Latest news with #IraqiMinistryofOil
Iraqi News
16-07-2025
- Business
- Iraqi News
Foreign oil companies increase investments in Iraq
Baghdad ( – The Iraqi Ministry of Oil confirmed on Wednesday that international oil corporations are increasingly looking to invest and operate in Iraqi oil fields. The Deputy Oil Minister for Extraction Affairs, Basim Khudair, said in a statement that foreign oil firms are increasingly interested in investing and operating in Iraq's oil reserves, the Iraqi News Agency (INA) reported. Global multinational oilfield services company Schlumberger has begun operations at the Akkas gas field in the western Iraqi province of Anbar, according to Khudair. The Iraqi official illustrated that Iraqi Minister of Oil Hayan Abdul-Ghani and officials representing the US-based company Chevron recently met in the Austrian capital, Vienna, to explore investment in four exploration blocks in the Nasiriyah oil field, located approximately 200 kilometers northwest of Basra. Khudair mentioned that discussions also addressed the development proposal of the Balad oilfield located about 60 kilometers north of Baghdad. US-based ExxonMobil also showed interest in once again entering the Iraqi market and is actively negotiating possible investments in Iraqi oilfields, according to Khudair. The aforementioned steps are a positive sign of multinational corporations' trust in the investment climate provided by the Iraqi government in the oil and gas sectors.
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.
Iraqi News
26-06-2025
- Business
- Iraqi News
Iraq seeks to increase liquefied gas exports
Baghdad ( – The Iraqi Ministry of Oil declared on Wednesday that the government plans to raise liquefied gas production and export rates to generate additional revenue for the national budget. The Deputy Minister of Oil for Gas Affairs, Izzat Saber, told the Iraqi News Agency (INA) that the utilization of associated gas has improved, allowing Iraqi enterprises to harness 71 percent of the flared gas through various initiatives aimed at achieving the ministry's objectives in this area. In a notable effort to strengthen the country's energy security and decrease dependence on imports, Saber stated in March that the Oil Ministry had achieved self-sufficiency in liquefied gas and had begun exporting surplus supplies to international markets. Over 8,000 tons of liquefied gas are produced every day, according to the Iraqi Oil Ministry, demonstrating Iraq's capacity to supply domestic demand while also having the potential to export more to support regional markets. Saber stated that Iraq's achievement of liquefied gas self-sufficiency signals a strategic shift in national energy strategy, as the country no longer relies on imports to satisfy its domestic demands. Due to the surplus production, Iraq has been able to export significant quantities to international markets, enhancing investment opportunities and revenue in this vital sector.
Iraqi News
19-06-2025
- Business
- Iraqi News
Iraq says oil exports unaffected despite Iran-Israel conflict
Baghdad ( – Iraq has confirmed that its crude oil exports continue without disruption, even as military tensions escalate between Israel and neighboring Iran. Shada Al-Azzawi, a member of Iraq's Parliamentary Oil and Gas Committee, stated that export operations through the Strait of Hormuz remain stable, with no signs of interruption due to the regional conflict. The Iraqi Ministry of Oil reported that in May, the country's oil production slightly exceeded 4 million barrels per day (bpd), with approximately 3.3 million bpd exported—mainly to China and India, Iraq's largest buyers. Despite concerns that the Strait of Hormuz, a crucial water entrance for global oil supplies, may become a flashpoint if Iran chooses to retaliate or limit access in retaliation to Israeli bombings, Iraqi officials have stated that oil flows remain stable. As OPEC's second-largest oil producer, Iraq depends heavily on Hormuz for transporting the bulk of its crude exports. Any disruption to this route could have serious implications for both Iraq's economy and global energy markets.
Iraqi News
10-06-2025
- Business
- Iraqi News
Iraq carries out promising projects to stop gas flaring
Baghdad ( – Iraq is carrying out ambitious projects to reduce gas flaring associated with oil operations, achieve self-sufficiency in gas, and meet the fuel demands of multiple industries and power plants. The Iraqi Ministry of Oil has significantly increased its utilization of associated gas from 53 percent to 70 percent. Iraq has successfully increased its dry gas production from 1.3 billion standard cubic feet per day to 1.8 billion standard cubic feet per day. This achievement is the result of several promising projects carried out by local companies in collaboration with specialized foreign firms. Eliminating gas flaring in Iraq is an essential aspect of Baghdad's goals to attain self-sufficiency and lower its import costs, as well as meet its climate pledges. To meet growing demand and limit imports, the Iraqi government plans to reduce the amount of gas it unproductively flares by approximately 20 percent in 2025. The government's strategy intends to cease gas flaring in oil fields over the coming few years and achieve a production rate of three billion standard cubic feet per day by 2030. Amid plans to stop gas flaring in oil fields by the end of 2028, the government's plans include converting flared gas into clean energy to support power plants and related industries, as well as protecting the environment and public health, in accordance with Iraq's international commitments, including the 2016 Paris Agreement to achieve zero greenhouse gas emissions by 2030.
