Arabic

Sign up for Iraq Directory

New to Iraq Directory?
Sign up here.

Acquire your prominent and highly accessible bi-lingual (English and Arabic) online presence by registering with us & listing your company in IraqDirecotry.com
Register

Energy & Mineral Resource

In 2017, Genel Energy’s Taq Taq oilfield has seen falling output. However, the rate of decline has slowed down of late.
As diplomatic clash emerges between OPEC member, specifically between Saudi Arabia and Qatar, earlier gains of oil has erased out. Futures slipped 0.6% in New York, erasing an earlier gain of 1.6%. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from Qatar, escalating a crisis that started over its relationship with Iran.
Despite of growth in oil production since 2009, water constraints, midstream infrastructure woes, contract terms and other aboveground factors have hindered Iraq’s ability to hit production targets.
Permission for building an oil refinery has been given by the Iraqi government in Kirkuk. The project value shall be around $5 billion.
The head of the OPEC member's oil marketer SOMO said that Iraq may look at hedging part of its crude oil production as a way to protect government revenue against the risk of oil price volatility.
Last week a horrific suicide attack on a pop concert in Britain had shocked the world. This incident received a lot of media attention, though increase in violence in other regions of the world like Philippines and Indonesia.
Basra Oil Company has signed a contract with Eni, which is the main operator in the Al Zubair oil field, On last Sunday
Iraq’s Oil Minister Jabbar al-Luaibi stated that oil exports from Kurdistan region of Iraq will not be included under OPEC’s production cut extension plan.
Alexander Novak, the Russian oil minister, along with Saudi counterpart Khalid-al-Falih, has signaled an agreement last week between the two biggest oil producers in the world to extend the current the supply deal, which is aimed at removing 1.8 million barrels worth of supplies, Iraq has joined the initiative before the much anticipated OPEC ministers’ meeting in Vienna headquarter on 25th of May.
Oil ministry of Iraq has announced that export of crude has reached 97.6 million barrels till April 2017, fetching revenue around 4.607 billion dollars for the country.
Minister of Energy and Mineral Resources Ibrahim Saif discussed with Iraqi Oil Minister Jabbar Al Luaibi on a project for constructing an oil pipeline between Iraq and Jordan to export Iraqi crude oil via Jordan and provide the Kingdom with its oil needs.
To lock in prices for future crude sales, Iraq is mulling an oil hedging program. The country is though at very early to stage to explore a hedge, as noted by Falah Al-Amri, the head of Iraq’s state oil-marketing company, known as SOMO.
Saudi Arabia and Iraq, two OPEC giants, have agreed on Monday on the need for extending global cut in oil supply so that oil price can rise.
Around $433 billion as net oil export revenue has been earned by the members of the Organization of the Petroleum Exporting Countries (OPEC) in the year of 2016. The revenue is the lowest since 2004. In 2015, oil revenue was 15% higher than 2016 revenue.
Iraq will go with the consensus reached by OPEC when the oil exporter group meets in Vienna next month to discuss extending production cuts, the country's oil minister said on Thursday.
Iraqi government asks international oil companies to get used to with low oil prices. Iraq’s oil minister Jabbar al-Luaibi sent a letter to several foreign oil companies, asking them not to rein in their ambitions on producing oil.
Iraq’s resumption last week of oil shipments through a Kurdish-controlled pipeline bumped up its export capacity by 5 percent almost overnight.
After a lot of turmoil, Iraq’s parliament has finally approved five new ministers nominated by Prime Minister Haidar al-Abadi.
Oil ministry of Iraq stated that a new natural gas unit has been started to be operated by Iraq in the southeastern region as part of a plan to use gas that was previously flared to generate electricity.
Jabbar al-Luaibi, the former head of Iraq’s biggest crude producer who was appointed oil minister, stated that he observes ways to resolve the energy dispute with the self-governed Kurds in the north of OPEC’s No. 2 producer.
In early August, oil export flow from Iraq’s Kurdistan region fell sharply due to pipeline outages. Due to recent attacks on the oilfield, production has also been declined.
In southern Iraqi oilfields, clashes between protestors and security forces have erupted. According to local media, on last Sunday clashes began after a group of protesters attempted to block a road leading to oil fields in the district of Zubair, located near the country’s main port city of Basra.
Iraq makes agreement with Shell, Lukoil and BP to restart stalled investment in oil fields the firms are developing. Projects were in halt for more than a year, but with the fresh agreements the halted projects are expected to be started.
On last Wednesday, a well that pumps oil from the Kirkuk fields in northern Iraq had been blown up, as reported by the North Oil Company.
Gazprom Neft, a Russian oil and gas company, has commissioned its 10th production well (P-07) at the Badra oil field of Iraq.
On last Monday, Iraq’s Ministry of Oil has announced that the country has exported around 95 million barrels of oil during June from the central and southern oil fields.
On Friday, last week, oil price settled at lower side, losing 4% on the week.
Basra Provincial Council announced that the Japanese government has agreed to lend 2.1 billion US dollars to Iraq for developing Basra refinery and added that the loan will be repaid in 40 years with an interest rate of 2 per cent.
Iraqi Ministry of Oil announced on Friday a new shipment of liquid gas and other gas condensate, to the tune of 1600 tons.
The Iraqi Ministry of Oil, on Monday, announced that Iraq had exported more than 95 million barrels of oil during June from the central and southern oil fields.
NEW DELHI: Iraq has overtaken Saudi Arabia to become India's top crude oil supplier while Iran has grabbed the fourth biggest exporter slot post lifting of sanctions.
Production momentum at the Badra oil field in eastern Iraq has resulted in almost half of the total volumes emerging this year, Russian company Gazprom Neft said.
It has been reported by First Deputy Chief Executive Officer of the company Vadim Yakovlev that Gazprom Neft plans to boost oil production at the Badra field in Iraq to 115,000 barrels daily.
President Vagit Alekperov of oil major of Russia, Lukoil plans to offset the costs on Iraqi fields in August.
Alireza Ashnagar, Iran’s Kordestan province deputy governor general for political, security and social affairs said on last Wednesday that Iran dispatched the first cargo of its gas oil to Iraq’s Kurdistan region.
As per reports, Islamic development bank has provided its initial agreement in giving $3 billion in easy loans and grants to Iraq. Iraq’s economy is down ridden due to global oil price slump. This has been reported by a spokesperson of Central bank in Baghdad.
As top crude exporter to India, Iraq overtook Saudi Arabia in the month of April for the first time since December last year.
According to Iraqi officials, Iraqi production halted on last Wednesday due to explosion at two oil wells near territory controlled by Daesh in northern Iraq.
The latest political crisis in Iraq brings bad news for India, which relies on half of its oil imports from volatile Middle East regions. Indian basket of crude oil price has risen to nearly $45 a barrel.
The World Bank’s private sector investment arm, International Finance Corporation (IFC), stated that it had arranged $375 million in financing for an Iraqi power company to provide electricity to millions of people in Kurdistan and Baghdad.
On March 20th, 2016, Iraq has exported its first gas condensate from the port at Khor al-Zubair to Fujairah in the United Arab Emirates (UAE). Hamed Zubai, undersecretary at the Iraqi Ministry of Oil, reported that the Iraqi Oil Marketing Co. had arranged for the 10,000-cubic-meter consignment, and the Basrah Gas Co. had successfully exported the shipment.
Iraqi crude output has been increased to a record level in the month of March. Noticeably, other producers are freezing production in order to curb global glut of oil price. In a statement SOMO, state oil company of Iraq, stated that crude output in the group’s second-biggest producer rose to 4.55 million barrels a day last
In 2010 the former Iraqi Minister of Oil Hussain Shahristani, also known as a teacher, was invited to the parliament to speak about the petroleum product shortages in the country. Due to 70% utilization of the country, the refineries are not meeting the domestic demands. Shahristani left the parliament with flying colors after announcing the Ministry is working to build four refineries at the same time. The plan came about in such a way that no one quite knew on what basis the sites were selected or the fe
Textron Systems has been contracted to provide new tactical vehicles to Iraq, as the country continues to battle the Islamic State, as well as Colombia, through the U.S. Foreign Military Sales program.
With a fall of US crude stocks which was eventually balanced by rise in Iraqi exports, oil price stayed steady at $40 per barrel.
As we all know that global crude price has experience a steep slump. This has also impacted global economy. This is being echoed by a sharply falling rig count in the domestic space as reported by Houston-based oilfield services company Baker Hughes Inc. BHI in its weekly rig count. Also, Janet Yellen’s dovish stance has kept skepticism alive on the feasibility of any domestic growth.
Oil ministry spokesperson of Iraq, Asim Jihad remarked that Iraq loaded its first export cargo of 10,000 cu feet of LPG Sunday. The shipment from the port of Al-Qasr in the Persian Gulf, marks Iraq’s first step towards delivering regular LPG volumes to global markets.
First shipment of natural gas in its history has been exported by Iraq. This has been noted as a key development for the OPEC member struggling to feed a cash-strapped economy amid an expensive fight against the Islamic State of Iraq and Syria (ISIS).
Show Full Archive
Baghdad1.jpgBaghdad2.jpgBaghdad3.jpgBaghdad4.jpgBaghdad5.jpgBaghdad6.jpgD02C91D6-D6AF-491E-83FA-6298F0813544_cx0_cy10_cw0_mw1024_s_n.jpgRTR45I2V.jpg
Child Aid International