Iraq plans to raise its oil production and reveals the reserve of a giant gas

Iraq plans to raise its oil production and reveals the reserve of a giant gas

2018/8/6 8:37

Iraq plans to raise its oil production and reveals the reserve of a giant gas(Baghdad: Al-Furat News) Oil Minister Jabbar al-Allaibi revealed the ministry’s plan to raise Iraq’s oil production in the next five years.
Al-Allaibi said in a press statement: “We in the ministry are currently working on the development of oil policy profiles through specific objectives, we seek to reach them, as we follow the plan to raise oil production to more than 7 million and 500 thousand barrels per day during the years 2023-2024, Million barrels for export, and two and a half million for domestic consumption. ”
He pointed out that the number of oil fields and foreign companies currently operating in Iraq amounted to “27 oil fields, out of 74 fields, need to develop, while the number of foreign companies operating in Iraq is 22 giant companies and more than 60 secondary companies, while the number of contracts with the ministry Those companies 14 contracts, some of which are involved in two contracts. ”
“The ministry deals with these companies wisely and in balance for the benefit of the oil sector in Iraq, but one of the problems in the contracts of those companies, which was signed in the past with the ministry did not include any work of rehabilitation and development of the areas operating companies, but our new contracts included the provision of services , Not to mention creating jobs for the areas where they work. ”
The oil minister said that “Iraq’s position in the world market is very good, and the price of oil is moving towards stability, and this is due to the historic agreement of the countries within OPEC and outside, which reduced the global production of oil, as Iraq was a leading, pivotal and important in this agreement, As we have made great efforts to move it. ”
“We remain firm in our view that the policy of the Organization of Petroleum Exporting Countries (OPEC) should move towards the stability of world oil markets in order to avoid any deterioration that may be exposed to oil prices in the future.”
“As for the recent events in Basra, did not affect the production and export operations, where it was continuing, and still production swings by about 3 million and 520 thousand barrels per day, and the sale price of up to 69 dollars per barrel, in contrast, the ministry is working day and night to provide the necessary derivatives to the Ministry Electricity in order to stabilize energy “.
Al-Allaibi pointed out that “the fixed reserves of crude oil is 153 billion barrels, and the infiltration of Iraq among OPEC countries comes in second and fourth globally, but we believe that the reserves of Iraq much more than that, in the event of activation of the exploration activity intensively, 230 billion barrels, but because of the wars in the country, the exploration was delayed a lot. ”
“The proven reserves are 135 billion cubic feet, and this is also a first step. If the exploration is expanded, it will reach 250 billion cubic feet across the country.”

alforatnews.com