Al Majal Updates

Basra’s Children Orchestra celebrated the opening of their new premises under the patronage of Al Majal and the Turkish Consul. Al Majal has previously signed an agreement to sponsor the new premises, providing participating children with a safe haven and a positive experience to heal and thrive through music.


Al Majal’s Oil & Gas Market Roundup in Collaboration with Qamar Energy

Latest in the Iraqi & Global Energy Markets

The Russian invasion of Ukraine has several important implications for Iraq, discussed in more detail.
Iraq expects to earn oil revenues of US$ 47.5 B based on an oil price of US$ 45/b and ~3.5 Mb/d of exports,

Key Iraq Events – Oil

Iraq’s Oil Minister said that Baghdad intends to improve Russia’s Gazprom Neft’s contract at the 80 kb/d Badra field.

Iraq’s nationwide production increased to 4.521 Mb/d in February from 4.32 Mb/d in January, according to Iraq Oil Report.
Iraq’s nationwide oil exports rose to 3.719 Mb/d in February, up from 3.619 Mb/d in January.

Key Iraq Events – Gas

The US$ 1.07 B planned gas processing plant at Halfaya field has reached 51% completion and is expected to come online mid-2023.
Iraq’s oil ministry announced a “court’s decision to close the fifth licensing round investigation.

Key Iraq Events – Refinery

Iraq’s oil ministry plans to build a new refinery in Kirkuk with a total capacity of 75 kb/d, stated by the North Refineries Company.

Key Iraq Events – Power

Iraq will import 500 MW of Turkish electricity following the recent completion of the technical interconnection, which was planned since 2019.
Iraq’s cabinet approved new terms for electricity imports from Iran’s state power company Tavanir.

Key Iraq Events – Renewable Energy

Progress on this 1 GW set of projects continues to await decision from a new government.
Iraq has made some progress on its clean energy target in discussions with TotalEnergies, Masdar and PowerChina to develop large solar projects.

Top Energy Deals in the Region

Kuwait and Saudi Arabia finalized an agreement to develop the offshore Dorra gas field in the Neutral Zone.

Regional Rig Count (1): OPEC+ Pressure to Keep Iraq Rig Count Low

Source: Baker Hughes International Rig Count
Middle East oil drilling has still not recovered from the sharp drop induced by the pandemic and the related OPEC+ production cuts. However, it is likely to start expanding as quotas increase and production growth plans in the UAE and Iraq get underway.

Gas drilling is starting to show a moderate recovery, supported by the beginning of Qatar’s LNG expansion projects.

Note: Iraqi gas rigs are not reported by Baker Hughes, likely because Iraq reports gas rig figures clubbed with oil rigs and/or lack of response from contractors (drilling for non-associated gas is at minimal levels compared to oil, although it should pick up as Sinopec’s development of Mansuriyah and the Pearl Petroleum consortium’s expansion of Khor Mor move forward).

* End of Qamar Energy’s contribution, for more information about Qamar Energy, please visitwww.qamarenergy.com


Iraq Oil Market Highlights