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)

Sep 24, 2020

Iraq seeks to shift impact of OPEC cuts onto oil companies

Oil Ministry effort to scale down payment obligations could cause conflict with IOCs and discourage new energy investment.

Sep 20, 2020

Oil minister reshuffles Basra Oil Co. and other posts

New leadership for Iraq's largest state-run oil company, as well as the Iraqi Drilling Company and the Oil Ministry's Technical Directorate.

Sep 18, 2020

Iraqi oil production rises despite OPEC pressure to cut

Nationwide crude output increased in August, led by IOC-operated fields, as Iraq balances OPEC pledges against tough financial realities.

Sep 14, 2020

UPDATE: Cabinet authorized Ismaael to lead national oil company

Advisors close to Prime Minister Kadhimi are elevated to top executive positions over economic and security issues.

Sep 3, 2020

Iraq moves toward restructuring oil sector with INOC law revisions

Cabinet and Oil Ministry legal teams have proposed amendments to the 2018 law to re-constitute the Iraqi National Oil Company, after Iraq's highest court deemed many articles unconstitutional.

Sep 3, 2020

August oil exports drop 5.5% but revenues rise

Falling export volumes suggest Iraq is following through on promises to make extra production cuts in support of an OPEC-plus effort to support global prices.

Aug 21, 2020

Iraqi ports company defends tanker business against the Basra Oil Co.

The Basra Oil Company is attempting to take over oil tanker escort management from the Transportation Ministry’s ports company.

Aug 21, 2020

Q&A: Farhan Mohsen al-Fartosi, head of Iraqi Ports

Iraq’s ports company chief talks about post-Beirut security, a tanker dispute with the Basra Oil Company, and managing the risk of coronavirus to his company.

Aug 19, 2020

Iraq dangles energy deals ahead of Kadhimi-Trump meeting

Chevron would negotiate a joint venture with Iraqi state companies for exploration rights in southern Iraq — a deal that could set a positive tone during a state visit to Washington.

Aug 18, 2020

July production falls to five-year low as Iraq pledges deeper OPEC cuts

Iraq shaves 200,000 bpd since June, as the Oil Ministry promises compliance with OPEC-plus.