Iraq is committed to increasing investment in its gas sector as a key driver for economic growth, according to Oil Minister Hayan Abdul Ghani recently.
bp today reached agreement on all contractual terms with the Government of the Republic of Iraq to invest in several giant oil fields in Kirkuk providing for the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration.
Iraq remains fully committed to its pledges in the OPEC+ agreement as the restart of oil exports from the semi-autonomous Iraqi region of Kurdistan appears imminent.
Iraq will receive around 185,000 barrels of crude oil a day from the semi-autonomous region of Kurdistan after exports resume via a pipeline to Turkey, a deputy Iraqi oil minister told the state-run Iraqi News Agency on Sunday without providing a time frame.
It is nearly two years since the Federal Government of Iraq (FGI) blocked oil exports from the semi-autonomous Kurdistan Region of Iraq (KRI) through the Iraq-Turkey Pipeline (ITP).
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