Government plans to increase oil production to more than 5 million barrels per day
Government plans to increase oil production to more than 5 million barrels per day
7-2-2023
Information / Baghdad..
Today, Sunday, the Parliamentary Oil and Gas Committee identified the countries that import the most Iraqi oil, while indicating that the government has drawn up plans to increase oil production to more than 5 million barrels per day.
Member of the Committee, Representative Zainab Al-Moussawi, said in an interview followed by Al-Maalouma Agency, that “the committee supports the government’s directions to increase oil and gas reserves and increase national production of crude oil and gas, as well as treating gas associated with oil operations and converting it into wealth and useful productive energy that covers the local need, especially power stations.” Electricity, petrochemical industry, fertilizers and others by inviting discreet foreign companies in addition to exporting the surplus to global markets to achieve financial revenues that provide the state treasury in support of the national economy, sustainable development and the provision of new job opportunities.
She added, “The Parliamentary Oil, Gas and Natural Resources Committee stresses the need to provide a suitable environment for investment by providing protection and facilities for investment companies and providing geographical areas for investment,” stressing the necessity of “not neglecting the fields managed by national companies to create competition with international companies, and increase the net profits achieved from national companies.
She pointed out that “Iraqi oil is one of the most important oils imported by foreign countries, headed by India, China and South Korea, where the total of these countries have acquired about 54% of Iraqi oil since the beginning of this year, in addition to the countries of Singapore, the Netherlands, Turkey, Greece, Egypt, the United States, Italy and France.” “, Indicating that “Iraq achieves billions of dollars from the sale of oil, which contributes to building the country’s general budget, in both its investment and operational parts.”
And she stressed, “Parliament supports government efforts to increase oil production rates to more than 5 million barrels per day.”
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