logo
Iraq Advances Development of Exploration Block 3

Iraq Advances Development of Exploration Block 3

Iraq Business15-02-2025
By John Lee.
Bassem Mohammed Khudair, Undersecretary for Extraction at Iraq's Ministry of Oil, chaired a high-level meeting on Thursday to discuss the development of Exploration Block 3.
Key Discussion Points: Participants: Senior officials attended, including the Directors General of the Oil Exploration Company (OEC) , Midland [Middle] Oil Company (MdOC) , Petroleum Contracts and Licensing Directorate (PCLD) , and Reservoirs and Field Development Directorate .
, , , and . Project Timeline: The meeting focused on the exploration contract and setting a clear timeline for its implementation in partnership with Indonesia's Pertamina .
. Strategic Focus: Khudair underscored the importance of expanding exploration into untapped areas to enhance national hydrocarbon reserves, calling for strong inter-agency coordination to meet development goals within defined timeframes and efficiency standards.
(Source: Ministry of Oil) Tags: cg, featured, Indonesia, Iraqi Oil Exploration Company, Middle Oil Company, Midland Oil Company, oil exploration, PCLD, Pertamina, Petroleum Contracts and Licensing Directorate, Reservoirs and Field Development Directorate
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Baghdad orders Kurdistan Region to hand over all oil, ties salaries to compliance
Baghdad orders Kurdistan Region to hand over all oil, ties salaries to compliance

Shafaq News

timean hour ago

  • Shafaq News

Baghdad orders Kurdistan Region to hand over all oil, ties salaries to compliance

Shafaq News – Baghdad The Iraqi Government has ordered the Kurdistan Regional Government (KRG) to immediately hand over all oil produced in the region to the state oil marketing company SOMO, linking salary payments to compliance with the mandate. The decision, issued by the Council of Ministers on Thursday, is a part of a new framework to settle long-standing disputes over oil revenues, budget allocations, and public employee salaries between Baghdad and Erbil. Under the new arrangement, the KRG must deliver a minimum of 230,000 barrels per day to SOMO for export, with any increase in production to be included. The Iraqi Ministry of Finance will, in turn, disburse an advance of $16 per barrel—either in cash or in kind—for the quantities received, in line with the amended federal budget law. If exports are halted for any reason, the Kurdistan Region is required to deliver the same amount directly to the federal Ministry of Oil. The remaining 50,000 barrels per day produced in the Kurdistan Region will be used for local consumption. The KRG is responsible for covering production and transport costs for this portion, while revenues from refined product sales must be transferred to the federal treasury after deductions. The Ministry of Oil will also supply the region with refined fuel equivalent to 15,000 barrels of crude per day if needed, based on a joint assessment due within two weeks. Non-Oil Revenue Audit And Salary Localization The Cabinet also mandated the KRG to transfer an initial payment of 120 billion Iraqi dinars from non-oil revenues for May. A joint audit team from Baghdad and Erbil will review and classify these revenues, beginning with May 2025, and submit findings within two weeks to determine the federal government's share. A separate joint committee will finalize the localization of public sector salaries in the Kurdistan Region within three months, in line with a Federal Supreme Court ruling. Federal funding for these salaries will be granted only once the localization is completed. Another team will examine whether the Kurdistan Region exceeded its authorized spending share under the 2023–2025 federal budget and will recommend corrective measures. This report is also due within two weeks. First Salary Payment Conditioned On Oil Transfer The Ministry of Finance will begin disbursing May salaries for the Region's employees only after the Ministry of Oil confirms receipt of the full daily quota—currently 230,000 barrels—via SOMO at the port of Ceyhan in Turkiye.

PM Opens Rebuilt Mosul Int'l Airport
PM Opens Rebuilt Mosul Int'l Airport

Iraq Business

time6 hours ago

  • Iraq Business

PM Opens Rebuilt Mosul Int'l Airport

By John Lee. Prime Minister Mohammed Shia Al-Sudani inaugurated the newly rehabilitated Mosul International Airport on Wednesday, describing it as a strategic gateway for boosting economic and development opportunities in Nineveh province. The inauguration ceremony was attended by the Ministers of Defence, Transport, and Culture, as well as the Governor of Nineveh, the Chairman of the Provincial Council, and local members of parliament. The Prime Minister toured the airport's facilities, including the passenger terminals, control tower, and operational systems. He praised the efforts of the staff and the company responsible for the project, and commended the local authorities for supporting its completion. Al-Sudani announced that the airport will become fully operational within two months, once a specialised operator has been selected. He stressed the airport's role in enhancing connectivity between Mosul and other Iraqi cities and regional destinations, facilitating trade and travel. The airport, destroyed during ISIS occupation, has been rebuilt to international standards. It features a new terminal, VIP lounge, advanced radar and navigation systems, digital communications, and an extended runway measuring 3,000 metres long and 45 metres wide-suitable for large commercial and cargo aircraft. Its projected annual capacity is 630,000 passengers and 30,000 tonnes of freight. (Source: PMO)

Mosul's Riverfront Redevelopment Preserves Historical Heritage
Mosul's Riverfront Redevelopment Preserves Historical Heritage

Iraq Business

time16 hours ago

  • Iraq Business

Mosul's Riverfront Redevelopment Preserves Historical Heritage

By John Lee. Prime Minister Mohammed Shia Al-Sudani conducted a field visit on Wednesday to inspect the ongoing redevelopment of the historic riverfront in the old city of Mosul. Highlighting the symbolic and cultural importance of the area, which includes numerous religious and archaeological landmarks, the Prime Minister affirmed that the reconstruction is being carried out in coordination with relevant ministries and the local government. The project was designed by a Spanish firm and is being implemented according to heritage-focused standards, in partnership with UNESCO. He stressed the need to preserve the city's historical legacy, calling it a heritage of value not just to Iraq but to the entire world, while ensuring that the character and identity of the site are maintained during reconstruction. Launched earlier this year, the project covers the riverfront area between Mosul's old and fifth bridges, and includes the creation of a riverside promenade, a boat dock, 273 traditional-style homes, and recreational parks, along with comprehensive infrastructure services for water, sewage, electricity, and telecommunications. (Source: PMO)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store