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)

Apr 5, 2017

Iraq starts new oil contract review

The Oil Ministry plans to develop a new contract model for future projects and has contracted Iraqi-Norwegian consultant Farouk al-Kasim as it explores adjustments to existing TSCs.

Mar 31, 2017

Iraq formally opens Dhi Qar Oil Company

The country's fifth E&P company has officially become independent from South Oil Company.

Mar 30, 2017

March exports dip as OPEC cuts continue

Top Oil Ministry officials say Iraq is fully complying with an agreement to cut production.

Mar 29, 2017

UPDATE: At critical Kurdistan field, reserves fall again

It was the flagship project of Genel Energy, one of the KRG's lynchpin oil partners. Now the company says Taq Taq is less than 10 percent the size that was once advertised.

Mar 28, 2017

Basra oil terminal damaged in tanker accident

Exports are stable and no serious injuries were reported after one berth of the al-Basra Oil Terminal was badly damaged by a collision with a massive oil tanker.

Mar 13, 2017

Q&A: Oil Minister Jabbar al-Luiebi

Iraq's Oil Minister is bullish on the country's production targets setting another record this year.

Mar 10, 2017

Oil Ministry confirms February export decline

Newly released official data for January and February show reduced federal oil sales – more evidence of Iraq's efforts to comply with an OPEC quota agreement.

Mar 10, 2017

Kirkuk oil crisis subsides as PUK faction withdraws

"Black Force" special police left key energy sites in Kirkuk, but the political tensions that produced the dramatic showdown remain unresolved.

Mar 7, 2017

Oil Ministry releases new Basra refinery details

The prospective 300,000 bpd facility, located in the Fao area, would produce fuels for export - a proposition that could pique investor interest.

Mar 7, 2017

PUK faction seizes more Kirkuk energy infrastructure

"Black Force" special police took over the North Gas Company headquarters Sunday, and continue to occupy the IT-1 station, as tensions over Kirkuk energy resources escalate.