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)

Jan 25, 2022

KRG resumes Syria crude trade

After more than a month, the border has reopened for both trade and humanitarian traffic, alleviating economic pressure on a U.S. ally in the counter-IS fight.

Jan 21, 2022

Iraq finalizes Mansuriya contract for next government

Sinopec has agreed to commercial terms for developing the Diyala province gas field, but Iraq's current caretaker government is not signing a binding contract.

Jan 20, 2022

Northern exports resume after Turkey pipeline explosion

The temporary outage had no apparent impact on oil field operations or export volumes, but the cause of the incident is a matter of uncertainty and potential concern.

Jan 19, 2022

Oil worker shot in attempted highway robbery

Despite the presence of a security protection team, an armed gang attacked a convoy carrying international oil workers to the Basra airport.

Jan 14, 2022

Iraq’s December oil surge caps a year of recovering production

Crude output increased to nearly 4.5 million bpd in December, as Iraq continued opening the taps in response to loosening OPEC-plus quotas.

Jan 13, 2022

Iraq sets out blueprint for sovereign wealth fund for clean energy

Now that Iraq has finished decades' worth of reparations payments to Kuwait, the Cabinet is proposing to continue diverting a portion of oil sales for a new purpose — domestic clean energy investments.

Jan 11, 2022

KRG shuts border with Syrian Kurds, cutting oil artery

The closure blocks a major source of funding for the Rojava administration, a U.S. ally in the fight against IS.

Jan 6, 2022

Iraqi crude exports rise steadily through 2021

Increasing OPEC-plus quotas and a recovery in global oil prices helped Iraq achieve rising crude exports and revenues.

Jan 5, 2022

UPDATE: Cabinet taps INOC to acquire Exxon’s stake in West Qurna 1

Iraq is trying to resolve a dispute over one of its largest oil fields by authorizing the newly formed national oil company to take over ExxonMobil's operating stake.

Jan 5, 2022

Kurdistan’s energy sector 2021: year in review

Crude output fell as payment and regulatory uncertainty put investors on edge, but new activity could lead to production increases in 2022.