Oil companies are beginning to shut down oil production after a landmark arbitration ruling that led Turkey to halt Iraq's northern exports.
CEO frames negotiations as a test of Iraq's ability to prioritize respect for contracts over political expedience.
The heavy oil field has been mostly offline for three years, but is scheduled to resume imminently with 30,000 bpd of production.
Increase of 94,000 bpd mainly due to higher volumes of both KRG and federal exports via Turkey.
The Cabinet has authorized negotiations for a project to build 300 million scf/d of associated gas processing capacity at the Basra field.
Ammar Abdal al-Anbagi has taken over as the new director general of SOMO, ending the five-year tenure of Alaa al-Yassiri.
Oil companies warn of further production declines as Kurdistan's payment problems discourage investment.
Iraq has finally inked deals first awarded in 2018, raising hopes for the Oil Ministry's efforts to prepare a sixth contract licensing round.
After negotiations nearly fell apart two weeks ago, the French firm gave until Feb. 15 to finalize a deal — a deadline now extended by one month.
The Oil Ministry is considering a backup plan of offering the gas field in a new contract licensing round.
Payment delays to oil companies and bureaucratic disarray have kept the KRG from meeting its own ambitious target for ending the wasteful and polluting practice at several fields.
ExxonMobil is aiming to sell its stake to two buyers, Pertamina and Iraq’s state-run BOC, leaving PetroChina to take over as operator.
Both federal and KRG oil sales fell slightly as OPEC-plus gave no sign of lifting production caps.
The Sudani administration appears to be pushing forward long-delayed plans to develop Iraq’s upstream and downstream gas sector.
More than 400,000 bpd of crude exports are back online after Turkish authorities determined there was no major damage to the pipeline to Ceyhan.
Precautionary outage is expected to be temporary as Turkish authorities work to confirm pipelines, pumping stations, and export infrastructure were not damaged.
"Goodwill gesture" keeps the door open to further negotiations ahead of a Feb. 15 deadline, but key points of contention still appear unresolved.
The death of the $27 billion deal would represent a multi-year setback in Iraq’s efforts to boost production of oil, gas, and electricity.
A draft ruling is pending approval by the International Court of Arbitration, with Kurdistan's oil independence potentially hanging in the balance.
Hayyan Abdulghani's leadership team is taking shape, with some high-profile promotions and departures.
Output recovered to nearly pre-pandemic levels, but OPEC-plus policy and infrastructure constraints could keep Iraq from making further production gains in the new year.
Iraq's legal and commercial frameworks have failed to clinch a major refinery investment deal for 15 years, but a new government is poised to try again.
High global prices led to record annual oil revenues for both the federal government and the KRG.
Kurdistan's crude is trading at an increasingly steep discount to global benchmark prices. A new policy seeks to put those costs on oil companies.
