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Russia aspires to increase investment in Iraq's oil
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The Russian government is seeking to strengthen its position in the oil sector in southern Iraq
Roudao - Erbil
wants the Russian government to strengthen its position in the southern Iraqi oil sector, and therefore asked the Russian company to speed up the work on a giant field in that region, a move that followed the announcement of the intention of Iraq to increase its production significantly and resorting for this purpose to the American and Chinese companies.
An Iraqi source familiar with the Oil Price website said that "the Kremlin is putting a lot of pressure on Russian companies to take care of Iraq's oil, because it feels that US companies have solidified their positions in all of Iraq."
The same source pointed out that the Iraqi government intends to raise its daily production of oil to 6.2 million barrels by 2020, and to about nine million barrels by 2023.
Russia is currently active in the sectors of natural gas and oil in the Kurdistan Region, has agreed since 2017 with the Kurdistan Regional Government to develop the infrastructure of oil and gas in the Kurdistan Region, but it seems that the Russians are also looking to other oil areas in Iraq, Lukoil, which operates in the West Qurna 2 giant field, with 75% of the project shares.
There have been recent meetings of Russian presidential envoy to the Middle East and Africa, Mikhail Bogdanov, with Iraqi Prime Minister Adel Abdul Mahdi and senior representatives of the Sadrist movement.
"Muqtada al-Sadr's policy is to incite the parties against each other. This is why it was recently agreed with Iran to jointly develop joint oil fields. ExxonMobil was allowed to work on the South-South project, To improve their presence in that field, and thus get the best of each and fulfill the promises of the election campaign, which he says that it will not allow Iraq to be hostage to the link with one state. "
The Consolidated South Project is a long-term project aimed at transferring salty sea water to four fields, namely Rumaila, Majnoun, Zubayr and West Qurna, which will lead to higher levels of production in these fields.
According to the oil price report, Lukoil announced its intention to raise the level of production in Qurna 2, to 480 thousand barrels per day by 2020 and to 800 thousand barrels by 2025, and the field currently produces about 400 thousand barrels of oil per day, which is equivalent to 9 % Of Iraq's daily production.
The relationship between Iraq and the Russian company is not without problems. Lukoil meets $ 1.15 in wages for the production of each barrel of oil.
The source pointed out that the Iraqi government shows that Lukoil was able to produce 650 thousand barrels of oil per day in the past two months, but did not do because of low wages, but "because no other international company to work at this low price, the Ministry of Oil agreed to extend the company contract For a period of 25 to 30 years, and raise the proportion of shares of the company from 75% to 80%.
On the other hand, Lukoil agreed to invest an additional $ 1.4 billion in the near term and $ 3.6 billion in the long term. The Russian company will raise output to 700,000 barrels by the end of next year. It will not have to wait until 2025 to raise production to 800 A barrel per day because it will be able to achieve this goal in the year 2021.
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wants the Russian government to strengthen its position in the southern Iraqi oil sector, and therefore asked the Russian company to speed up the work on a giant field in that region, a move that followed the announcement of the intention of Iraq to increase its production significantly and resorting for this purpose to the American and Chinese companies.
An Iraqi source familiar with the Oil Price website said that "the Kremlin is putting a lot of pressure on Russian companies to take care of Iraq's oil, because it feels that US companies have solidified their positions in all of Iraq."
The same source pointed out that the Iraqi government intends to raise its daily production of oil to 6.2 million barrels by 2020, and to about nine million barrels by 2023.
Russia is currently active in the sectors of natural gas and oil in the Kurdistan Region, has agreed since 2017 with the Kurdistan Regional Government to develop the infrastructure of oil and gas in the Kurdistan Region, but it seems that the Russians are also looking to other oil areas in Iraq, Lukoil, which operates in the West Qurna 2 giant field, with 75% of the project shares.
There have been recent meetings of Russian presidential envoy to the Middle East and Africa, Mikhail Bogdanov, with Iraqi Prime Minister Adel Abdul Mahdi and senior representatives of the Sadrist movement.
"Muqtada al-Sadr's policy is to incite the parties against each other. This is why it was recently agreed with Iran to jointly develop joint oil fields. ExxonMobil was allowed to work on the South-South project, To improve their presence in that field, and thus get the best of each and fulfill the promises of the election campaign, which he says that it will not allow Iraq to be hostage to the link with one state. "
The Consolidated South Project is a long-term project aimed at transferring salty sea water to four fields, namely Rumaila, Majnoun, Zubayr and West Qurna, which will lead to higher levels of production in these fields.
According to the oil price report, Lukoil announced its intention to raise the level of production in Qurna 2, to 480 thousand barrels per day by 2020 and to 800 thousand barrels by 2025, and the field currently produces about 400 thousand barrels of oil per day, which is equivalent to 9 % Of Iraq's daily production.
The relationship between Iraq and the Russian company is not without problems. Lukoil meets $ 1.15 in wages for the production of each barrel of oil.
The source pointed out that the Iraqi government shows that Lukoil was able to produce 650 thousand barrels of oil per day in the past two months, but did not do because of low wages, but "because no other international company to work at this low price, the Ministry of Oil agreed to extend the company contract For a period of 25 to 30 years, and raise the proportion of shares of the company from 75% to 80%.
On the other hand, Lukoil agreed to invest an additional $ 1.4 billion in the near term and $ 3.6 billion in the long term. The Russian company will raise output to 700,000 barrels by the end of next year. It will not have to wait until 2025 to raise production to 800 A barrel per day because it will be able to achieve this goal in the year 2021.
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