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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The cost exceeds 50 billion dollars.. 4 major challenges facing Iraq's plans to raise oil production

    Rocky
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    The cost exceeds 50 billion dollars.. 4 major challenges facing Iraq's plans to raise oil production Empty The cost exceeds 50 billion dollars.. 4 major challenges facing Iraq's plans to raise oil production

    Post by Rocky Tue 26 Jul 2022, 5:32 am

    The cost exceeds 50 billion dollars.. 4 major challenges facing Iraq's plans to raise oil production

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    Economy News - Special
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    An oil source in the North Oil Company identified, on Tuesday, the challenges facing Iraq to achieve plans to raise crude production to the level of 9 million barrels per day by 2027, indicating that the figure needs financial investments that the government cannot provide within a few years.
    The source told "Al-Iqtisad News" that "the Oil Ministry's talk about efforts to reach the production of 8 million barrels of oil per day needs to achieve at least 9 million barrels per day because of the percentage that will go to internal consumption."
    He explained that "Iraq's production is currently estimated at 4.6 to 4.8 million barrels per day. Only 3.3 to 3.4 million barrels per day are exported, and this means that more than one million barrels per day go to internal consumption, such as refineries and power stations that operate on crude oil."
    The source stated another challenge, which is that "Iraqi reservoirs are abundant with oil, but in practice Iraq needs large surface facilities that correspond to the number required to be reached, if we know that increasing one million barrels of oil requires investments estimated at 15 billion dollars and thus reaching the level of 9 million barrels. Every day he needs investments of no less than 50 billion dollars, and this amount is difficult to secure within 3 years.”
    He pointed out that "the weakness of the export outlets and the facilities reaching their maximum capacity will restrict the possibility of selling larger quantities of oil, and this means that there will be a need to enlarge the ports to export large quantities of crude, and this can be overcome by rehabilitating the Turkish line and diversifying the export outlets, for example, through Saudi Arabia."
    According to the source, "OPEC represents an important challenge in the way of raising the ceiling of Iraqi oil production, because this needs approval from the organization, or Iraq will resort to withdrawing and start exporting without adhering to the OPEC and OPEC + quota system, but there will be pressure on the market and there will be an increase in supply and a decrease in prices." And therefore not to benefit from this increase in the event that the production increase is not done gradually and for a long period.”
    And Oil Minister Ihsan Abdul-Jabbar announced, in April 2022, that Iraq is working to increase crude oil production capacities to 8 million barrels per day in cooperation with foreign partners by the end of 2027.
    He said in a statement to the official channel that "the current production capacities of crude oil in Iraq amount to 4 million and 800,000 barrels per day, and we are working to increase it to 6 million barrels before 2027 and to produce 8 million barrels per day by the end of 2027 in cooperation with foreign companies operating in the country."

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    123 . views
    Added 07/26/2022 - 12:02 PM
    Update 07/26/2022 - 1:30 PM



    The cost exceeds 50 billion dollars.. 4 major challenges facing Iraq's plans to raise oil production

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    [/size]

    [size][size]
    Economy News - Special
    [/size][/size]
    An oil source in the North Oil Company identified, on Tuesday, the challenges facing Iraq to achieve plans to raise crude production to the level of 9 million barrels per day by 2027, indicating that the figure needs financial investments that the government cannot provide within a few years.
    The source told "Al-Iqtisad News" that "the Oil Ministry's talk about efforts to reach the production of 8 million barrels of oil per day needs to achieve at least 9 million barrels per day because of the percentage that will go to internal consumption."
    He explained that "Iraq's production is currently estimated at 4.6 to 4.8 million barrels per day. Only 3.3 to 3.4 million barrels per day are exported, and this means that more than one million barrels per day go to internal consumption, such as refineries and power stations that operate on crude oil."
    The source stated another challenge, which is that "Iraqi reservoirs are abundant with oil, but in practice Iraq needs large surface facilities that correspond to the number required to be reached, if we know that increasing one million barrels of oil requires investments estimated at 15 billion dollars and thus reaching the level of 9 million barrels. Every day he needs investments of no less than 50 billion dollars, and this amount is difficult to secure within 3 years.”
    He pointed out that "the weakness of the export outlets and the facilities reaching their maximum capacity will restrict the possibility of selling larger quantities of oil, and this means that there will be a need to enlarge the ports to export large quantities of crude, and this can be overcome by rehabilitating the Turkish line and diversifying the export outlets, for example, through Saudi Arabia."
    According to the source, "OPEC represents an important challenge in the way of raising the ceiling of Iraqi oil production, because this needs approval from the organization, or Iraq will resort to withdrawing and start exporting without adhering to the OPEC and OPEC + quota system, but there will be pressure on the market and there will be an increase in supply and a decrease in prices." And therefore not to benefit from this increase in the event that the production increase is not done gradually and for a long period.”
    And Oil Minister Ihsan Abdul-Jabbar announced, in April 2022, that Iraq is working to increase crude oil production capacities to 8 million barrels per day in cooperation with foreign partners by the end of 2027.
    He said in a statement to the official channel that "the current production capacities of crude oil in Iraq amount to 4 million and 800,000 barrels per day, and we are working to increase it to 6 million barrels before 2027 and to produce 8 million barrels per day by the end of 2027 in cooperation with foreign companies operating in the country."

    [size][size]
    123 . views
    Added 07/26/2022 - 12:02 PM
    Update 07/26/2022 - 1:30 PM

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