A Semi-Final Agreement With The Region To Begin Exporting Oil
July 12, 2025 Baghdad – Qusay Munther Oil Minister Hayan Abdul Ghani revealed that a near-final agreement has been reached with the Kurdistan Region to resume oil exports via the Turkish port of Ceyhan. He noted that negotiations have reached their final stages after resolving most of the contentious issues between the two parties, with the exception of the issue of domestic consumption, which remains under discussion.
Abdul Ghani said in a statement yesterday that “the budget specified quantities of crude oil that must be delivered from the Kurdistan Regional Government to the federal government for export. It stipulated the delivery of 400,000 barrels per day to the federal government, specifically to the State Oil Marketing Organization (SOMO), for export via the Iraqi-Turkish pipeline.” ]
He stressed that “during this period, intensive talks and negotiations took place to implement this initial agreement or what was stipulated in the budget law.
Based on these negotiations, the budget law was amended to expedite the implementation of the agreement and deliver the quantities according to the amendments. $16 was set for each barrel produced by the region as an advance payment, with the appointment of a consulting company within a clear scope of work to price the production of a barrel of oil in each field separately.”
He pointed out that “this agreement and amendment were presented to the regional government and received real approval from all parties,” indicating that “there are some issues that have hindered the implementation of this agreement, including the issue of the budget law and within the audit agreements between the Financial Supervision Bureaus in the federal and regional governments, where it was agreed to set the amount of refining or internal consumption at 46 thousand barrels per day, but the region is currently demanding that this amount be 65 thousand, which constitutes a violation of the budget law.”
Stressing that (almost all paragraphs were agreed upon except for this paragraph, and we hope that in the final stages the region will agree to the amount that was agreed upon within the Financial Supervision Bureau in the federal government and the region with the aim of implementing this agreement),
Abdul Ghani explained that (from our side as the federal government, the Turkish side and the Kurdish side were informed of our readiness to receive and export this amount, and I was in a meeting with the Turkish Minister of Energy, who confirmed that Ankara is ready to resume the process of exporting oil through the Iraqi-Turkish pipeline towards Ceyhan, but we are waiting for the brothers in the region to deliver this amount of oil so that it can be exported).
He continued, saying, “The federal government is now losing approximately 300,000 barrels per day, because the amount produced by the region is counted as part of Iraq’s OPEC quota, even though the federal government does not benefit from this amount.” On a related note, Iraq ranked 12th globally in proven natural gas reserves for 2025, according to the American magazine.
The magazine said in a report that (Russia, Iran and Qatar combined possess 51 percent of the world’s proven natural gas reserves, totaling about 3.7 quadrillion cubic feet out of 7.3 quadrillion cubic feet available worldwide), and pointed out that (Iraq ranked 12th globally in proven natural gas reserves this year, amounting to 111 billion and 522 million cubic feet, which is equal to 1.61 percent of the world’s reserves), adding that (Russia ranked first globally in proven natural gas reserves, amounting to 1 trillion and 688 billion and 228 million cubic feet, followed by Iran in second place with 1 trillion and 183 billion and 19 million cubic feet, and Qatar came in third with 850 billion and 98 million cubic feet).
The report continued, “The United States of America came in fourth place with the largest proven natural gas reserves, 322 billion and 234 million cubic feet, and Saudi Arabia came in fifth place with 303 billion and 284 million cubic feet of natural gas.” LINK
Iraq Opens Up To Shell To Implement Major Energy Projects.
July 12, 2025 Baghdad – Qusay Munther Prime Minister Mohammed Shia al-Sudani affirmed that the Iraqi government is opening its doors to major international companies, most notably Shell, to implement strategic projects in the energy sector.
He emphasized that the government’s vision and development plans align with the company’s proposals for gas investment and modernizing the oil sector’s infrastructure, serving Iraq’s interests and enhancing self-sufficiency.
Investment Opportunities
A statement received by Al-Zaman yesterday said that “Al-Sudani received the Deputy CEO of Shell Oil Company, Richard Howe, and during the meeting, they discussed aspects of cooperation in the field of developing the energy sector and investment opportunities to contribute to achieving the common interest of both parties.”
Al-Sudani affirmed that “the government is harnessing all capabilities and efforts to implement major projects in light of contracts concluded with international companies, especially those related to gas investment and achieving self-sufficiency in its production.
” He stressed that “Shell’s proposals in the field of developing and reforming the oil sector are convergent with the government’s vision and plans.
” Al-Sudani pointed out that “the government is open to cooperating with all companies that possess the technology, experience and competence, in order to implement important projects to develop the energy sector and modernize its infrastructure.
” For his part, the Deputy CEO of Shell Company affirmed that “Iraq is a mature environment for investment,” reiterating “his company’s keenness to develop gas investment from Basra, as well as projects to develop exploration blocks in Dhi Qar and the western region, in a way that enhances and raises the level of energy production in Iraq.”
Meanwhile, the Ministry of Electricity revealed that all administrative, technical, and logistical requirements related to the import of Turkmen gas have been completed, following the Cabinet’s approval to activate the import contract.
Ministry spokesman Ahmed Moussa said in a statement yesterday that “the ministry has completed all administrative, technical, and logistical requirements related to the import of Turkmen gas to compensate for the shortage in Iranian gas.”
He continued, “The agreement was submitted to the Prime Minister’s Office and received Cabinet approval at its last session.”
He stressed that “the ministry is awaiting the completion of the procedures of the Commercial Bank of Iraq related to opening credit and transferring the necessary funds to purchase the gas, which will cover part of the current deficit, estimated at 14 to 15 million cubic meters, contributing to the operation of stations with a capacity exceeding 2,000 megawatts.
” He continued by saying that “the power generation stations are currently operating in a stable condition, after completing maintenance on the generating units and increasing their production capacity to the maximum.”
He pointed out that “the long-term agreements concluded by the ministry have achieved their goals in ensuring the sustainability of the stations’ operations.
However, the full release of gas remains the most important factor for continuing operations at optimal efficiency, as operating on alternative fuels reduces production efficiency.” The Cabinet, in its last session, approved the activation of the gas supply contract from Turkmenistan to supply 14 to 15 million cubic meters per day, achieving an additional energy capacity of 2,000 megawatts.
A Comprehensive Approach
Meanwhile, OPEC Secretary General Haitham Al-Ghais predicted that the world’s need for more energy will increase over the next decade. Al-Ghais stressed, on the sidelines of his participation in the OPEC International Symposium, which is being held at its headquarters in the Austrian capital, that “there is a great need to pump huge investments into the energy mix, with an emphasis on a comprehensive approach that includes the use of modern technology, reducing harmful emissions, and taking into account the needs of the oil market, especially those of non-energy-exporting countries.”
He revealed that “the organization is issuing its forecast report for the first time during the organization’s international symposium, as it provides forecasts on the interconnected and interrelated issues related to the development of the oil market, and provides important information that benefits policymakers, decision-makers, experts, and companies. LINK
Iraq Ranks 12th In The World In Gas Reserves.
Energy Economy News – Follow-up Iraq ranked 12th globally in proven natural gas reserves by 2025, according to the American magazine CEOWorld.
The magazine stated in a report that Russia, Iran, and Qatar combined hold 51% of the world’s proven natural gas reserves, totaling approximately 3.7 quadrillion cubic feet out of the 7.3 quadrillion cubic feet available worldwide.
According to the report, Iraq ranked 12th globally in proven natural gas reserves in 2025, amounting to 111 billion and 522 million cubic feet, representing 1.61% of the world’s reserves.
The magazine added in its report that Russia ranked first globally in proven natural gas reserves, amounting to 1,688 billion, 228 million cubic feet, followed by Iran with 1,183 billion, 19 million cubic feet, and Qatar with 850 billion, 98 million cubic feet.
The report continued, stating that the United States of America came in fourth with the largest proven natural gas reserves, at 322 billion and 234 million cubic feet, while Saudi Arabia came in fifth with 303 billion and 284 million cubic feet of natural gas.
A quadrillion is equal to one million billion. https://economy-news.net/content.php?id=57270
Basra crude achieves weekly gains despite lower closing prices.
energy Economy News – Baghdad Basra crude oil posted weekly gains as global oil prices rose, despite a decline in the final closing session on Friday.
Basra Heavy crude closed down $1.29 to $67.29 a barrel, but posted weekly gains of $1.18, or 1.78%.
Basra Medium crude also fell by $1.29 in its last session, closing at $69.11 per barrel, but recorded weekly gains of $1.28, or 1.85%.
Globally, Brent crude rose 2.5% over the week, while West Texas Intermediate crude is on track to gain about 1.6% compared to last week’s close. https://economy-news.net/content.php?id=57261
Parliament Calls On The Ministry Of Finance To Expedite The Submission Of Budget Schedules
Buratha News Agency 11920 25-07-12 The Parliamentary Finance Committee called on the Minister of Finance, Taif Sami, on Saturday to expedite sending the budget tables for the year 2025 to the House of Representatives for approval, as stated in an official document issued by the committee, “Based on the provisions of Article (77/Second) of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 – 2024 – 2025) No. (13) of the year 2023, which obligated the government to send the budget tables for the current fiscal year before the end of last year, and since the federal general budget is for three years, Article (13) of the Federal Financial Management Law No. (1) of 2019 does not address current government spending, as well as not benefiting from the emergency reserve allocations account to spend it on emergency situations that the country is likely to be exposed to until the budget tables are approved in the year / 2025.”
She added, “Therefore, we urge you to expedite the submission of the 2025 budget schedules to the Iraqi Parliament for approval, signaling the start of legal government spending and disbursement, and enabling state institutions to fulfill their obligations.” https://burathanews.com/arabic/news/462645
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com
