Iraq announces an increase in its oil reserves to approximately 6 billion barrels
Iraq announces an increase in its oil reserves to approximately 6 billion barrels
2023-09-10 01:40
Shafaq News/ The Iraqi Oil Minister, Hayyan Abdul Ghani, stressed on Sunday the need for the country to stop importing gas by investing in projects in this field, revealing that Iraq’s oil reserves have risen to 6 billion barrels.
This came in a speech he delivered during the launch of the activities of the first Iraqi conference and exhibition for oil projects and licensing rounds in the field of oil and gas, which lasts for 3 days in the capital, Baghdad.
Abdul Ghani said in his speech, which was attended by a Shafaq News Agency correspondent, that in order to dedicate the pioneering role of the Ministry of Oil in providing the necessary and basic resources to finance the Iraqi state budget, and supporting these resources with strategic projects that double the financial return and provide various opportunities in all sectors, this vital ministry went to Sponsoring and supporting exhibitions and conferences that are in the interest of the Iraqi economy, and these exhibitions promote the economic projects necessary to support the national economy and provide large financial resources to support the Iraqi state budget directly and indirectly and provide areas for developing the local industry in the field of oil and petrochemicals, refineries and other necessary projects.
He added, “This ministry has sought to create opportunities to develop the national economy and invest in all the natural resources available in Iraq, and the ministry has undertaken to distribute production from all governorates of Iraq because these resources have a direct impact on the economic and cultural reality of all cities in Iraq.”
Abdul-Ghani also pointed out, “Wherever there is oil and gas, the local economy will develop, and the Ministry hopes that specialized international companies will participate in these promising rounds and contribute to gas investment projects and maximize your production to reach self-sufficiency for this vital material and export the surplus abroad.”
He noted that the Ministry of Oil will support all companies in order to make the tours successful by facilitating the necessary procedures for the work of these companies in the governorates of Iraq concerned with these fields and exploratory patches.
The Minister of Oil went on to say, “We in Iraq have made great strides to enhance areas of investment in the oil sector through the rounds of petroleum licensing, starting from the first round to the fifth round, whose contracts were signed at the beginning of the formation of this government.”
He revealed an increase in the national reserve of oil and gas by six billion barrels of oil, and gas reserves by 32 billion standard cubic feet of gas, adding: We can proudly display the progress made by the Ministry of Oil during the year of this government’s life, as a contract was signed to develop a field. Erido Oil Company with a production capacity of 250 thousand barrels per day, and the completion and operation of the strategic Karbala refinery with a capacity of 140 thousand barrels per day, and it is now in the final stages of final trial operation as this refinery operates according to the international specifications “Euro Five”, and it is considered one of the environmentally friendly refineries.
shafaq.com
