What companies own oil in Iraq?
The following is a list of International Oil Companies (IOCs) operating in Iraq under licences granted by the Ministry of Oil in Baghdad:
- Bashneft.
- BP.
- China National Offshore Oil Corporation (CNOOC)
- China National Petroleum Corporation (CNPC)
- Dragon Oil.
- Egyptian General Petroleum Corporation (EGPC)
- Eni.
- ExxonMobil.
Did Iraq nationalized oil industry 1969?
Early nationalizations Prior to 1970, there were ten countries that nationalized oil production: the Soviet Union in 1918, Bolivia in 1937 and 1969, Mexico in 1938, Iran in 1951, Iraq in 1961, Burma and Egypt in 1962, Argentina in 1963, Indonesia in 1963, and Peru in 1968.
When did Iraq nationalized oil?
On June 1, 1972, Iraq announced the nationalization’ of the assets of the Iraq Petroleum Company (IPC). Syria simultan- eously nationalized the pipeline company linking Iraq with the Mediterranean.
Who owns oil rigs in Iraq?
Iraq Petroleum Company
| Type | Consortium |
|---|---|
| Successor | Iraq National Oil Company |
| Headquarters | London , United Kingdom |
| Areas served | Iraq Middle Eastb |
| Owners | BP Royal Dutch Shell ExxonMobil Total S.A. Partex |
What does nationalizing a company mean?
Nationalization is the process of taking privately-controlled companies, industries, or assets and putting them under the control of the government. Nationalization often happens in developing countries and can reflect a nation’s desire to control assets or to assert its dominance over foreign-owned industries.
Where does oil and gas come from in Iraq?
In the Iraqi Kurdistan region, the KRG, through its Ministry of Natural Resources, oversees oil and natural gas development and production. IOCs are very active in Iraq, including in the Iraqi Kurdistan region.
How much oil is there in the Kurdistan Region?
However, Iraq’s oil production is almost half that of Iran, meaning there is plenty of room for growth. Kurdistan accounts for 43.7 billion barrels of proven oil reserves, 25.5 billion more barrels of unproven reserves and between 3 and 6 trillion cubic meters of gas (30% of Iraq’s proven oil reserves).
What kind of oil does Iraq export to Saudi Arabia?
The portion that runs through Saudi Arabia was converted to transport natural gas to power plants (see Saudi Arabia Country Analysis Brief). Iraq exports four grades of crude oil: Basra Heavy, Basra Medium, Basra Light, and Kirkuk.
Why was the Baiji Oil Refinery in Iraq closed?
However, northern production lacked access to export markets after the Iraq–Turkey pipeline was severely damaged by militants and became inoperable in March 2014. The Baiji refinery (Iraq’s largest at the time) also closed in June 2014 after being attacked by Islamic State (IS) militants.