Latest from Iraq Business
Iraq Business
5 hours ago
- Business
- Iraq Business
GKP "Temporarily Shuts-In Production" at Shaikan
By John Lee. Gulf Keystone Petroleum (GKP) has said it has "temporarily shut-in production" at its Shaikan field in Iraqi Kurdistan. In a statement this morning (Wednesday), the company said: "Gulf Keystone has noted reports over the past two days of explosions at a number of oil fields in the vicinity of the Company's Shaikan Field. "As a safety precaution, GKP has decided to temporarily shut-in production and has taken measures to protect staff. The Company's assets have not been impacted. "The Company is closely monitoring the situation and will provide further updates as appropriate." The decision follows incidents at other fields in the region on Monday night, Tuesday morning, and again on Wednesday. (Source: GKP)
Iraq Business
5 hours ago
- Business
- Iraq Business
Explosions at Tawke; Production Temporarily Suspended
By John Lee. DNO, the operator of the Tawke field in Iraqi Kurdistan, reported three explosions this morning (Wednesday). In a statement, the company said: "DNO ASA, the Norwegian oil and gas operator, reports that operations at its Tawke license in the Kurdistan region of Iraq have been temporarily suspended following three explosions early this morning, one involving a small storage tank at Tawke and the other involving surface processing equipment at Peshkabir. There have been no injuries. The damage assessment is underway and the Company expects to restart production once the assessment is completed." Genel Energy holds a 25-percent working interest in the Tawke licence, which includes both the Tawke and Peshkabir fields. There were incidents at other fields in the region on Monday night and Tuesday morning. (Sources: DNO, Genel Energy)
Iraq Business
17 hours ago
- Business
- Iraq Business
IMF Explains Iraq's Exchange Rate Arrangement
By John Lee. The International Monetary Fund (IMF) has issued a brief explainer on Iraq's exchange rate arrangement. As part of a follow-up to last week's report on the state of the Iraqi economy, the IMF clarified as follows: " Exchange Rate Arrangement "Iraq's de jure and de facto exchange rate arrangements are classified as a conventional peg arrangement. The Central Bank Law gives the Board of the Central Bank of Iraq (CBI) the authority to formulate exchange rate policy. "Effective February 8, 2023, the official exchange rate was set at ID 1,320 according to the closing prices of the daily bulletin of gold & main currencies published on the CBI website ( "There has been a change to Iraq's exchange system since the last Article IV Consultation. Iraq continues to avail itself of the transitional arrangements under Article XIV, Section 2 but no longer maintains any restrictions under this provision. Iraq does not maintain any current account exchange restrictions or MCPs [Managed Currency Pegs]. Starting January 2025, all international transactions have been routed through commercial banks via their correspondent banking relationships (CBRs). "The Central Bank of Iraq (CBI) replenishes these balances weekly based on foreign exchange demand and conducts audits to ensure that the allocated funds are used in compliance with AML/CFT regulations. Private banks are also encouraged to broaden their CBR networks, particularly with non-U.S. financial institutions. " Click here to download the full report. To browse our comprehensive library of reports on Iraq, click here. (Source: IMF)
Iraq Business
17 hours ago
- Business
- Iraq Business
Explosion at Kurdistan's Sarsang Field
By John Lee. HKN Energy has confirmed an explosion occurred early on Tuesday morning at one of its production facilities in the Sarsang field, located in the Kurdistan Region of Iraq. The incident took place at approximately 7:00 AM local time on 15 July 2025. According to the company, all personnel have been safely accounted for, with no injuries reported. Emergency response teams were promptly deployed and have contained the damage. HKN Energy is now conducting a full investigation to determine the cause of the explosion and is coordinating closely with local authorities and stakeholders. Operations at the affected facility have been temporarily suspended until the area is fully secured and a comprehensive damage assessment is completed. The incident occurred shortly before HKN signed an agreement to develop Iraq's Hamreen oilfield. Hours earlier, Khurmala oil field in Kurdistan's Makhmour district was targeted by two unidentified drones, resulting in no human casualties, with damages limited to material losses. (Source: HKN Energy)
Iraq Business
17 hours ago
- Business
- Iraq Business
GE-Led Consortium Wins 750MW Mansuriya Power Contract
By John Lee. GE Verona, in consortium with GE Global, General Electric Global Services, Ontex Trading, and Calik Enerji, has been awarded the contract for the expansion of the Mansuriya gas power plant. The project involves adding two gas turbines and a combined-cycle system, with a total capacity of 750 megawatts (MW). The Iraqi Cabinet approved the contract on the condition that GE: Fixes the total contract value; Ensures operation of the plant using gas from the Khasham al-Ahmar [Khashim Ahmer-Injana] field at no additional cost; Commits to covering the cost of the environmental impact assessment. The expansion is part of the government's strategy to develop Iraq's electricity generation sector and increase reliance on domestic gas sources. The Khasham Al-Ahmar field in Diyala was awarded to UAE-based Crescent Petroleum, as part of Iraq's fifth licensing round. (Source: PMO) Tags: Calik Enerji, cg, Electricity In Iraq, energy, featured, GE, GE Verona, General Electric, Khasham Al-Ahmar, Khashim Ahmer-Injana, Mansouriya, Mansuriyah Power Station, Ontex, Turkey, Turkiye
