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Energy & Mineral Resource

Iraqi government asks international oil companies to get used to with low oil prices. Iraq’s oil minister Jabbar al-Luaibi sent a letter to several foreign oil companies, asking them not to rein in their ambitions on producing oil.
Iraq’s resumption last week of oil shipments through a Kurdish-controlled pipeline bumped up its export capacity by 5 percent almost overnight.
After a lot of turmoil, Iraq’s parliament has finally approved five new ministers nominated by Prime Minister Haidar al-Abadi.
Oil ministry of Iraq stated that a new natural gas unit has been started to be operated by Iraq in the southeastern region as part of a plan to use gas that was previously flared to generate electricity.
Jabbar al-Luaibi, the former head of Iraq’s biggest crude producer who was appointed oil minister, stated that he observes ways to resolve the energy dispute with the self-governed Kurds in the north of OPEC’s No. 2 producer.
In early August, oil export flow from Iraq’s Kurdistan region fell sharply due to pipeline outages. Due to recent attacks on the oilfield, production has also been declined.
In southern Iraqi oilfields, clashes between protestors and security forces have erupted. According to local media, on last Sunday clashes began after a group of protesters attempted to block a road leading to oil fields in the district of Zubair, located near the country’s main port city of Basra.
Iraq makes agreement with Shell, Lukoil and BP to restart stalled investment in oil fields the firms are developing. Projects were in halt for more than a year, but with the fresh agreements the halted projects are expected to be started.
On last Wednesday, a well that pumps oil from the Kirkuk fields in northern Iraq had been blown up, as reported by the North Oil Company.
Gazprom Neft, a Russian oil and gas company, has commissioned its 10th production well (P-07) at the Badra oil field of Iraq.
On last Monday, Iraq’s Ministry of Oil has announced that the country has exported around 95 million barrels of oil during June from the central and southern oil fields.
On Friday, last week, oil price settled at lower side, losing 4% on the week.
Basra Provincial Council announced that the Japanese government has agreed to lend 2.1 billion US dollars to Iraq for developing Basra refinery and added that the loan will be repaid in 40 years with an interest rate of 2 per cent.
Iraqi Ministry of Oil announced on Friday a new shipment of liquid gas and other gas condensate, to the tune of 1600 tons.
The Iraqi Ministry of Oil, on Monday, announced that Iraq had exported more than 95 million barrels of oil during June from the central and southern oil fields.
NEW DELHI: Iraq has overtaken Saudi Arabia to become India's top crude oil supplier while Iran has grabbed the fourth biggest exporter slot post lifting of sanctions.
Production momentum at the Badra oil field in eastern Iraq has resulted in almost half of the total volumes emerging this year, Russian company Gazprom Neft said.
It has been reported by First Deputy Chief Executive Officer of the company Vadim Yakovlev that Gazprom Neft plans to boost oil production at the Badra field in Iraq to 115,000 barrels daily.
President Vagit Alekperov of oil major of Russia, Lukoil plans to offset the costs on Iraqi fields in August.
Alireza Ashnagar, Iran’s Kordestan province deputy governor general for political, security and social affairs said on last Wednesday that Iran dispatched the first cargo of its gas oil to Iraq’s Kurdistan region.
As per reports, Islamic development bank has provided its initial agreement in giving $3 billion in easy loans and grants to Iraq. Iraq’s economy is down ridden due to global oil price slump. This has been reported by a spokesperson of Central bank in Baghdad.
As top crude exporter to India, Iraq overtook Saudi Arabia in the month of April for the first time since December last year.
According to Iraqi officials, Iraqi production halted on last Wednesday due to explosion at two oil wells near territory controlled by Daesh in northern Iraq.
The latest political crisis in Iraq brings bad news for India, which relies on half of its oil imports from volatile Middle East regions. Indian basket of crude oil price has risen to nearly $45 a barrel.
The World Bank’s private sector investment arm, International Finance Corporation (IFC), stated that it had arranged $375 million in financing for an Iraqi power company to provide electricity to millions of people in Kurdistan and Baghdad.
On March 20th, 2016, Iraq has exported its first gas condensate from the port at Khor al-Zubair to Fujairah in the United Arab Emirates (UAE). Hamed Zubai, undersecretary at the Iraqi Ministry of Oil, reported that the Iraqi Oil Marketing Co. had arranged for the 10,000-cubic-meter consignment, and the Basrah Gas Co. had successfully exported the shipment.
Iraqi crude output has been increased to a record level in the month of March. Noticeably, other producers are freezing production in order to curb global glut of oil price. In a statement SOMO, state oil company of Iraq, stated that crude output in the group’s second-biggest producer rose to 4.55 million barrels a day last
In 2010 the former Iraqi Minister of Oil Hussain Shahristani, also known as a teacher, was invited to the parliament to speak about the petroleum product shortages in the country. Due to 70% utilization of the country, the refineries are not meeting the domestic demands. Shahristani left the parliament with flying colors after announcing the Ministry is working to build four refineries at the same time. The plan came about in such a way that no one quite knew on what basis the sites were selected or the fe
Textron Systems has been contracted to provide new tactical vehicles to Iraq, as the country continues to battle the Islamic State, as well as Colombia, through the U.S. Foreign Military Sales program.
With a fall of US crude stocks which was eventually balanced by rise in Iraqi exports, oil price stayed steady at $40 per barrel.
As we all know that global crude price has experience a steep slump. This has also impacted global economy. This is being echoed by a sharply falling rig count in the domestic space as reported by Houston-based oilfield services company Baker Hughes Inc. BHI in its weekly rig count. Also, Janet Yellen’s dovish stance has kept skepticism alive on the feasibility of any domestic growth.
Oil ministry spokesperson of Iraq, Asim Jihad remarked that Iraq loaded its first export cargo of 10,000 cu feet of LPG Sunday. The shipment from the port of Al-Qasr in the Persian Gulf, marks Iraq’s first step towards delivering regular LPG volumes to global markets.
First shipment of natural gas in its history has been exported by Iraq. This has been noted as a key development for the OPEC member struggling to feed a cash-strapped economy amid an expensive fight against the Islamic State of Iraq and Syria (ISIS).
The Iraqi Oil Minister officially presented his resignation for the Iraqi Prime Minister Haider al-Abadi on Thursday.
Mr. Adil Abd AL-Mahdi the minister of oil met with Mr. Kamal Kharrazi the Head of the Foreign Relations Strategic Council in the office Mr. Ali Khamenei the Supreme Leader of the Islamic Revolution.
Mr. Adil Abd Al-Mahdi the minister of oil participated in the Sulaimani Forum which was held for the period from 16 to 17 of March 2016 and attended by Many Iraqi, Arab and foreign politicians.
The Iraqi ministry of oil Declared its final oil exports for the previous February 2016 which was (93.500) million barrels and their achieved outcome which is about (2.249) billion dollars according to the final statistics of SOMO company.
Iran dented the efforts of other big oil exporters to limit production Wednesday by refusing to curb its own output, demonstrating the limits of OPEC's power to boost prices amid rising tensions among its members.
On last Monday, the Norwegian oil and gas operator DNO ASA, confirmed receipt of USD 21.45 million from the Iraq’s Kurdistan Regional Government KRG for exports from the Tawke field under a new payment arrangement announced on 1 February 2016.
Iraq is officially ready to participate in a significant OPEC meet. In the meeting, it may decide to halt its fast growing oil output, if all non-OPEC and OPEC members agree.
According to the oil minister of Iraq, OPEC’s top oil producer Saudi Arabia and top non-OPEC producer Russia are now keen on showing flexibility about agreeing to tackle an oil glut that has pushed prices to 12-year lows.
Finance minister of Iraq stated that the OPEC cartel of oil-producing nations is "trying, really" to cut output and raise prices as his country suffers the effects of the weakness.
Bijan Nadar Zangeneh, Iranian Petroleum Minister, has revealed plans for a daily increase of 200,000 barrels of crude oil from the country’s western joint fields with Iraq.
Bahrain and Oman have reduced state subsidies on gasoline as the global oil price dips to its lowest since 2003.
In the month of December, OPEC has pumped lesser oil. However, it does not mean that price of crude is going to rise soon.
Largest ever steel export deal of India, struck with Iraq in 2014 to allow it to buy the metal without violating Western sanctions that are now set to end, has become mired in a dispute that has seen no payments made or shipments delivered since last fall.
Following the falling oil prices, International companies have decided to postpone $380 billion in projects so far. A Scotland based energy research and consultancy company, Wood Mackenzie stated that in the second half of 2015, oil companies delayed decisions on 22 projects, equal to 7 billion barrels of crude oil.
Following the falling oil prices, International companies have decided to postpone $380 billion in projects so far. A Scotland based energy research and consultancy company, Wood Mackenzie stated that in the second half of 2015, oil companies delayed decisions on 22 projects, equal to 7 billion barrels of crude oil.
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