Energy

Oil Ministry slashes upstream spending for 2026

Urgent austerity plan aims to cut $1.4 billion from oil field budgets nationwide in 2026 without affecting production — a warning sign of fiscal trouble for Iraq.

Oil Minister Hayyan Abdulghani (center left) and Deputy Oil Minister for Upstream Bassim Mohammed Khdair (center right) meet with Zaid Elyaseri (far left), the president of BP Iraq, in Baghdad on Jan. 26, 2026, to discuss the company's upstream plans and project expenses. (Photo credit: Oil Ministry)

Apr 8, 2018

Q&A: Ihsan Ismaael, Basra Oil Company director general

Basra's top oil man discusses developing Majnoon after Shell, plus myriad projects to repair and upgrade offshore export capacity.

Apr 2, 2018

Iraq exports steady in March

Basra Gulf loadings see modest increase while Kurdistan's Ceyhan sales are slightly lower.

Mar 29, 2018

IOCs scramble to analyze new contract model

The Oil Ministry has shortened the deadline for its fifth bidding round, giving companies just days to evaluate big changes to the contract model.

Mar 22, 2018

Iraq enlists service companies to manage Majnoon

As Basra Oil Company prepares to take over operatorship from Shell, it is finalizing contracts with KBR and Anton to help manage the super-giant field.

Mar 21, 2018

New deal to unlock KRG gas production

Pearl Petroleum has signed a Gas Sales Agreement that promises to boost KRG natural gas output this year and more than double it by 2020.

Mar 20, 2018

February production lifted by Rumaila and Zubair

Rising output at Iraq's two most prolific fields boosted the country's production average.

Mar 14, 2018

Q&A: SOMO Director General Alaa al-Yassiri

Iraq's oil exports chief discusses Baghdad-Ankara-KRG oil negotiations, a new oil trading joint venture, and the possibility of a third grade of Basra crude.

Mar 13, 2018

Kirkuk fields begin to re-start

NOC is taking initial steps to bring some production at Bai Hassan and Avana Dome back online, increasing crude flows to refineries in Kurdistan.

Mar 13, 2018

ZhenHua expands China’s role in Iraq’s oil sector

The Chinese state-owned company is looking to form an oil trading joint venture with SOMO and develop the East Baghdad oil field.

Mar 7, 2018

Q&A: Ibrahim Bahralolom, MP and former oil minister

Following the passage of seminal legislation to resurrect the Iraq National Oil Company, one of the principal authors discusses how it will reshape the country's oil sector.