Oil: Iraq’s production will reach 60 billion barrels in 20 years

Oil: Iraq’s production will reach 60 billion barrels in 20 years

Tuesday June 5, 2012

Sumerian News / Baghdad 
Oil Ministry announced on Tuesday that Iraq’s oil production will reach 60 billion barrels in 20 years, while confirming that the patches exploratory presented at the licensing round, the fourth contains 15 trillion cubic meters of natural gas. and Oil Minister Abdul Karim and coffee in an interview for “Alsumaria News”, “Total domestic production of oil during the next twenty years will reach 60 billion barrels revenues estimated at five trillion dollars at the rate of $ 85 per barrel.” and added a coffee that “Iraq was able during the past 18 months to increase oil production to more than 500 thousand barrels per day of production at present to three million barrels after signing contracts with international oil companies through licensing rounds, the first and second. ” In the same context, he drew the coffee that “the geological studies of the patches exploratory presented in the licensing rounds, the fourth point it contains 15 billion cubic meters of natural gas, “noting that” rounds aimed at the production of free gas and to engage in its industry to meet the local need, first and export the surplus abroad, in addition to the increase in oil reserves and its consequences on Iraq as a producer and exporter of oil . ” and won the consortium Kuwait Energy Kuwait and (T-PAI or) Turkish and Dragon UAE, on 31 May 2012, the investing area exploratory oil ninth in the province of Basra, also won the company Pakistan Petroleum Pakistan’s investment board exploratory gas eighth among the provinces of Diyala, Wasit, an area of six thousands of square kilometers, and won a consortium of Lukoil and Russian Ambaraks Japanese investment area exploratory oil tenth among the provinces of Muthanna, Dhi Qar, while did not make any of the companies participating in the fourth round of bidding to invest patches exploratory gas second, third, fourth, fifth, sixth, seventh and the first and the 11 and 12. The Ministry of Oil , in March 2012, the licensing round, the fourth for the development of 12 sites exploratory spread 6,500 km divided into ten provinces are Nineveh, Anbar, Najaf, Diwaniyah, Babil, Muthanna, Diyala, Wasit, Basra, Dhi Qar. and view the Iraq oil fields during the first licensing round The second development by international companies to reach a production of at least 11 million barrels per day within the next six years, and to 12 million barrels per day after you add the quantities produced from other fields of national effort. The Oil Ministry announced, during the third round of licenses in October The first of the year 2010 winning coalition of companies (ITP any) or the Turkish and Kuwait Energy and Kocaz Korean investment in the field Mansourieh gas, also announced the victory of a consortium of Kuwait Energy, and (T EPA) or the Turkish investment of the Saybah invasive, 30 km south of Basra, and the victory of a coalition of companies Kocaz Korean and Kaz Kazakhstan to develop the field of crutch gas in the province of Anbar in western Iraq. Iraq exports crude oil from the ports of Basra and Khor al-Amaya in the Persian Gulf, as well as the Turkish port of Ceyhan on the Mediterranean, and through the truck by truck to Jordan, and the proportion of Iraqi exports from the Basra oil about 90 percent, while the remaining issue of Kirkuk’s oil fields north of the country through the port of Ceyhan.

Source: alsumarianews