The American super-major will sell its last remaining upstream asset in Iraq to the state-run Basra Oil Company, resolving a years-long conflict over the terms of its exit.

The northern export pipeline was offline for a seventh straight month, but Iraq has now compensated for about half the lost volumes with increased oil sales via southern outlets.

Bassim Taher Abid is tapped as the new acting director of the Petroleum Contracts and Licensing Directorate as the ministry gears up for two new licensing rounds.

In an effort to attract foreign investors to its upcoming licensing rounds, the Oil Ministry is adding more projects and better contractual terms.

With the northern pipeline still offline, Iraq is compensating with robust southern exports and expanding sales into Kurdistan's local market.

Crude sales averaged above 3.4 million for the third straight month as Iraq maxes out southern export outlets.