A new memorandum of understanding signals a new phase in BP's decade-long pursuit of a deal to rehabilitate major oil fields in Kirkuk.
Iraqi output increased significantly in June; OPEC says Iraq has pledged to start compensating for overproduction starting in July.
Iraq's electricity grid is providing improving levels of service to southern provinces during high-demand summer months despite a drop in power imports from Iran.
High global prices are helping to offset the revenue impact of lower export volumes constrained by OPEC-plus pressure.
The long-stalled project is taking tentative steps forward with a $5 billion federal budget financing provision and a recent equipment tender.
Nationwide crude output is far below developed capacity due to the ongoing northern pipeline outage, southern infrastructure constraints, and — most acutely — quota pressure from OPEC-plus.
Exports declined by about 60,000 bpd as Iraq continues to move toward compliance with recently extended OPEC-plus production caps.
China's CNCEC has signed a contract for the 300,000 bpd refinery. The total price could rise to $20 billion with the construction of a petrochemical plant and power plant.
April output in federal Iraq dropped by 100,000 bpd, with cuts coming mostly from state-run fields in Basra.
Iraq's Oil Ministry has now awarded 13 new projects across three days of bidding in the five-plus and sixth licensing rounds.
