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In November 2009, an ExxonMobil - Shell joint venture won a $50 billion contract to develop the 9-billion-barrels (1.4 × 10 ^ 9 m 3) West Qurna Phase I. [1] As per Iraqi Oil Ministry estimates, the project required a $25 billion investment and another $25 billion in operating fees creating approximately 100,000 jobs in the underdeveloped southern region.
The Ministry of Oil (Arabic: وزارة النفط) is the cabinet-level ministry of the Iraqi government responsible for managing and developing the natural resources (oil and gas) in Iraq. The Minister of Oil since October 2022 is Hayyan Abdul Ghani.
In 2007, Lukoil established a joint-venture with Gazprom and in 2008, established a joint-venture as well with Italian oil company Erg S.p.A. [13] In 2009, Lukoil and Norwegian oil company Statoil won a tender offer for the development of the West Qurna Field in Iraq. However, in early 2012, Statoil withdrew from the project, resulting in ...
After seizing control of the Iraqi government, Qasim demanded better terms from IPC but decided against nationalization of Iraq's petroleum assets. [ 4 ] In 1961 Iraq passed Public Law 80 whereby Iraq expropriated 95% of IPC's concessions and the Iraq National Oil Company was created and empowered to develop the assets seized from IPC under Law 80.
State Organization for Marketing of Oil (SOMO) (Arabic: شركة تسويق النفط) is an Iraqi national company responsible for marketing Iraq's oil. It is headquartered in Baghdad , Iraq. [ 1 ]
Energy in Iraq plays a crucial role in both the national economy and the global energy markets due to the country's vast oil reserves and significant status within the Organization of the Petroleum Exporting Countries (OPEC). [2] Iraq holds abundant oil and gas resources and has strong solar PV potential. Its production to 2030 is set to be the ...
The Iraq National Oil Company (INOC) was founded in 1966 by the Iraqi government. [1] It was empowered to operate all aspects of the oil industry in Iraq except for refining which was already being run by the Oil Refineries Administration (1952) and local distribution which was also already under government control.
The government of Iraq is defined under the current Constitution, approved in 2005, as an Islamic, [1] democratic, parliamentary republic. [2] The government is composed of the executive , legislative , and judicial branches, as well as numerous independent commissions.