Iraq aimed to produce 6 million barrels of oil a day

Iraq aimed to produce 6 million barrels of oil a day

on 01/08/2012

Received five-year development plan for the newly completed oil and gas sector in Iraq welcome, as they are the result of the efforts made by Iraq in its quest towards the development of national economy and to develop visions of the future of energy and work to meet them .

According to the National Agency of Iraq, there is a question raised about the required for the success of this plan on the ground, and can infer the answer from the reality of Five-Year Plan (2017 2013) that have been established less than two months by the ministries of oil and Planning, where they will be working to develop the oil sector and gas by pumping large investments by the private sector and foreign companies such as Shell, BP, and Exxon Mobil, and other companies, These developments include the development of new sources of energy aside a pivotal role in the development of Iraq’s economic and social, as the profit derived from this sector will play an important role in infrastructure development and upgrading the quality of life in Iraq .

And confirms the speakers at the conference on “Iraq’s oil” 2012 held in London from 1820 last June under the auspices of Shell, that Iraq is an essential part of the “world map of oil” and that “international oil companies interested in this side”, due to own Iraq’s fourth-largest oil reserves in the world, was reflected interest in the flow of national and international companies to win contracts to support Iraq in its quest for development and, in general, the oil sector in the process of strong growth, especially as the plan aims to increase oil production to reach 2.9 million barrels per day to 6 million barrels by the end of the year 2017 .

But the story seems somewhat different for the gas, although the gas is a natural resource capable of development and continuity, and is available in huge quantities, but it is not to take advantage of its potential so far available in full, and I have been starting to develop the gas sector in Iraq during the seventies , and then the vision was intended to build a national pipeline of natural gas for the construction of an integrated network covering all parts of the country .

The gas sector

On the other hand, the process of developing the gas sector need to speed up the pace significantly and is expected to lead to a five-year plan that order .

According to the U.S. Energy Information Administration, Iraq has the tenth largest natural gas reserves in the world, and in addition to that, 80% of these reserves come from “the fields of gas mixed with oil,” which you discover through the process of extracting oil, and gas is in a “flare” currently, which means that in a combustion or waste, and require the process of obtaining this gas associated with oil production large financial investments go in favor of infrastructure and gas technology and the use of specialized innovative ways .

Preliminary estimates indicate that the loss of Iraq from the combustion of natural gas can be up to about $ 7 billion annually, making it the fourth largest country in the world suffer from waste gas, according to the global partnership to reduce gas flaring launched by the World Bank in 2002 .

The Government indicated in its five-year development (2017 2013) to the importance of the problem of gas burning, and attached a great deal of importance in the interest in oil and gas sector, and will also work on increasing Iraq’s production of gas, which means that with the increase in oil production, will be available gas mixed more oil .

Potential export

Iraq is on a steady pace towards the construction of advanced infrastructure and modern are in favor of the Iraqi people, and there is a possibility to export the quantity of the gas stream overflow when filling local needs first, such as natural gas (LNG), and hence this will be a new resource of income and tributary of the Iraqi economy, and raise the potential of the power infrastructure of local effectively, what drives forward economic development and contributes to the prosperity of Iraq .
Source: alestiqama