In a twist that is perhaps surprising even for the labyrinth of Iraqi politics, the Kurdistan Regional Government (KRG) has found itself blindsided by a delayed parliamentary vote on oil production costs. Despite earlier agreements, the Iraqi parliament opted to hit the brakes on approving the $16-per-barrel production and transport fee proposed in November, throwing yet another wrench into a pipeline that’s been as dormant as the region’s export ambitions for almost two years.
BP and the Iraqi government agreed the majority of commercial terms toward reviving the Kirkuk oil field on Tuesday, further progress toward a final agreement that is expected early this year.
The history of the Middle East since the 1990s has been in many aspects been defined by China’s need to secure sufficient energy to power its economic growth to rival the superpower status of the U.S., and Washington’s efforts to keep these efforts in check.
hese massive fields offered huge additional oil and associated gas feedstock to add to that which could come from Shell’s 44 percent stake in the US$17 billion 25-year Basrah Gas Company project. Shell’s design plans for Nebras were for a project that could produce at least 1.8 million metric tonnes per year (mtpa) of various petrochemicals.
These huge deals followed hot on the heels of 14 other major Iraqi oil and gas concessions awarded to Chinese companies in May and dozens more before then
Iraq has signed an agreement with Turkmenistan for the supply of 20 million cubic metres per day to power electricity facilities in the Arab country.
People are seen at a booth of a Chinese company during an oil expo in Baghdad, Iraq, on Sept. 9, 2024. Chinese energy firms are making a notable appearance at Iraq’s second International Exhibition and Conference for Oil Projects and Licensing Tours, which commenced in Baghdad on Monday, aiming to leverage opportunities in the country’s expanding energy sector. (Xinhua/Khalil Dawood)
Two officials revealed on Tuesday that Iraq will split earnings with British Petroleum (BP), a British multinational oil and gas company headquartered in London, and boost the development of oil and gas reserves in the northern Iraqi governorate of Kirkuk.
alks to restart oil exports from Kurdistan are on hold due to a disagreement over oil contracts.
Oil companies operating in Kurdistan refuse to amend their contracts with the region.
Iraq blames oil companies for the impasse, while Kurdistan previously blamed Baghdad.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, said that the Oil Ministry is taking steps to reach a production capacity of five million barrels per day despite the serious restrictions on oil markets and the OPEC countries’ quota limitations to maintain price stability.