An estimated $27 billion will be spent to increase oil output, cut gas flaring, and launch the country's first solar project.
In his dual capacity as oil minister and INOC president, Ihsan Ismaael is moving key management authorities and oversight of state oil companies to the newly formed company.
The package of four projects promises to provide transformational infrastructure for processing gas, boosting electricity supply, and raising oil production capacity.
Oil sales hit a 20-month high as Iraq increased export volumes and opened up a new revenue stream with jet fuel exports.
The French president's second trip to Iraq in less than a year could potentially help push a massive energy deal across the finish line for TotalEnergies.
As the OPEC-plus coalition prepares to loosen its quotas further, Iraqi production has risen to its highest monthly average since April 2020.
Genel Energy says it will dispute the notice to end production sharing contracts at Bina Bawi and Miran.
With OPEC-plus pressure easing, Iraq increased exports slightly in July while higher oil prices drove monthly revenues to a 19-month high.
Iraq’s oil chief discusses negotiations with Total and Chevron, arbitration with Exxon, the future of INOC, several gas project updates, and budget talks with the Kurdistan region.
The unexpected directive could spur progress toward ending the wasteful and environmentally damaging practice of flaring, but it also raises concerns for oil companies.
