
15 oil wells were drilled and recovered in the previous month
The Iraqi Drilling Company announced on Tuesday the completion of drilling and reclamation of 15 oil wells during the month of February.
'The Iraqi Drilling Company completed the drilling and reclamation of 15 oil wells in Iraqi oil fields during the month of February, as part of its ambitious plans to enhance production capabilities and support the development of oil fields,' the company said in a statement obtained by the Iraqi News Agency (INA).
According to the statement, the deputy director general of the company, Kadhem Habash Khalif, explained that 'the technical and engineering staff completed the drilling of two oil wells, in addition to the reclamation of 13 wells, distributed over a number of oil fields for the benefit of national companies and international licensing companies operating in Iraq.'
'This achievement reflects the high efficiency of the company's staff and its ability to carry out works according to the specified timelines and high technical standards,' Khalif said, noting that 'the Iraqi Drilling Company continues to implement its strategic plans to increase the pace of achievement and enhance its role in supporting the national economy through the development of the oil extraction sector in Iraq.'

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Iraq Business
3 hours ago
- Iraq Business
Iraqi Private Sector Faces Four Key Challenges, Says Professor
By John Lee. The Iraqi private sector confronts significant obstacles that must be addressed to unlock the country's economic potential, according to Professor Frank Gunter of Lehigh University, speaking at the Iraq Britain Business Council (IBBC) Spring Conference in London recently. Professor Gunter identified four critical challenges hampering private enterprise development in Iraq: Finance: Iraqi businesses struggle to access basic financial services including cross-country bill payments and funding. "The first source of funds is family, not a bank, not a loan, not a venture capitalist," Professor Gunter noted, emphasising that this reliance on family financing must change for sustainable growth. Education: The country faces challenges in both quantity and quality of education. Iraq had been making progress in reducing illiteracy until ISIS disrupted educational systems between 2014 and 2017, forcing many out of schools and creating refugee populations. The professor stressed the need to eliminate illiteracy, particularly among older workers, whilst improving educational quality to meet private sector demands for engineers and scientifically-trained personnel rather than bureaucrats. Infrastructure: Basic infrastructure remains deficient, with Iraq lacking reliable 24-hour electricity despite two decades of substantial investment spending. Regulatory Environment: This emerged as perhaps the most damaging constraint. Professor Gunter cited a recent World Bank study examining 50 countries, which found Iraq ranking last among 16 nations with similar economic development levels for regulatory quality. Even when compared to all 50 countries studied-including those with lower development levels and nations experiencing civil wars-Iraq ranked 45th. The findings suggest substantial reform will be required across multiple sectors to create a conducive environment for private enterprise in Iraq.


Shafaq News
4 hours ago
- Shafaq News
Oil prices jump 4% to 2-month high as tensions rise in Middle East
Shafaq News/ Oil prices rose more than 4% on Wednesday, to their highest in more than two months, after sources said the US was preparing to evacuate its Iraqi embassy due to heightened security concerns in the Middle East. Brent crude futures settled $2.90, or 4.34%, higher to $69.77 a barrel. US West Texas Intermediate crude gained $3.17, or 4.88%, to $68.15. Both Brent and WTI reached their highest since early April. Surprised traders bought crude futures on reports the US was preparing to evacuate its embassy in Iraq, OPEC's No. 2 crude producer after Saudi Arabia. A US official said military dependents could also leave Bahrain. "The market wasn't expecting this big geopolitical risk," said Phil Flynn, analyst at Price Futures Group. Earlier, Iran's Minister of Defense Aziz Nasirzadeh Tehran will strike US bases in the region if nuclear talks fail and conflict arises with Washington. Trump said he was less confident that Iran would agree to stop uranium enrichment in a nuclear deal with Washington, according to an interview released on Wednesday. Ongoing tension with Iran means its oil supplies are likely to remain curtailed by sanctions. Supplies will still increase, as OPEC+ plans to boost oil production by 411,000 barrels per day in July as it looks to unwind production cuts for a fourth straight month. "Greater oil demand within OPEC+ economies – most notably Saudi Arabia – could offset additional supply from the group over the coming months and support oil prices," said Capital Economics' analyst Hamad Hussain in a note. Also keeping prices elevated was news of a trade deal between the US and China, which could boost energy demand in the world's two biggest economies. Trump said Beijing would supply magnets and rare earth minerals and the US will allow Chinese students in its colleges and universities. Trump added the deal is subject to final approval by him and President Xi Jinping. The trade-related downside risk in oil has been temporarily removed, although the market reaction has been tepid as it is not clear how economic growth and global oil demand will be affected, PVM analyst Tamas Varga said. In the US, crude inventories fell by 3.6 million barrels to 432.4 million barrels last week, the Energy Information Administration said. Analysts polled by Reuters had expected a draw of 2 million barrels. "It's a bullish report," said Bob Yawger, director of energy futures at Mizuho, adding that the demand for motor gasoline began to strengthen. Product supplied for motor gasoline, a proxy for demand, rose by about 907,000 barrels per day last week, to 9.17 million bpd. US consumer prices increased only marginally in May, deepening the conviction in financial markets that the Federal Reserve will start cutting interest rates by September. Lower interest rates can spur economic growth and oil demand.


Iraqi News
11 hours ago
- Iraqi News
Iraq receives first batch of French Caracal multi-role helicopters
Baghdad ( – As part of the government's agenda to develop the capabilities of the country's armed forces, the Iraqi Ministry of Defense received on Tuesday the first batch of French Caracal multi-role helicopters. The Iraqi Ministry of Defense mentioned in a statement that these combat helicopters will enhance the Iraqi army's capabilities in the areas of tactical transport, support, and rescue operations. The step is part of a deal reached with Airbus in September 2024 to purchase 12 Caracal H225M multi-role combat helicopters. On April 30, the Iraqi Minister of Defense, Thabet Al-Abbasi, checked the first two helicopters at the airframer's headquarters in Marignane in southern France. The new helicopters will take the place of the older Mil Mi-17s and will be employed for different tasks such as fire support, attack, tactical troop transport, special operations, and counter-terrorism. Unknown numbers of the Iraqi Caracals will be modified with the HForce modular weapons system from Airbus Helicopters. Iraq and the major European aviation company Airbus reached a deal in early September to buy 14 military helicopters, including 12 Caracal H225M multi-role combat helicopters. A ceremony attended by the Iraqi Minister of Defense, officials from Airbus, and the French Ambassador to Iraq, Patrick Durel, was held in Baghdad to sign the deal, according to AFP. During a meeting in May with Eric Chevalier, the former French ambassador to Iraq, Iraqi Prime Minister Mohammed Shia Al-Sudani stated that Iraq is open to productive collaboration with French industries, particularly in enhancing the defensive capabilities of its military forces. In January 2023, Al-Sudani met in Paris with executives from Thales Group, Dassault Group, and Airbus to discuss a possible supply of military helicopters, radars, and Rafale aircraft to Baghdad.