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Shafaq News/ Iraq seeks for the first time in its oil history to search for new “black gold” and gas deposits in the marine patch located in the territorial waters of the Gulf, to be part of government plans aimed at increasing the volume of exports in the future, and as a starting point for increasing its energy production.
Oil experts considered this step economically "dangerous and useless" due to its high cost, and it is an "adventurous" for countries that do not have onshore oil fields.
International companies succumbed to it
The economic expert, Nabil Al-Marsoumi, said, in an interview with Shafaq News Agency, that "the Iraqi Ministry of Oil had previously offered the marine area, which has an area of more than 400 square kilometers, within the fifth licensing round for investment, but no international company submitted to it, although the ministry offered a financial return. A rise of 20% of the barrel value.
He added, "Drilling in marine areas poses a risk and the highest cost, because the marine rig costs about 10 times the land rig and the equipment is transported by helicopter or by ship. Extracting oil from the sea is much more expensive than on land.
He added that "the element of adventure and risk is greater in the sea than on land, which means that the successful drilling of the well in the offshore areas may not require the presence of oil."
100 billion barrels of oil under the desert
Al-Marsoumi pointed out that "Iraq has land exploration areas that have not yet been explored, for example, in the western regions, it is expected that there will be 100 billion barrels of crude oil, and there are undeveloped explored fields that have not entered production," adding that "Iraq is restricted in production by the Organization of Petroleum Exporting Countries (OPEC +). Therefore, we must focus on extracting oil from the low cost to maximize revenues.”
Since 2009, within the first and second licensing rounds, Iraq signed several contracts with international oil companies to develop its fields in the southern and central regions of the country, especially in the governorates of Basra, Maysan, Wasit and Dhi Qar, and then expanded to explore new oil reserves in the governorates of Muthanna, Najaf and Anbar.
An internationally disputed offshore field
For his part, the oil expert, Hamza Al-Jawahiri, considered, in an interview with Shafaq News Agency, that "the economic feasibility exists as there is a large disputed field discovered between Iran and Kuwait, which is not developed, and this field is believed to extend in the Iraqi territorial waters."
And he indicated that "Iraq is seeking to conclude a contract with the Chinese company (Cinoc) to conduct exploratory surveys to establish its rights in this marine area."
He added, "The available information about the marine area is very scarce, and the area is very crowded because the regional waters have deep ports, including the port of Al-Amaya and Khor Al-Basra, and there are five buoys for the export of oil, and there is an entrance to Umm Qasr and Shatt Al-Arab for the passage of ships, and therefore it is a very crowded and small area." It is difficult to develop oil or gas fields in this region and produce them."
Earlier, the former Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, confirmed that expectations and studies indicate that this patch contains hydrocarbon compounds.
In October 2022, the Iraqi Oil Ministry signed a contract with the Chinese company Cinoc to start exploratory surveys to prepare a joint study for the land part of the offshore patch in the Gulf.
It is noteworthy that the joint research agreement for the Gulf region was signed in 2019 and included conducting exploratory operations for the land and sea parts, where the land part is 120 km² and the marine part is 530 km².
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Iraq "risks" oil and gas exploration in the Gulf waters
Shafaq News/ Iraq seeks for the first time in its oil history to search for new “black gold” and gas deposits in the marine patch located in the territorial waters of the Gulf, to be part of government plans aimed at increasing the volume of exports in the future, and as a starting point for increasing its energy production.
Oil experts considered this step economically "dangerous and useless" due to its high cost, and it is an "adventurous" for countries that do not have onshore oil fields.
International companies succumbed to it
The economic expert, Nabil Al-Marsoumi, said, in an interview with Shafaq News Agency, that "the Iraqi Ministry of Oil had previously offered the marine area, which has an area of more than 400 square kilometers, within the fifth licensing round for investment, but no international company submitted to it, although the ministry offered a financial return. A rise of 20% of the barrel value.
He added, "Drilling in marine areas poses a risk and the highest cost, because the marine rig costs about 10 times the land rig and the equipment is transported by helicopter or by ship. Extracting oil from the sea is much more expensive than on land.
He added that "the element of adventure and risk is greater in the sea than on land, which means that the successful drilling of the well in the offshore areas may not require the presence of oil."
100 billion barrels of oil under the desert
Al-Marsoumi pointed out that "Iraq has land exploration areas that have not yet been explored, for example, in the western regions, it is expected that there will be 100 billion barrels of crude oil, and there are undeveloped explored fields that have not entered production," adding that "Iraq is restricted in production by the Organization of Petroleum Exporting Countries (OPEC +). Therefore, we must focus on extracting oil from the low cost to maximize revenues.”
Since 2009, within the first and second licensing rounds, Iraq signed several contracts with international oil companies to develop its fields in the southern and central regions of the country, especially in the governorates of Basra, Maysan, Wasit and Dhi Qar, and then expanded to explore new oil reserves in the governorates of Muthanna, Najaf and Anbar.
An internationally disputed offshore field
For his part, the oil expert, Hamza Al-Jawahiri, considered, in an interview with Shafaq News Agency, that "the economic feasibility exists as there is a large disputed field discovered between Iran and Kuwait, which is not developed, and this field is believed to extend in the Iraqi territorial waters."
And he indicated that "Iraq is seeking to conclude a contract with the Chinese company (Cinoc) to conduct exploratory surveys to establish its rights in this marine area."
He added, "The available information about the marine area is very scarce, and the area is very crowded because the regional waters have deep ports, including the port of Al-Amaya and Khor Al-Basra, and there are five buoys for the export of oil, and there is an entrance to Umm Qasr and Shatt Al-Arab for the passage of ships, and therefore it is a very crowded and small area." It is difficult to develop oil or gas fields in this region and produce them."
Earlier, the former Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, confirmed that expectations and studies indicate that this patch contains hydrocarbon compounds.
In October 2022, the Iraqi Oil Ministry signed a contract with the Chinese company Cinoc to start exploratory surveys to prepare a joint study for the land part of the offshore patch in the Gulf.
It is noteworthy that the joint research agreement for the Gulf region was signed in 2019 and included conducting exploratory operations for the land and sea parts, where the land part is 120 km² and the marine part is 530 km².
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