday as markets continue to lose faith that OPEC will be able to reach a production agreement by the end of November. A meeting this weekend among the group’s members ended without any definitive progress, and non-OPEC members like Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia
Oil bounces back after official data shows yet another crude inventory draw Oil prices came back from a nearly 2% decline Wednesday morning following news from the Energy Information Administration that U.S. crude oil inventories fell last week. The oil inventory draw is the seventh time in the last eight weeks that stores of crude went lower despite analysts’ expectations
From the Washington Post IRBIL, Iraq – Islamic State gunmen launched a brazen raid Friday on the northern city of Kirkuk, attacking government buildings and police positions in what local officials speculated was an attempt to divert resources and attention from an Iraqi offensive on northern city of Mosul, where the group is losing ground. Running gun battles continued in Kirkuk
Iraqi offensive cuts ISIS oil revenue Islamic State militants no longer control any oil wells in Iraq following an offensive by government forces last week. Iraqi forces retook the oilfields of Shargat and Qayyarah, leaving ISIS unable to produce oil in Iraq and unable to smuggle oil out of the country to sell and fund their organization, reports Kurdish news
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