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RAK Petroleum holds a 40.45% interest in DNO, which is focused on exploration & production in Iraq & Oman. The Oslo-listed company, originally founded in the UAE, signed an exploration and production sharing agreement with Eni in April 2019 for Block A Offshore in RAK, which covers 2,412 km2.

Norway’s oil and gas operator DNO is set to acquire an additional stake in the Baeshiqa license, located in the Kurdistan Region of Iraq, approximately 60 kilometers west of Erbil. The company plans to acquire a 32% stake in the project from American oil major ExxonMobil, bringing DNO’s operated stake up to 64%. DNO became […]

Crescent Petroleum and Dana Gas, which operate the Khor Mor field in the Kurdistan Region of Iraq jointly through their consortium Pearl Petroleum are planning to invest an additional $600 million to expand production by 57%, from 440 million cubic feet of gas per day to 690 million cubic feet per day. The additional supply […]

Efforts have been underway for years to revive the Iraq National Oil Company, which should be operational by late 2021 to early 2022. It will operate independently of the oil ministry and will oversee all of Iraq’s oil-producing regions, in contrast to the current system which has separate oil production companies for each region, including […]

Lukoil, a Russian oil producer, boosted oil output in Iraq towards the end of 2020, despite OPEC restrictions on production and market turbulence. The West Qurna 2 oil field, in which Lukoil has a 75% stake, saw an increase in output from the middle of October 2020, by around 30,000 barrels per day. The company […]

Dana Gas reported a 41% increase in its Q1 2021 net profit compared to the same period last year, at $24 million, thanks to higher production from the Kurdistan Region of Iraq and lower borrowings in the quarter. The company is also resuming its plan to expand the Khor Mor field with Crescent Petroleum through […]

ExxonMobil has been looking to divest its 32.7% stake in Iraq’s major West Qurna 1 field. Iraq sent an official request to acquire the company’s shares in the field, which are estimated to value $350 million. ExxonMobil reported Q1 2021 earnings of $2.7 billion on higher oil prices and the company’s focus on cost reductions. […]