Iraq Plans to Increase Oil Production to Over 5 Mln bpd

An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
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Iraq Plans to Increase Oil Production to Over 5 Mln bpd

An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)

The Iraqi Parliamentary Oil and Gas Committee announced that the government had made plans to increase oil production to more than 5 million barrels per day (bpd).
Member of the committee, MP Zeinab Juma al-Mousawi, told the Iraqi News Agency (INA) that they support the government's directions to increase oil and gas reserves and national production of crude oil and gas.
Mousawi noted that the committee also backs processing the gas associated with oil operations and converting it into wealth and productive energy that covers the local need, especially electric power plants, the petrochemical industry, fertilizers, and others.
It called upon foreign companies to export the surplus to world markets to achieve financial revenues that supply the state treasury to support the national economy and sustainable development and provide new job opportunities.
Mousawi reiterated the need to pay attention to the fields managed by national companies to create competition with international companies and increase the net profits of national companies.

She pointed out that Iraqi oil is one of the most imported oils to countries such as India, China, and South Korea, with 54 percent of the Iraqi oil since the beginning of the year.
The lawmaker indicated that Iraq achieves billions of dollars from oil sales, contributing to the country's general budget in investment and operational fields.
Meanwhile, the Iraqi oil minister announced that crude oil exports averaged 3.3 million bpd in May.
The ministry said Iraq's May oil revenue was $7.3 billion, with an average price per barrel of $71.30.
Notably, Iraq's exports from the country's northern fields in Kurdistan and Kirkuk via Türkiye’s Ceyhan have been suspended for about four months.
Baghdad has won an international arbitration case to halt oil exports from the semi-autonomous Kurdish region, limiting Iraq's oil exports to the Oil Marketing Company (SOMO).
Iraq's oil exports to the United States amounted to about 7.5 million barrels in June.
On Sunday, Shafaq News reported that Iraq exported 7.5 million barrels of crude oil to the US during June, with an average of 250,000 bpd.
The figure marked an increase compared to May, during which Iraqi oil exports to the US amounted to 6.634 million barrels, averaging 214,000 bpd.
According to the agency, Iraq exported crude oil to the US during the first week of last month at an average of 430,000 barrels per day, while it exported an average of 252,000 in the second week and an average of 102,000 barrels per day in the third week. The standard of exports for the fourth week was 1,000 barrels per day.

 



Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
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Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency

Oman's state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the country's privatization drive.

The group, owned by Oman's sovereign wealth fund, plans to sell a stake of at least 20% in Asyad Shipping Co and float it on the Muscat stock exchange, it said in document detailing its intention to float.

"The intended listing would provide investors with the opportunity to invest in one of the world's largest diversified maritime shipping companies and a key player in the Omani economy," the company said.

Asyad Shipping focuses on transporting liquefied natural gas (LNG), crude oil and other products. It lists energy firms BP and Shell as well as trading firm Trafigura among its customers and partners.

The offering will be made in two tranches, with 75% made to eligible investors in Oman and qualified institutional and other foreign investors. Of the 75% tranche, 30% of shares have been earmarked for anchor investors, the firm said.

The remaining 25% will be sold to retail investors in Oman.

The subscription period is expected to start next month, after the company has received regulatory approval.

Asyad Shipping plans to pay dividends semi-annually, beginning in September 2025 for the first six months of this year.

Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as joint global coordinator and as issue manager.
Credit Agricole and Societe Generale are joint bookrunners.