Shafaq News/ Iraq’s oil ministry on Tuesday said investments in gas resources is a top priority for the government as it prepares for a new bidding round.
British supermajor Shell last week exited Iraq’s potentially game-changing US$11-billion Nebras Petrochemical Project.
Shell signed the NPP deal, having agreed to the original memorandum of understanding back in 2012.
The key problem stopping Iraq from fulfilling its potential in oil, gas, and petrochemicals, remains the widespread corruption in its oil and gas sector, among others,
Iraq’s Oil Minister, Hayan Abdel Ghani, voiced his disappointment with ExxonMobil’s intention to withdraw from the West Qurna 1 oilfield in Iraq at the beginning of 2024. Instead, the Ministry of Oil claims that ExxonMobil plans to focus on potential investment opportunities in African nations.
PetroChina’s contract to develop the Nahr bin Umar gas field follows the takeover by PetroChina of ExxonMobil’s operator role in the giant West Qurna 1 field.
For China, Iraq’s gas sector is not just potentially massive but is also highly connected to its equally potentially huge oil sector.
Around 70 percent of Iraq’s gas reserves are ‘associated’ with oil fields, and the majority of these fields are located in the southeast of Iraq.
Reuters: OPEC’s crude oil production dropped in November for the first monthly decline since July.
OPEC produced 27.81 million barrels per day of crude last month, a drop of 90,000 bpd compared to October.
In November, Iran, which is exempted from the OPEC+ cuts, further increased its output to a five-year high, according to the Reuters survey.
Iraqi oil minister Hayan Abdel-Ghani expects to reach an agreement with the Kurdistan Regional Government (KRG) and foreign oil companies to resume oil production from the Kurdish region’s oil fields within three days, he said on Sunday.
Shafaq News / The U.S. Energy Information Administration confirmed today, Tuesday, that Iraq’s oil exports to the United States reached approximately 84 million barrels during the first eight months of 2023.
Iraq’s state-owned Basra Oil Co said that French oil major TotalEnergies has activated its four investment contracts involving oil, gas, renewable energy and seawater desalination projects.
BAGHDAD, Aug 22 (Reuters) – Iraq’s oil minister and his Turkish counterpart did not reach an agreement to immediately resume Iraq’s northern oil exports but agreed to hold more talks in the future, said two energy sources with knowledge of the ministers’ meeting in Ankara on Tuesday.
Russia took control of the oil sector of the semi-autonomous region of Kurdistan (KRI) in northern Iraq in 2017 for four key reasons, as analysed in depth in my new book on the new global oil market order.