Latest news with #Abdul-Ghani
Iraqi News
6 days ago
- Business
- Iraqi News
Iraq resumes oil exports via Turkey's Ceyhan
Baghdad ( – The Iraqi Minister of Oil, Hayan Abdul-Ghani, confirmed on Wednesday that Iraq's oil exports through the Turkish port of Ceyhan will be resumed within a day or two. During the inauguration of development projects in the northern Iraqi province of Kirkuk, Abdul-Ghani stated to the state-run news agency (INA) that Iraq plans to resume oil exports through the Turkish port of Ceyhan, starting with an initial capacity of 80,000 barrels per day. The step follows a recent agreement between the federal government in Baghdad and the Kurdistan region of Iraq, according to Abdul-Ghani. Last month, the Kurdistan Regional Government (KRG) and the federal government in Baghdad reached a settlement that will enable the resumption of oil flows from Iraqi Kurdistan to global markets via the Turkish port of Ceyhan, following a suspension lasting nearly 28 months. The Iraqi cabinet approved several decisions, facilitating the return of oil from Iraqi Kurdistan to the global market through the State Organization for Marketing of Oil (SOMO). The Iraqi cabinet decided that the KRG should immediately start handing over all oil produced in Iraqi Kurdistan's oil fields to SOMO for export. According to the decisions, the Iraqi Ministry of Finance is required to pay $16 for each barrel of oil received from Iraqi Kurdistan in compliance with the budget legislation, given that the volume received does not fall below the existing 230,000 barrels per day. Iraqi Kurdistan is currently producing 280,000 barrels of oil per day. 50,000 barrels per day are set aside for domestic consumption in northern Iraq, with the remaining 230,000 barrels per day handed over to SOMO. Crude oil shipments through the Iraq-Turkey oil pipeline have been suspended since March 2023. This pipeline previously accounted for approximately 0.5 percent of the world's oil supply. After the International Chamber of Commerce (ICC) in Paris ruled that Ankara had violated a 1973 treaty by permitting oil exports without the approval of the federal government in Baghdad, oil flows via the Iraq-Turkey oil pipeline were stopped. Additionally, the ruling obligated Turkey to pay Baghdad $1.5 billion in compensation for losses caused by the KRG's illegal oil exports between 2014 and 2018.
Shafaq News
7 days ago
- Business
- Shafaq News
Iraq to resume oil exports via Turkiye's Ceyhan port
Shafaq News – Kirkuk Iraq will resume crude exports through Turkiye's Ceyhan port within two days, Oil Minister Hayan Abdul-Ghani announced on Wednesday. At a press conference at the Jambur oil field, Abdul-Ghani confirmed that the Kurdistan Region produces around 230,000 barrels per day (bpd). Of this, approximately 50,000 bpd are consumed locally, while about 80,000 bpd will be transferred to the federal oil ministry for export via Ceyhan. Crude flows through the pipeline have been halted since March 2023, following a ruling by the International Chamber of Commerce that supported Baghdad's position requiring federal authorization for all oil exports. The suspension arose from longstanding disagreements between the Iraqi government and the Kurdistan Regional Government (KRG) over export rights and revenue distribution. Earlier today, the minister arrived in Kirkuk to inaugurate a new wet oil processing facility at the Jambur oil field. Developed in partnership with an Italian firm, the station is designed to handle up to 90,000 bpd. Abdul-Ghani also outlined plans to increase Kirkuk province's output from 350,000 bpd to 600,000 bpd. British oil major BP is expected to begin operations in the area within a month. Additionally, the oil ministry is preparing to officially open new facilities for the North Oil Company. The project is led by Italian firm Mandresi, which previously helped raise the Jambur oil field's output capacity to 90,000 bpd.
Iraqi News
23-07-2025
- Business
- Iraqi News
Iraq, Schlumberger sign deal to develop Akkas gas field
Baghdad ( – The Iraqi Ministry of Oil revealed on Tuesday that it signed a deal with Schlumberger, an international oilfield services firm, to develop the Akkas gas field in the western Iraqi province of Anbar. The Iraqi Minister of Oil, Hayan Abdul-Ghani, described the step as a major and long-awaited accomplishment done by the ministry and the Midland Oil Company (MOC), according to a statement cited by the Iraqi News Agency (INA). A previous agreement with a Ukrainian company to develop the gas field was subsequently cancelled, according to Abdul-Ghani. Last week, Deputy Oil Minister Basim Khudair said that Schlumberger had begun operations in the Akkas gas field, confirming that foreign oil corporations are increasingly interested in investing in Iraqi oil resources. The Iraqi government approved last April the MOC's rapid development plan for western Iraq's Akkas gas field. According to the Prime Minister's Office (PMO), Schlumberger will carry out the initial phase of the field's development, with output expected to reach 100 million cubic feet of gas per day within a year. The Akkas gas field, which has large reserves, was being developed by Korea Gas Corporation (KOGAS), a South Korean public natural gas firm, before Ukrzemresurs, a Ukrainian oil corporation, concluded a deal for the project. Izzat Sabir, the Oil Ministry's Undersecretary for Gas Affairs, mentioned earlier that the gas field's output will rise to 400 million cubic feet per day during the next four to five years. The Akkas gas field, found in 1992, has around 5.6 trillion cubic feet of confirmed natural gas reserves.
Iraqi News
16-07-2025
- Business
- Iraqi News
Iraq supports global market stability, cohesion of OPEC decisions
Baghdad ( – The Iraqi Minister of Oil, Hayan Abdul-Ghani, emphasized on Tuesday that Iraq plays a substantial and crucial role in OPEC's unity and decisions. In a statement to the state-run news agency (INA), Abdul-Ghani mentioned that Iraq is a founding member of OPEC and the organization's second-largest producer and exporter. Iraq has helped to keep global markets stable and OPEC's choices consistent, according to Abdul-Ghani. The Iraqi oil minister stated that Iraq has taken a significant role in stabilizing and consolidating OPEC decisions, particularly those relating to production rates and agreed-upon levels. Iraq also played a significant role in the second voluntary production reduction, which stabilized world markets in a way that benefited both producers and consumers, according to Abdul-Ghani. Eight OPEC+ member countries, including Iraq, are implementing an output modification of 411,000 barrels per day in July 2025, in accordance with the decision made in December 2024. This decision allows for a gradual and flexible return to the previously agreed voluntary adjustments of 2.2 million barrels per day, starting in April 2025. Officials in the Iraqi oil sector mentioned that the government aims to increase oil output to more than six million barrels per day by 2028 or 2029. Iraq produced over 4.4 million barrels of oil per day in 2023, which was less than the previous year, according to Statista, a German online platform that specializes in data collection. The country's oil production rose steadily between 2005 and 2019, reaching a record of over 4.78 million barrels per day. Since then, Iraq's yearly oil output has been steadily dropping.
Iraqi News
15-07-2025
- Business
- Iraqi News
HKN to develop Hamrin oil field in northern Iraq
Baghdad ( – The Iraqi Ministry of Oil revealed on Tuesday that the state-owned North Oil Company (NOC) signed a memorandum of understanding with HKN, a US firm engaged in hydrocarbon exploration headquartered in Texas, to develop the Hamrin oil field in northern Iraq. Iraqi Oil Minister Hayan Abdul-Ghani stated during a ceremony held to sign the agreement that the ministry is eager to collaborate with reputable oil firms to develop oil fields, recover flared gas optimally, and maximize oil output capacities to support the national economy, according to the Iraqi News Agency (INA). The government plans to raise the oil field's production capacity to 60,000 barrels per day, as well as recover 45 million to 50 million cubic meters of associated gas to provide fuel to power plants, according to Abdul-Ghani. Despite economic and security problems, the Hamrin oil field now has a production capability that ranges between 20,000 and 25,000 barrels per day. The Iraqi oil minister indicated that negotiations are taking place to increase investments in the oil, gas, and energy sectors. The agreement marks a step towards Baghdad's aspiration to increase oil production to about seven million barrels per day over the next five years.
