Energy

Iraq seeks backup options for West Qurna 2

As a sanctions deadline looms, Basra Oil Company is poised to manage the 480,000 bpd field while Lukoil continues negotiating to sell its stake.

A ceremony at the West Qurna 2 oil field in Basra to mark the opening of two new well complexes on June 1, 2023. (JASSIM AL-JABIRI/Iraq Oil Report)

Jul 1, 2015

UPDATE: Exports rise on Basra boost

The overhaul in Iraq's blending and marketing of southern crude helped raise southern exports and compensate for a dip in northern exports hampered by political disputes.

Jun 29, 2015

West Qurna 1 budget slashed by $500 million

Iraq has cut the annual budget of its second-most-prolific oil project by nearly 50 percent, as part of a broader effort to reduce oil field development costs in response to a financial crisis.

Jun 29, 2015

North Oil Company leader assassinated

A senior official at the state-run North Oil Company, who was last year put forward to be the next director general, was assassinated as he left work on Sunday.

Jun 24, 2015

For IOCs seeking cash flow, KRG local market falls short

With Kurdistan's export pipeline tangled in politics, beleaguered oil producers hoped they could make ends meet with domestic sales – but demand has been uneven at best.

Jun 22, 2015

Kurdistan plans international bond pitch

The Kurdistan Regional Government (KRG) is moving forward with a plan to raise money for stalled infrastructure projects by issuing bonds.

Jun 19, 2015

Currency volatility reflects Iraq economic woes

A brief but dramatic drop in the value of the Iraqi dinar is another worrying sign of the fragility of the country's economy.

Jun 18, 2015

New Basra Heavy crude raises exports – and complications

A new grade of Iraqi crude has helped unlock latent production capacity – and poses challenges to the country's infrastructure.

Jun 8, 2015

New Dhi Qar Oil Company close to reality

The Oil Ministry will soon formally request to capitalize and transfer assets to a new state oil company to manage the growing crude output of Dhi Qar province.

Jun 4, 2015

Q&A: Oil Minister Adil Abd al-Mahdi

On the sidelines of OPEC meetings, Abd al-Mahdi discusses Iraq's record exports, oil company payments, the relationship with Kurdistan, and new projects on the horizon.

Jun 2, 2015

Oil exports keep pushing record highs

After three straight months of record exports, the inauguration of the new Basra Heavy crude blend in June could unleash further growth.