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)

Apr 21, 2020

Basra Oil Company warns service companies against layoffs

Memo alleges heavy-handed dismissals of local labor risk relationship with BOC.

Apr 20, 2020

Fields and refineries shut in as Iraq production drops ahead of deeper OPEC cuts

Falling demand forced crude output to two-year lows in March, putting the squeeze on Iraq's oil sector even before a new OPEC quota reduction takes effect.

Apr 16, 2020

Iraq slashing allocations to largest refinery as demand plummets

The move reflects domestic storage limitations and the global demand shock that led OPEC and other producers to drastically curtail output through the rest of the year.

Apr 14, 2020

Cross-border fuel pipeline delayed by Iranian, KRG bureaucratic tangle

Red tape and rivalries have prevented the startup of a short pipeline designed to improve the efficiency of the KRG's fuel imports from Iran while mitigating coronavirus risk.

Apr 7, 2020

Government scrambles for solutions as Iraq faces financial free fall

Confronting low oil prices and a pandemic, Iraq will likely be forced to draw heavily from its foreign currency reserves while slashing oil and investment spending.

Apr 6, 2020

Oil Ministry, MPs condemn rocket attack on oil sites in Basra

Investigators say rocket attack on Iraqi and foreign oil sites was likely part of a broader conflict between paramilitaries and U.S. in Iraq.

Apr 2, 2020

March oil revenues drop sharply, but exports steady

Despite operational disruptions posed by the coronavirus crisis, Iraq maintained its pace of oil exports — but falling global prices sent monthly government revenue to a four-year low.

Mar 30, 2020

Mandatory retirement further strains Oil Ministry capacity

Senior Deputy Oil Minister Fayadh Nema is retiring – the latest top ministry official to leave his post after a new law reduced the mandatory retirement age.

Mar 30, 2020

New pipeline streamlines KRG-Iran fuel trade

A newly built cross-border pipeline is expected to begin pumping imminently, allowing Iraqi Kurdistan to continue Iranian fuel imports while reducing truck traffic and coronavirus risks.

Mar 26, 2020

U.S. tightens window on Iraq’s new sanctions waiver

Iraq's latest Iran sanctions waiver is the shortest yet – 30 days – reflecting an ongoing strain in relations between Baghdad and Washington.