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 Iraq oil

"Oil companies are expected to keep developing enough oil to offset oil depletion and also to meet new demand...So where is this oil going to come from? Governments and national oil companies are obviously in control of 90 percent of the assets... The Middle East with two-thirds of the world's oil and the lowest cost is still where the prize ultimately lies."
Dick Cheney, then-CEO of Halliburton, fall of 1999
Iraq Oil Infrastructure Map

Iraq Oil Infrastructure Map

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updated Sun. July 31, 2022

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ERBIL, Kurdistan Region (Kurdistan 24) – Iraq will grant new oil and gas exploration and development contracts in 11 blocks later this month, Iraqi Oil Ministry spokesperson Asim Jihad said on Sunday. Bids for the new blocks, located in areas along bordering countries Iran and Kuwait, as well as offshore Gulf waters, were ...
Iraq plans to award oil and gas exploration and development contracts in 11 new blocks on April 15, oil ministry spokesman Asim Jihad said on Sunday. Iraq had initially set June 21 as the date to open the bids for the new blocks, located in border areas with Iran and Kuwait, and in offshore Gulf waters.

Iraq's crude oil reserves may turn out to be much higher than believed, the country's oil minister Jabar al-Luaibi said at a recent industry event, timing the statement with news that it will pay foreign companies less in new contracts. Last year, Iraq updated the estimate for its proven reserves to 153 billion ...
Iraq will be looking to award service contracts on the same day of the bidding round to companies to develop onshore and offshore oil and gas fields along Iraq's borders with Kuwait and Iran, Bloomberg quoted Abdul Mahdy Al-Ameedi, the Iraqi Oil Ministry's director-general for upstream oil contracts, ...
Exxon Mobil Corp., Total SA and Lukoil PJSC are among international companies interested to win rights to develop 11 oil and gas border fields as OPEC's number two producer continues to build production capacity. Iraq plans to hold a bidding round on April 15 and award service contracts the same day ...
ERBIL, Kurdistan Region (Kurdistan 24) – Iraq's Interior Ministry on Sunday said it had foiled an attempt by thieves planning to steal equipment from the country's largest oil refinery, the Baiji refinery. In an official statement following the incident, the Iraqi Interior Ministry said the country's security forces were able to “thwart ...

Iraq's Oil Ministry is still involved in high-level talks with Kurdish regional energy officials to reach a deal on resuming Kirkuk's oilfields exports to Ceyhan through the Kurdish-controlled pipeline, said al-Yasiri. “We clarified to the Kurds that the pipeline which links the Kirkuk to the Ceyhan pipeline must come ...
When it comes to the 2003 U.S. invasion of Iraq, rumors have circulated since the early months of the conflict that Washington's original name for the war was “Operation Iraqi Liberation.” After the war's architects realized that name produced the embarrassing acronym “OIL,” they quickly changed the official ...
Historically, the law forming the Iraq National Oil Company was first issued in 1964 in order to develop oil production from exploration and drilling for oil and natural hydrocarbons to the manufacturing of products. Oil was nationalized in 1972, and foreign company investing was excluded. In April 1987, Iraq ...
At an investment conference on rebuilding Iraq, Oil Minister Jabbar al-Luiebi said last month that the country needed US$4 billion worth of investments in the downstream. That investment is planned to raise Iraq's refining capacity to 1.5 million bpd by 2021, of which 500,000 bpd would be exported, ...
The North African country, where militants disrupted oil production for months just a year ago, is now closing in on Saudi Arabia as the third-biggest source of seaborne supply to Europe after Iraq and Russia, the International Energy Agency (IEA) said Thursday. Even as the U.S. is reviving its own oil ...
The Islamic State (IS) appears to be staging a comeback in parts of Iraq, which could endanger the country's oil deal with Iran. Hamid Hosseini, the Iranian secretary-general of the Iran-Iraq Chamber of Commerce, warned in late February that the countries' plan can't be implemented fully because of ...
The budget, passed by Parliament on Saturday, troubles the IMF for two reasons: not only does it allocate just 6.6 trillion Iraqi dinars ($5.6 billion*) to the Kurdistan Regional Government (KRG) - a steep cut compared to previous years – but it also lowers taxes and reduces the government's non-oil revenue.
The statement added that no revenues were recorded from Kirkuk oil fields as activity remains halted since Iraqi forces took over the province's facilities from Kurdish forces responding to a September referendum held by Kurdistan Region in which a majority voted for independence from Iraq. Iraq is the ...
A Baghdad court has convicted the sister of the former leader of al Qaeda in Iraq who was killed in 2010 and sentenced her to death on terrorism charges, a spokesman said Thursday. The spokesman of Iraq's Supreme Judicial Council, Abdul-Sattar Bayrkdar, said in a statement that Abu Omar ...
"We are aware of US crude coming to Asia ... we know," Shatari said, adding that the company is especially focused on Latin American crude oil selling into Asia as Basrah Light and Basrah Heavy could directly compete with heavy sweet and sour grades from Venezuela and Brazil due to the similarity in ...
Whenever the media office of the Council of Ministers releases decisions of the Cabinet, Iraq Oil Report publishes a translation from the original Arabic. Iraqi Cabinet decisions: Mar. 6, 2018. Iraq's Council of Ministers meets in Baghdad on Mar. 6, 2018. (Source: Iraqi Cabinet media office). By Staff of Iraq Oil ...

Iraq plans to launch a new Basrah Medium crude export grade in a bid to help stabilize the quality of its existing Basrah Heavy and Light export grades as more ... Last week, the country's oil ministry had said that federal crude oil exports from Iraq 's southern Persian Gulf terminals fell to 3.426 million b/d in ...
Fresh sod had been carefully mowed in the new stadium. Special trains carried thousands of fans on the 10-hour journey from Baghdad. Intelligence agents had even coached the team's official cheerleader to make the visiting team feel welcome. But when the Iraqi national soccer team played its first home ...
BAGHDAD - Iraq's Parliament voted Monday to bring back the Iraq National Oil Company (INOC), three decades after it was subsumed by the Oil Ministry in a power move by Saddam Hussein. If implemented, the law could fundamentally restructure Iraq's oil sector: INOC is slated to take over key ...
Iraq's oil production could begin to rise after a tentative deal was agreed to by the Kurdish Regional Government and the central government in Baghdad. The two sides reached an accord that is expected to lead to the restart of oil flows through a Kurdish pipeline to Turkey, which has been shut down since ...
Iraq is hoping to lure international investors to help develop its oil and gas industry. With victory declared over fighters from Islamic State of Iraq and the Levant (ISIL, also known as ISIS), government ministers are meeting oil executives in Berlin, Germany to discuss how to exploit its vast reserves.
Iraq and the semi-autonomous region of Kurdistan are close to settling their dispute over oil exports and oil revenue sharing, according to an Iraqi oil ministry official. Exports from Kirkuk were halted after Iraq's federal army regained control over the oil fields in the area. Baghdad—which never recognized ...
Iraq aims to reduce its oil product imports by 25 percent as it is seeking to refurbish and restart oil refineries after it expelled ISIS from its territory, Iraq's Oil Ministry said on Monday, without giving a timeline for that 25-percent import reduction. Iraq, OPEC's second-largest oil producer, is adding more ...
Iraq's oil production could begin to rise after a tentative deal was agreed to by the Kurdish Regional Government and the central government in Baghdad. The two sides reached an accord that is expected to lead to the restart of oil flows through a Kurdish pipeline to Turkey, which has been shut down since ...
Shipments of Kirkuk crude oil to Iran under an oil swap deal will begin in two weeks, Alaa al-Yasiri, head of Iraq's oil marketing company SOMO has said, adding that the initial flow to Iran will be 30,000 bpd. Separately, the SOMO boss said, Baghdad could restart the flow of north Iraqi crude to Turkey soon, ...


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