British bank: Iraq will be the largest oil exporter in the world if it has achieved stability

British bank: Iraq will be the largest oil exporter in the world if it has achieved stability

05/03/2014 20:32

British bank: Iraq will be the largest oil exporter in the world if it has achieved stabilityFollow-up – and babysit – expect a British bank known globally, said on Wednesday that Iraq will become the “largest” exporters of crude oil in the world, and that the proceeds can be up to about five trillion dollars in 2035, while among the subject “does not respect” the deep pockets by , but also to the geological conditions that make the extraction of Iraq’s oil and refining “least cost” in the world, confirmed that Iraq beyond the stage of “instability” of political and prevent “attacks” on the infrastructure of oil, if it is to be a “pioneer” globally in this field.
This came in the latest report issued by the British Standard Chartered Bank’s investment funds, according to the reported location Anvistng com Investing com economic news.

He said the British bank, in his report, said that “speculation and the International Energy Agency IEA to October of 2012 last year, showed that Iraq’s oil revenues can be up to about five trillion dollars, or the equivalent of 40 times the gross domestic product GDP for the year 2010, from now until year 2035. ”

Standard Chartered added, that “it’s not about the huge reserves of Iraqi oil, but also as favorite geological conditions for oil companies,” noting that “the costs of drilling and extraction of oil in Iraq is the cheapest in the world for its proximity to the standard of the surface of the earth.”

The bank, that “the International Energy Agency estimates that Iraq needs to invest more than 530 billion dollars in infrastructure projects, the new renovation and rehabilitation of energy resources,” noting that “Iraq that exceeds the phase of political instability and prevents the attack on the infrastructure of oil, if What want to become the country’s leading oil production in the world. ”

According to Standard Chartered, “Many of the new oilfields started to enter stages of production to double production of Iraq, despite the challenges and obstacles faced by the country,” pointing out that “the fields of Iraq’s oil is distinct from those of the world, especially in America, Canada and Brazil, are inherently geological make the process of drilling wells less complicated and expensive, and that the nature of Iraqi crude to make it need refining operations less concentrated than the other. ”

Based on the index of U.S. Energy Information Administration, cited the site, that there is “a difference sharply in the rate assigned to the extraction of oil between Iraq and elsewhere in the world,” and added that “the margin price for that difference up to five dollars less for each barrel extracted from Mthilath in other countries among them countries in the Middle East. ”

The deputy prime minister for energy, Hussain al-Shahristani, announced in (the first of March 2014 Current), while attending the opening ceremony of the units new oil refinery in Basra, for achieving No. “historical record” new oil export amounted to 2.0008 million barrels a day during February the past, noting that the projects done by Iraq to develop oil installations, enabled him to produce an average of three million and 500 thousand barrels per day.

The head of the advisers in the Presidency of the Council of Ministers, Thamer Ghadhban, said in a speech to a conference of energy projects in Iraq, held in the Emirate of Dubai, in (the 27 of February 2014), that Iraq is seeking to increase its oil exports by 26 percent during the year 2014, thus reaching 3.4 million barrels per day, while expressed optimism to stop the “waste” of associated natural gas production operations during the year 2015 and the next to benefit from it, expecting to achieve self-sufficiency in petroleum products and stop imported by the year 2020.

The Oil Ministry confirmed, in (the 31 of January 2014), that Iraq will soon become the “most important” sources of energy in the world, and that there will be nine million barrels by 2020, while showed that the Organization of Petroleum Exporting Countries have shown the potential to absorb any increase in the export of Iraq and Saudi Arabia and Libya, has promised that “it will maintain the stability of the” oil prices.

M. J