Oil Ministry launches new effort to attract investment in 13 oil and gas fields and exploration blocks.
Iraq is developing new production capacity, but output is currently falling because of infrastructure bottlenecks in the south and the prolonged Turkey pipeline shutdown.
Iraq is ready to restart pipeline exports and relieve financial pressure on the KRG, but Turkey’s delays are prompting speculation of political complications.
Iraq’s state-run tanker company is expanding its fleet and preparing to start handling some of the country’s crude exports.
Formal orders from SOMO highlight progress in Baghdad-Erbil negotiations to implement a new framework for Kurdistan’s oil and revenue. All eyes are now on Turkey.
China’s UNIPEC has bought the first 1 million barrels of heavy crude to be exported from Basra's Khor al-Zubair port.
Federal Iraqi exports increased slightly, but nationwide exports dropped steeply due to the total shutdown of the northern pipeline system and KRG oil sales.
The two sides are finalizing technical details and sub-agreements to activate a potentially transformational $27 billion energy project.
Production began to drop in February and March, even before a prolonged northern export outage and impending OPEC-plus cuts.
New infrastructure will process 300 million scf/d of associated gas by mid-2024, decreasing the wasteful practice of flaring and increasing feedstock for power generation.
