Energy

Oil Ministry slashes upstream spending for 2026

Urgent austerity plan aims to cut $1.4 billion from oil field budgets nationwide in 2026 without affecting production — a warning sign of fiscal trouble for Iraq.

Oil Minister Hayyan Abdulghani (center left) and Deputy Oil Minister for Upstream Bassim Mohammed Khdair (center right) meet with Zaid Elyaseri (far left), the president of BP Iraq, in Baghdad on Jan. 26, 2026, to discuss the company's upstream plans and project expenses. (Photo credit: Oil Ministry)

Mar 9, 2023

Iraq replaces head of oil marketing company

Ammar Abdal al-Anbagi has taken over as the new director general of SOMO, ending the five-year tenure of Alaa al-Yassiri.

Mar 9, 2023

Oil Ministry eases Kurdistan blacklist pressure

The Sudani administration appears to be turning a blind eye to the blacklist policy enacted by the previous government against KRG oil sector companies.

Mar 2, 2023

Fiscal, technical, and political challenges crimp KRG oil output

Oil companies warn of further production declines as Kurdistan's payment problems discourage investment.

Feb 28, 2023

New oil law negotiations highlight old divisions

In early talks between Baghdad and Erbil, negotiators have outlined the same points of conflict that have stalled oil legislation since 2007.

Feb 21, 2023

Iraq signs 5th round contracts, previews potential 6th round

Iraq has finally inked deals first awarded in 2018, raising hopes for the Oil Ministry's efforts to prepare a sixth contract licensing round.

Feb 17, 2023

TotalEnergies extends deadline to conclude $27bn Iraq deal

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.

Feb 16, 2023

Mansuriya deal collapsing after Sinopec requests contract overhaul

The Oil Ministry is considering a backup plan of offering the gas field in a new contract licensing round.

Feb 14, 2023

Q&A: Habib Abdul-Ameer Aoda, Deputy Manager of the FCC Project at Shuaiba Refinery

A long-delayed upgrade of Iraq's largest refinery is now moving forward, promising to boost high-octane fuel production and reduce dependence on imports.

Feb 14, 2023

KRG misses deadline to end gas flaring

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.

Feb 9, 2023

Talks advance for Exxon to exit West Qurna 1

ExxonMobil is aiming to sell its stake to two buyers, Pertamina and Iraq’s state-run BOC, leaving PetroChina to take over as operator.