Energy

Iraq races to finalize oil deals ahead of elections

Sudani administration activates a major contract with BP and strikes preliminary agreements with ExxonMobil and Chevron as national elections near and deal-making window starts to shut.

Iraqi Prime Minister Mohammed Shia al-Sudani (standing, center), BP CEO Murray Auchincloss (standing, left), and Oil Minister Hayyan Abdulghan (standing, right) oversee the signing of a deal for BP to rehabilitate Kirkuk oil fields and build gas processing and power generation infrastructure at a ceremony in Baghdad on March 26, 2025. (Photo credit: Prime Minister's Office)

Aug 2, 2023

Partial budget payment highlights divide in Baghdad-Erbil negotiations

The KRG has received 598 billion dinars under the new budget law — a fraction of its theoretical monthly entitlement.

Jul 28, 2023

Baghdad and Erbil claim progress toward budget implementation

Key details remain unresolved, including the lynchpin issue of whether oil companies will get paid enough to enable KRG fields to restart.

Jul 25, 2023

KRG begins implementing budget law with crude transfers to Baghdad

Sign of cooperation bolsters KRG argument for starting federal budget transfers.

Jul 19, 2023

Iraq’s June oil production steady, but losses mount for KRG operators

Federal crude output continues trend of small monthly gains in June, partially compensating for loss of Kurdistan production due to ongoing pipeline outage.

Jul 17, 2023

Ali Maarij to be named Iraq’s deputy oil minister

Current deputy, Laith al-Shahir, former head of legal directorate, reaches mandatory retirement age.

Jul 14, 2023

New life for Iraq’s southern oil export expansion

A $417M subsea pipeline project that was funded and then suspended over the past two months has gotten Cabinet approval again, with a half million barrel per day capacity increase slated for next year.

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.