Investment contracts for drilling new wells

The Iraqi Drilling Company has announced its intention to conclude contracts with Chinese and American companies operating in Iraq to drill and rehabilitate dozens of oil wells in the country. The company indicated it is about to start drilling 20 wells in the Nasiriyah field in Dhi Qar, which are included in a long-term plan with the Dhi Qar Oil Company to advance the oil s

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Iraq inaugurates project to increase and green Basra refinery output

Prime Minister Mustafa Al-Kadhimi on Sunday laid the cornerstone for a project set to increase the South Refineries Company (SRC) production capacity in Iraq’s key Basra Port while also working towards greater environmental sustainability. “This project will increase our production capacity by 55,000 barrels per day,” Al-Kadhimi noted during the ceremony, “and give us oil pr

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Kurdish, Iraqi leaders voice hope of better relations as 2021 budget passed

ERBIL, Kurdistan Region — Kurdistan Region and Iraqi leaders have spoken of their hope and optimism that the Wednesday passage of the 2021 budget bill will lead to closer ties between Erbil and Baghdad. The budget approval puts an end to months of disputes between Erbil and Baghdad over the Kurdistan Region’s share of federal funds. “We hope that this becomes a precursor

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Iraq Approves Smaller Budget Plan, Assuming Oil at $45 a Barrel

Iraq’s lawmakers approved a revised budget for this year that’s smaller than initially envisaged to help narrow the deficit and reduce borrowing. OPEC’s second-largest producer assumed oil prices would average 65,250 Iraqi dinar ($45) per barrel in the budget statement. The country’s total exports, including from the autonomous region of Kurdistan, would be 3.25 million barr

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