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)

May 13, 2020

Q&A: Bassim Mohammed Khudair, director general of the Iraqi Drilling Company

As the Oil Ministry seeks cost savings and production cuts in response to crashing oil prices, drilling programs are being cut – battering the business of Iraq's state-run drilling company.

May 11, 2020

Q&A: Basra Oil Company Deputy Director General Khalid Hamza Abbas

A top Basra oil leader reveals which fields are being cut under the new OPEC-plus deal and discusses how Iraq's financial squeeze is affecting BOC projects and planning.

May 10, 2020

Ali Allawi to be acting Iraqi oil minister

New finance minister takes on oil portfolio after political pressure derailed original proposed by new Prime Minister Mustafa al-Kadhimi.

May 8, 2020

Iraq orders new OPEC cuts targeting IOC fields

A comprehensive survey of Iraqi fields suggests the Oil Ministry is targeting about 600,000 bpd of production cuts in May, mostly from fields contracted to international oil companies.

May 2, 2020

Oil revenues crash, dragging Iraq deeper into crisis

High April export levels were no match for a spiraling oil price down nearly 80 percent since January.

Apr 30, 2020

Acting Kirkuk oil chief replaced

The acting head of the Iraqi state's North Oil Company had been in office since January.

Apr 27, 2020

Baghdad orders halt to KRG budget transfer

New oil and revenue-sharing agreements hinge on negotiations, but maximalist demands and financial constraints hamper compromise.

Apr 26, 2020

U.S. grants Iraq another 30-day sanctions waiver

Renewal enables Iraq to continue Iranian energy imports, but short window reflects ongoing strain in relations with Washington.

Apr 24, 2020

As Iraq begins oil cuts, steep challenges remain for OPEC compliance

Technical, financial, and political obstacles will make it nearly impossible for Iraq to meet an OPEC pledge to cut 1 million bpd by May 1.

Apr 23, 2020

Baghdad puts KRG budget transfer in the crosshairs

As Iraq descends further into financial crisis, the federal Cabinet and Parliament signal rising opposition to the KRG's monthly budget payments.