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Breaking News: Chevron Iraq Shuts Down Khor Mor Gas Field Amid Security Threats By Alex Kimani - Jul 16, 2026, 11:30 AM CDT United Arab Emirates' Dana Gas has suspended operations at all main production facilities in the Khor Mor gas field due to credible security threats amid an increasingly volatile regional situation. The decision to close the facility was made in coordination with the Kurdistan Regional Government (KRG), Sulaymaniyah authorities, and the Iraqi federal government in a bid to safeguard personnel and infrastructure. The Khor Mor facility has previously faced repeated security challenges, including rocket and drone strikes from armed groups, resulting in production halts and widespread blackouts. Located in the Kurdistan Region of Iraq, the Khor Mor field is a critical energy asset for the region, supplying more than 80% of the Kurdistan Region's electricity generation needs. The sudden cessation of gas deliveries to power stations is anticipated to reduce the region's electricity generation capacity by up to 3,000 megawatts; consequently, power availability in the area will be heavily restricted to just a few hours a day. The UAE-based operator has, however, reassured its customers and stakeholders that the plant remains in a state of operational readiness to be quickly brought back online once conditions improve. The Khor Mor gas field holds an estimated reserve of 8.2 trillion cubic feet (Tcf) of natural gas, making it the largest producing non-associated gas field in Iraq. The field is operated by Pearl Petroleum, a consortium whose majority shareholders include the UAE's Dana Gas and Crescent Petroleum, each holding a 35% stake, while the remaining 30% is split equally between Austria's OMV AG (OCTPK:OMVJF), Hungary's MOL Group and DNO, under an agreement with the Kurdistan Regional Government. The $1.1 billion KM250 expansion at the Khor Mor gas field successfully boosted production capacity by 50% to 750 Million Standard Cubic Feet per Day (MMSCFD). While the plant's output fuels local power networks, the surplus gas is earmarked to supply federal power plants in the rest of Iraq. This will help ease Baghdad's persistent power deficits and reduce its costly reliance on imported Iranian gas. By Alex Kimani for Oilprice.com More Top Reads From Oilprice.com India Hikes Diesel and Jet Fuel Export Tax Brent Futures Flip to Backwardation as Middle East Supply Risks Return U.S. Gasoline Prices Could Hit $4 Per Gallon Within Days Back to homepage Set us as your preferred Google source « Previous: Iran Instructs Houthis to Prepare Red Sea Shipping Attacks Next: EU Sets Target To Double Electrification Rate, Cut Oil & Gas Use » Alex Kimani Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com. More Related posts China’s Critical Minerals Grip Puts $6.5 Trillion of Global Industry at Risk Asian LNG Spot Prices Jump 10% as Hormuz Crisis Reignites Supply Fears Pakistan Pays Highest Spot LNG Price in Four Years as Qatar Supply Falters Most Popular Oil Prices Rebound as U.S.-Iran Peace Talks Are Postponed ING: Oil Prices Have Overshot To The Downside Russia’s Oil Windfall Vanishes as Urals Crashes to $42 a Barrel Iran Tightens Grip on Strait of Hormuz Tanker Traffic Saudi Arabia Set to Slash Oil Prices as Hormuz Reopens Leave a comment More About Us About Us Site News Sitemap Advertise with us Site info Terms & Conditions Disclaimer Privacy Policy Sitemap Privacy Manager © OilPrice.com The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction. Merchant of Record: A Media Solutions trading as Oilprice.com

News MENA Iraq recovers 375kg of gold in corruption raids Adnan Al Jumaili, Iraq’s deputy oil minister, being held on suspicion of corruption The National July 13, 2026 Add on Google A 375kg haul of gold has been recovered in the investigation linked to detained deputy oil minister Adnan Al Jumaili in Iraq, the Supreme Judicial Council announced on Monday. He was arrested last month on suspicion of corruption. Investigators have alleged that billions of dollars in kickbacks and embezzlement were connected to oil refinery contracts, according to security officials familiar with the case. The case forms part of a broader anti-corruption campaign launched by Prime Minister Ali Al Zaidi after he took office in May. CommentWhy Iraq needs a different approach to fighting corruption Read More “In co-ordination with the Kurdistan Region, and under the supervision of the President of the Supreme Judicial Council, Judge Faiq Zaidan, 358kg of gold were recovered,” a statement from the judicial council, carried by Iraqi state media, said. It added that another 17kg was seized in a separate investigation, bringing the total to 375kg. The judicial council said the recovered gold was handed over to the Central Bank of Iraq as part of efforts to complete inquiries into the Al Jumaili case. Investigators have discovered stashes of money hidden in water bottles, walls and a drainpipe in a series of startling finds since his arrest. More than $100 million in cash has been seized. Last month, Iraqi security personnel arrested 47 legislators and other officials in a series of raids. Some suspects implicated in Mr Al Jumaili's case could be covered by an amnesty law amended in January 2025, meaning they may escape punishment if they pay back any outstanding funds. Corruption has been rife in Iraq under successive governments elected since the US-led invasion in 2003 that toppled Saddam Hussein. In 2021, former president Barham Salih estimated $150 billion had been lost to embezzlement since then. Updated: July 13, 2026, 1:06 PM IraqIraq anti-corruption drive Read next... $20m stuffed into water bottles seized in Iraqi corruption probe Rainy day fund? Iraq corruption probe finds $11m cash stuffed down drain Most popular today 1 Tom Holland and Matt Damon enjoy chai at century-old Mumbai cafe ahead of The Odyssey premiere 2 Iran war latest: Strait of Hormuz crossings have effectively collapsed, maritime firm says 3 Why a Dubai software engineer is donating hundreds of meals to delivery riders 4 Cartoon for July 13, 2026 5 Register now for The National’s award-winning journalism – free and tailored to you Latest from The National

https://thehill.com/opinion/international/5959813-us-iraq-relationship-reset/amp/

China has been dealing in oil with the gold backed petroyuan for over a year now. No surprise here. CL

So you don't believe Iran has boat loads of IQD?....

Not trying to rain on the parade... Over the decades Maliki...Alaq... and others ....have funneled $billions of IQD to Iran.... Any RI....or RV......makes Iran a richer country.... Tell me why this won't prevent this blessing to occur.......CL

I believe Mr. Montana was a believer in once the HCL was passed....the revaluation would follow...CL

Iran had a great deal of Chinese weaponry in play from the beginning...it wasn't much of a match...CL

I'm a little more optimistic on this... Two layers of vile dictators have been put to rest. Similar to WW2 Germany, where many of the bad actors were allowed to relocate to South America.....there may be a similar agreement.... No one wants to die....JMO. CL

https://oilprice.com/Energy/Crude-Oil/Iraqs-Energy-Sector-Faces-Its-Most-Important-Test-in-Decades.amp.html

AOC banging Cory Booker will become the story.....CL

House then to the Senate....if passed there Trump can veto as I understand things...CL

https://oilprice.com/Latest-Energy-News/World-News/Iraq-Looks-to-Triple-Pipeline-Oil-Exports-as-Hormuz-Remains-Closed.html

https://apnews.com/article/iraq-iran-us-shiite-militia-asaib-ahl-alhaq-0f1747e05dc1384ab988da4d8eb74008

This will not be a taxable event if it occurs during the Trump Presidency.. CL

The Future of Iraq’s Popular Mobilization Forces April 28, 2026 By: Joshua Yaphe, and Alfadhel Ahmad Iraq’s political and economic stagnation is unsustainable, and the PMF will be forced to make hard choices and preserve its influence. The Iran War has created a bubble in Iraq—a temporary situation in which the political fate of all parties rapidly rises and just as inevitably falls. Members of the Popular Mobilization Forces (PMF) are attacking American forces in an attempt to reassert their relevance, and the United States is retaliating by targeting these armed groups with airstrikes. However, when the war ends, both sides will have to go back to the sad reality they do not want to acknowledge. Washington has little influence over the PMF, which is so deeply embedded in the economy and society that it cannot simply be wished away. In the latest report from the Center for the National Interest (CFTNI), Alfadhel Ahmad, a guest author, and Senior Fellow Joshua Yaphe, explore the future of this critical force in Iraqi politics and society. The PMF is facing serious challenges related to political participation, troop motivation, and financial sustainability, all of which could lead to a competition among the armed groups for survival. A major political or economic crisis could upset the balance at any time. That might mean a fight among the militias, with the state lacking the capacity and the political will to intervene. After the Iran War comes to a close, the United States needs to resume its approach of incrementally encouraging the PMF’s isolation and marginalization, while seeking opportunities to engage with PMF members who genuinely want to transition away from militancy toward politics. As it does so, officials in Washington should recognize that the structural conditions that enable the PMF to operate and flourish will not last forever. Some of these armed groups are likely already facing extinction. The Trump administration needs to use the tools at its disposal not as a cudgel to punish the Iraqi government, but rather to shape the conditions that will further drive these armed groups away from militancy, so that the pressure on them to transform and moderate comes from within Iraqi society. ADVERTISEMENT

Thinking the Saudi's are around .27 cents.... Weird part of the world! CL

Iraq is a very illogical situation....has been for 20 years... They could RV/RI at any time....expect it when it makes no sense....CL

I would guess Iran holds a great sum of IQD....CL

Iran needs the revenue from oil sales more than most. All shipping stops now. CL

Perhaps no one informed Iran of all of this...CL

Perhaps reality....not a rumor.. Warranty seems to be listed on the ISX today.....and is the top gainer at 5%.. Thoughts? http://www.isx-iq.net/isxportal/portal/homePage.html?currLanguage=en

Oil was roughly @ $50....now $100. Theoretically Iraq can produce/ship half the oil of a few months ago, and still have a comparable revenue for the country. CL

Iran claims they will allow "friendly's" to pass thru unharmed....only US & friends will be destroyed....the US has very little traveling thru the Straights... The sky isn't falling quite yet.... Trump will go ahead and take the refining Island...then a peace agreement will be worked out....CL

Being logical ....what is this really all about? CHINA 50% of their oil comes from Iran....the rest from Venezuela....( bit from Russia) zzzzzzzzz! CL