Latest news with #OilMinistry
Shafaq News
22-07-2025
- Business
- Shafaq News
Iraq signs major deal with US Schlumberger to develop Akkas field
Shafaq News – Baghdad Iraq signed a new agreement on Tuesday with US energy giant Schlumberger to ramp up production at the Akkas gas field in al-Anbar—the Middle East's second-largest—aiming to boost domestic supply and relieve the country's worsening energy crisis. According to the Oil Ministry, Minister Hayan Abdul Ghani, who is also Deputy Prime Minister for Energy Affairs, described the deal as central to Iraq's gas strategy, with Schlumberger set to drill new wells alongside the Midland Oil Company to initially produce 100 million standard cubic feet per day (mmscfd), targeting 400 mmscfd long-term. The contract, which replaces a previous deal with a Ukrainian firm, also covers surface infrastructure and pipeline construction to connect Akkas to central processing units and power the al-Anbar Power Station now under development. Abdul Ghani urged Schlumberger to meet all deadlines, underscoring Iraq's urgent need to expand gas production. Schlumberger's Integrated Projects President, Gokhan Yarim, welcomed the partnership and pledged full compliance with the schedule while reaffirming the company's long-term commitment to Iraq. Deputy Oil Minister for Extraction Affairs Bassem Mohammed Khudair praised the deal as a strategic leap that combines domestic capabilities with global expertise, citing Akkas and Mansuriya as top priorities for cutting gas flaring and raising output. Midland Oil Director General Mohammed Yassin endorsed the initiative, highlighting its technical impact and its role in enabling direct cooperation between Iraqi firms and major international service providers.
Al Arabiya
22-07-2025
- Business
- Al Arabiya
Iraq signs contract with Schlumberger to develop production at Akkas gas field
Iraq has signed a contract with US energy company Schlumberger to develop the production at the Iraqi Akkas gas field, the Iraqi oil ministry said on Tuesday.
The National
22-07-2025
- Business
- The National
Iraq considers broader energy agreement with Turkey
Iraq is considering a proposal from Turkey to establish a broader energy agreement that covers oil, gas, petrochemical industries and electricity, Iraq's Oil Ministry has said. On Monday, Ankara announced it would not be renewing a decades-old agreement that allowed Baghdad to export its crude oil to the international market through Ceyhan in Turkey. In place since 1975, the Kirkuk-Ceyhan oil pipeline deal will expire on July 27, 2026, a ruling published in the Turkey's official gazette said. All protocols or memorandums relating to the deal will also stop. The Turkish Energy Ministry of Energy sent a letter to Iraq's Ministry of Oil expressing its desire for a new agreement, the oil ministry said late on Monday. 'Along with it is a draft of a new agreement for co-operation in the energy sector, more comprehensive than the previous agreement,' it cited an unidentified official as saying. That draft suggests 'co-operation in the field of oil, gas, petrochemical industries and electricity, with the aim of expanding the horizons of co-operation between the two countries". The Oil Ministry is 'in the process of reviewing the draft agreement' before negotiations to 'reach a formula that serves the interests of Iraq and Turkey", the official said. The Kirkuk-Ceyhan pipeline has been offline since 2023 after an arbitration court ruled that Ankara had breached the agreement when it allowed Iraq's semi-autonomous Kurdish region to pump crude without Baghdad's consent. The ruling also stipulated Ankara should pay $1.5 billion in damages for unauthorised Iraqi exports between 2014 and 2018. Turkey is appealing the ruling. Iraq and Turkey have been working to resume oil flows from the pipeline. Ankara said in late 2023 that the pipeline was ready to receive Iraq's oil but Baghdad, the Kurdistan Regional Government and independent oil producers were unable to agree on the terms. The Iraqi Cabinet approved a long-anticipated agreement with Kurdistan that could reset their strained relationship over oil exports and public sector salaries. Relations between Baghdad and Ankara have improved significantly in recent years with the two neighbouring countries working on expanding co-operation in many fields, including security, economy, trade and investment opportunities. Top among these plans is a major economic integration project known as the Development Road – a $17-billion project that will connect Iraq's southern Gulf ports to Turkey. Iraq, Turkey, Qatar and the UAE have signed a preliminary agreement for joint co-operation on the project. As part of the initiative, a high-speed road and rail link, running from Iraq's port city of Basra on the Gulf to the Turkish border and later to Europe, will also be extended. Iraq is the second-largest producer of oil in the Opec group after Saudi Arabia, with an output of about 3.9 million bpd, according to the latest Opec data.
Reuters
19-07-2025
- General
- Reuters
Fire contained at Iran's Abadan refinery, one dead, SHANA says
DUBAI, July 19 (Reuters) - A fire that broke out on Saturday at a unit of Iran's Abadan refinery, killing one employee, has been brought under control, Iran's oil ministry's SHANA news agency reported. It said operations were unaffected. "According to initial technical probes, the cause of the fire was a leak in one of the pumps in Unit 70, and no evidence of sabotage or human intervention has been observed so far," Shana reported. State television said firefighters from Abadan and nearby areas had responded. Local new agencies earlier carried videos showing large flames and dark stacks of smoke rising from a segment of the refinery, Iran's oldest crude processing facility in the southwestern oil-rich Khuzestan Province, which is currently among one of the hottest places in the world. Temperatures are nearly 50 degrees Celsius (122°F). The refinery, like almost all Iranian oil and gas processing plants, needs major works and renovation.
Bloomberg
19-07-2025
- Business
- Bloomberg
Fire Under Control at Iran's Largest Oil Refinery: State Media
A fire that broke out on Saturday at Iran's Abadan Oil Refinery, the country's largest crude oil processing facility, has been brought under control without disrupting operations, state media reported. The blaze erupted in one of the refinery's processing units, according to the Islamic Republic News Agency, which said firefighters responded promptly. There were no immediate reports of casualties or the cause of the incident. Production remained unaffected, the Oil Ministry's Shana news agency said.
