Iraq, OPEC’s second-largest oil producer, exported on average 3.3 million barrels per day (bpd) of oil in May, flat compared to April, according to the Iraqi oil ministry.
Iraq is going full throttle in its oil and gas development and has awarded a project to a Chinese firm to build its largest crude oil depot for export with a capacity of around 3.2 million barrels, Zawya reported, citing Iraqi officials
After a successful 2022, Iraq’s oil and gas industry has faced challenges this year following the closure of an export pipeline in the north of the country. Conflict over the semi-autonomous Kurdistan region has made it complicated to export the crude that provides most of the country’s income.
The on-off-on-off US$27 billion four-pronged megadeal between TotalEnergies and the Federal Government of Iraq appears to be back on again, although it is not quite the deal that the French oil and gas supermajor first had in mind.
An oil dispute between the Iraqi government and the semi-autonomous Kurdistan region that also involves Turkey has escalated this week, pushing oil prices higher.
The recent signing by Iraq’s federal government in Baghdad of three long-term oil and gas sector contracts with the UAE’s Crescent Petroleum – a company also heavily involved in the same sectors of Iraq’s semi-autonomous region of Kurdistan – may indicate that the ban on international oil companies (IOCs) trying to operate in both regions has now been relaxed by Baghdad.
Iraq has been saying it wants to produce more oil and gas for a while now but turning stated ambitions into reality has taken a while.
Whilst the U.S. and its allies appear to be taking a subtle approach to advancing their remaining interests in Iraq, as hinted at by the Qatar’s talks to buy a 30 percent stake in TotalEnergies’ US$27 billion project package, China seems to be taking a more direct route to what it wants.
Iraq has awarded oil concessions to Crescent Petroleum and other Chinese companies as part of its fifth licensing round, Iraq’s Oil Minister Hayan Abdul Ghani was quoted on Thursday as saying.
Russian foreign minister head of a large delegation that includes ‘oil and gas companies and investors’, with Iraqi foreign ministry confirming ‘Iraq’s openness to all of its friends’