39% of the target can be achieved within weeks.. An American website reviews the possibility of Iraq increasing its oil production to 7 million barrels per day within 5 years

39% of the target can be achieved within weeks.. An American website reviews the possibility of Iraq increasing its oil production to 7 million barrels per day within 5 years

2022-11-24

Yes Iraq: Baghdad
An American report reviewed today, Thursday, the possibility of Iraq achieving a goal of raising oil production to 7 million barrels per day within the next five years, while the data indicates that Iraq may be able, during the next few period, to achieve only about 39% of the goal.

The American “Oil Price” website, which specializes in oil and energy news, indicated that statements are usually made about raising the level of production by millions of barrels per day, prompting seasoned analysts to analyze facts and figures to reach the same conclusion, which is that this can be achieved, but not without some fundamental changes in the sector. Iraqi oil industry.

The site pointed out that the general manager of the Oil Marketing Company “SOMO” Alaa al-Yasiri recently said that Iraq aims to reach 7 million barrels by 2027.

The report considered that what might make the matter different this time is that the Iraqis focus on increasing production from two major oil fields, namely the Rumaila field and the West Qurna-2 field, where the countries that operate in them have every reason to make the planned increases a success.

He pointed out that China and Russia are currently taking the lead in developing the Rumaila and West Qurna 2 fields, respectively, noting that in the middle of last month, a Chinese company signed a contract worth $386 million for engineering and procurement to build an oil processing facility in Quraynat to develop production in the southern part of the region. Rumaila is the largest oil field in Iraq.

The report explained; The project is jointly managed, in which the Chinese “PetroChina” company, which is the arm of the state-owned China National Petroleum Company, owns a stake of 46.37%.

He added that the target of the Rumaila field was to produce at least 2.1 million barrels per day, compared to 1.4 million barrels currently, which requires an increase of 0.7 million barrels per day.

The report quoted a source close to the Iraqi Oil Ministry as saying that China intends, during the next six months, to significantly increase water pumping capabilities in the Rumaila field.

He continued, “This capacity enhancement will be added to the successful development operations that took place for the water treatment plant in Qarmat Ali by the other major partner in the field, BP (with a 47.63 percent stake), adding that the water treatment facility can now treat up to about 1.4 million barrels.” per day from the river water, allowing the extraction of larger quantities of oil from the Mushrif reservoir in the field.

He pointed out that the estimates indicate that the Rumaila field needs about 1.4 barrels of water for every barrel of oil produced from the north of the field, while the Mishref group of reservoirs in the south requires a much larger water pumping rate in order to support the production process.

As for Russia, a significant increase in oil production from West Qurna 2 was achieved in May 2019.

The report drew; That the Iraqi government asked “Lukoil” to increase production from West Qurna 2 from 400 thousand barrels per day to 480 thousand barrels per day, then add at least another 650 thousand barrels later, as the production target for the third phase targets 1.13 million barrels per day.

In conclusion, the American report considered that Iraq could count on an additional 0.25 million barrels per day from the West Qurna 2 field within weeks, and continued, saying that if this amount was added to the other additional 0.7 million barrels per day from the Rumaila field, this would lead to an increase Iraq’s total oil production increased by 0.95 million barrels per day in a matter of months.

He concluded by saying that if this is added to the October production figure of 4.561 million barrels per day, there will be 5.511 million barrels per day, which means that Iraq still has 1.489 million barrels per day to reach the target level of 7 million barrels per day.

And the American report considered that “for a country rich in oil, it is an easy target to reach, and it constitutes a small step, for a country like Iraq, that would be a huge leap.”

Accordingly, raising production to 7 million barrels per day requires adding about 2.44 million barrels per day, while according to the site’s calculations, it is possible that Iraq will add 950,000 barrels per day during the next few period, which means that it will achieve only 39% of the target.

yesiraq.com