A worker at the Rumaila oilfield in Basra
Basra Energy starts amid output push
The JV assumes the role of Rumaila’s main contractor as a new production target is set
The Iraqi government inaugurated the Basra Energy Company joint venture (JV) in late November, heralding a new era in the development of the country’s key Rumaila oilfield. Ostensibly, with BP and Petrochina remaining in situ as the two international partners on the asset, little has changed. However, with a revised plateau production target now in place and the IOCs doubling down on long-term commitments to increase output, the outlook for the Iraqi upstream continues to brighten. Basra Energy will take the place of the Rumaila Operating Organization as the main contractor, a move borne of efforts by BP to spin off its Iraqi operations into a new entity and part of a wider effort to reduce
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
