Investment new oil wells strategy to achieve self-sufficiency

Investment new oil wells strategy to achieve self-sufficiency




Iraq contains -hsp geological studies - on about 530 geological give strong indications of how much oil is enormous. It did not dig these structures only 115 , including 71 found to contain vast oil reserves are distributed to many fields.
The Iraqi discovered fields , 71 fields did not take advantage of them only 27 fields , including ten giant.

The concentrated oil and gas fields currently producing in the provinces of Basra and Kirkuk. Then comes the importance of the provinces of Maysan, Baghdad, Salahuddin, Diyala and Nineveh fields.

The fields are undiscovered and undeveloped are found in most of Iraq 's provinces except four are Qadisiyah, Babil, Anbar and Dohuk.
Said economic and investment commission member Zaher al - Abadi in  a statement «Journal News»,  that " the drilling of new wells will increase exports in the future , and this raises the value of imports of hard currency coming into the federal budget, and Iraq today intensify its efforts to increase his explorations in the patches of oil is invested ".

"The oil patches discovered and the drilling of new wells contribute to cover domestic needs rather than buying oil derivatives from some neighboring countries, and we are in the process of heading to the national effort in the provision of new oil fields, noting that there are a lot of obstacles affecting exploration fields Kalmaoqat process financial crisis and austerity "

He continued, "The licensing rounds have raised a lot of confusion around it, but it has given the experience of Iraq, because of the arrival of foreign companies, in addition to. We have accumulated experience of workers in the oil sector, but the financial crisis has embarrassed Iraq to foreign oil companies and the accumulation of some debt or delay in financial payment has contributed to foot-dragging in terms of oil exploration fields and begin the process of production and introducing them into the exported fields. "

Among Abadi , "said oil wells should be equipped to produce in the future and we are now in the exploration and preparation phase until the development of five - year plans or decimal for incorporation into the real production stage in addition to producing fields in the provinces, noting that today the government focused on investing in some of the patches in a Qar, Muthanna, Basra , and even in Anbar, but we need financial offer the possibility to complete exploration so as not to open all those oil patches without the investment and then be inactive oil fields are not suitable because into production. "
For his part , he said the economist Bioar soften  in a statement to «Journal News», said that "Iraq has about 24 joint fields with neighboring countries, including 14 fields with Iran, and these fields constitute an option for Iraq , but so far there is no understanding between the two sides on those fields common, noting that Iran 's imports from these fields accounted for approximately $ 17 million, while Iraq , those fields have not invested so far. "

He added that the "joint cooperation in the administration to the fields or assigning a global company in Adaratha makes good profit from entering those fields in production and the introduction of hard currency developed, and then agree on the division of those fields between the Iranian and Iraqi sides and the division of labor ratios, indicating that Iraq is one of the important countries in the production of oil and then it is part of OPEC's reduction commitments and has in production, but in any case this is a temporary agreement and help to increase the supply in the oil market and reduce per barrel of crude oil prices. "

He continued , "The investment joint oil fields between Iraq and neighboring countries should be crowned with the internal oil agreement between Baghdad and the region, and then increase imports of hard currency and the achievement of the strategic plans of the oil industry over the coming years."
The Oil Ministry announced the direct drilling of the first well in the field Hovaiza border in Maysan province.

The oil minister said Jabbar Allaibi in a press statement that "the ministry began, drilling the first well in the field Hovaiza border in Maysan province," stressing "the development of joint fields with neighboring countries and work on optimal investment for these fields."

He added Allaibi, that "the ministry is currently developing this field through national effort represented by company Missan Oil Company Iraqi Drilling Company oil exploration," asserting that "has been instructed officials and workers in the field to speed up production processes and drilling more wells within the field development program."

And between, that " the next few stage will witness further development of border fields projects."
For his part, said Undersecretary of the Ministry of extraction for Karim Hattab, according to the statement, said that " the ministry pays great attention to the development of border fields, so as to achieve the goal of optimal investment for it."
He Hattab, that "surveys, geological studies and preliminary projections indicate that the size of the oil reserves of the field Hovaiza of more than one billion barrels and it is one of the important border fields."

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