Energy

Iraq terminates Akkas contract, drawing legal threats

Cabinet taps state-run Midland Oil Company as operator for fast-track gas field development with help from SLB, but contentious ouster of Ukrzemresurs could spark litigation.

Personnel from the Ukrainian company Ukrzemresurs pose in front of the Akk-1 well at the Akkas gas field after completing emergency maintenance work in the first quarter of 2025. (Photo credit: Ukrzemresurs)

Jul 12, 2023

Basra refinery expansion delayed by contract dispute

The delay is the latest for the project that was supposed to be completed in 2018, and is sorely needed to expand fuel supply, reduce purchase costs, and provide an additional outlet for Iraqi crude output.

Jul 9, 2023

GGIP signing on July 10 marks progress on $27B project

Final paperwork expected to be signed Monday between Iraq and TotalEnergies, after which the company will begin to take over the Ratawi oil field operations.

Jul 5, 2023

Oil exports rise for second consecutive month

KRG crude exports are still shut in due to the northern pipeline outage, but federal exports have increased further, nearing the maximum capacity of outdated Basra Gulf infrastructure.

Jul 4, 2023

Petronas signals Gharraf oil field exit

The Malaysian company wants to sell its stake to Pertamina due to late payments and low profit margins.

Jun 28, 2023

Cabinet suspends approval of major oil export expansion

Political scrutiny of a contract is delaying a subsea pipeline project with the potential to lift export capacity by 500,000 bpd in a year.

Jun 23, 2023

Iraq-Turkey talks begin over pipeline, but no signs of progress

Ankara sent a technical delegation to Baghdad but the two sides seem far from the top-level political agreement needed to restart oil flows.

Jun 19, 2023

May production rises by 100,000 bpd, but KRG oil still mostly offline

Northern pipeline outage gives Baghdad leeway for southern output increases despite tightened OPEC-plus quotas.

Jun 18, 2023

Iraq announces 6th bid round, offering 11 gas blocks

Another new contracting round builds on recent momentum to attract investors and raise domestic gas supplies.

Jun 15, 2023

Q&A: Ammar al-Anbagi, director general of SOMO

Iraq's oil marketing chief discusses Russia-related oil market dynamics, the restart of Qayarah crude exports, and recent steps to activate the TotalEnergies mega-deal.

Jun 13, 2023

Parliament passes budget after gutting KRG revenue guarantees

New budget law appears to represent a rejection of the recent Baghdad-Erbil political deals that had sought to balance oil and financial authorities.