The Oil Ministry and Honeywell have agreed to initial terms on a project that promises to cut nearly one-fifth of Iraq's current gas flaring – and could help convince the U.S. to keep granting Iran sanctions waivers.
As OPEC members reaffirm a quota agreement, Iraq has posted two straight months of elevated production.
Ashti Hawrami, head of the Ministry of Natural Resources since 2006, to play key transition role over next two years but was not re-nominated as minister.
As Iraq pursues energy independence, the country's oil chief is streamlining the bureaucracy, crafting new investment incentives, and preparing to award mega-projects.
Iraq's largest state oil company is expanding production capacity and building new infrastructure as it waits out an OPEC quota.
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Exports dipped slightly in June, but strong global prices have helped Iraq meet its budget projections for oil sales so far this year.
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Whenever the media office of the Council of Ministers releases decisions of the Cabinet, Iraq Oil Report publishes a translation from the original Arabic.
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Katyusha rocket attacks hit facilities housing international oil companies, including Exxon, which had recently ordered foreign staff to return to Basra.