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Iraq is preparing to establish a third sea pipeline to export oil
The first 03/10/2024
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The Ministry of Oil intends to spend more than $416 million to implement the third marine export pipeline project with a total capacity of two million barrels per day, at a time when the rate of crude export through Al-Faw port has reached the limits of three million and 400 thousand barrels per day.
The Director General of the Basra Oil Company, Bassem Abdul Karim Al-Shamkhani, told Al-Sabah: The Ministry of Oil intends to spend $416.9 million during the years 2024-2025 for the project to establish the third sea export pipeline, which has an operational capacity of two million barrels per day to export oil from Al-Faw warehouses to Al-Faw port. Oil.
He explained that the company is in the process of contracting with the Dutch company (Royal Boskalis) after finalizing the contract for the construction of the oil pipeline, the importance of which lies in strengthening the export infrastructure, as it is capable of increasing the capacity of the crude oil pipeline between FAO warehouses to the oil platforms and the Basra oil port at the end of the year. 2025 to 5 million standard barrels per day. Al-Shamkhani pointed out that the company's production capacity amounts to three million and 250 thousand barrels per day, as the Rumaila field stands at the forefront of the currently producing fields with a capacity of one million and 400 thousand barrels per day.
He stated that the level of maximum production capacity is determined by the state, noting that the current rate of export capacity through the (Al-Faw) oil port to global markets is approximately three million and 400 thousand barrels, and this quantity represents the production of the companies of Basra, Maysan, and Dhi Qar.
He pointed out that the Basra, Maysan and Dhi Qar oil companies have reserve production capacities for crude, which represents the average difference between the maximum capacity and its current production, explaining that reserve production has a greater role in covering expected increases in energy consumption in the country. Al-Shamkhani stressed that the company is committed to the voluntary reduction of oil decided by the OPEC+ alliance as part of precautionary efforts to support the stability and balance of oil markets.
Edited by: Ali Mowafaq
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