Even though Iraq is emerging from OPEC-plus quota constraints, its most prolific oil field is still producing well below capacity as BP, PetroChina, and BOC negotiate near-term plans.
Production dipped slightly, but loosening OPEC quotas mean Iraq is gaining leeway to draw on spare capacity.
The American investment firm Twelve Seas and the UK's Wood Group are proposing to partner with Halliburton to buy Exxon’s interest in one of Iraq’s largest oil fields.
Thanks to surging global crude prices, Iraq generated its highest monthly oil export revenues since October 2018.
Iraq's countrywide oil output increased 3 percent in September as OPEC-plus quotas rise.
Sonangol has renewed a temporary deal with the Oil Ministry to resume partial production at the Qayarah field in Ninewa province.
Output is rising at Iraq's only commercially producing dry gas field, but reserves estimates have been cut in half.
The Iraqi Cabinet has approved the newly formed Iraqi National Oil Company (INOC) to take a partnership stake in a multi-faceted energy deal.
Four months after the Ninewa province field came back online, production has again stopped.
Nationwide exports hit their highest monthly average since May 2020.
