Home
Oil discoveries fall to record level in 2016
economy Since 2017-04-27 at 17:00 (Baghdad time)
Follow Mawazine News
The International Energy Agency said on Thursday that global oil discoveries fell to a record low in 2016 as companies cut spending and the number of conventional oil projects approved to a minimum in more than 70 years, warning that the two trends may continue this year.
The oil agency said oil discoveries fell to 2.4 billion barrels in 2016 compared to the average of nine billion barrels per year over the past 15 years.
"The volume of conventional resources approved for development last year fell 30 percent from the previous year to 4.7 billion barrels, with the number of projects that have received a final investment decision to the lowest level since the 1940s," the agency said.
She pointed out that the sharp slowdown in the activity of the traditional oil sector was the result of the decline in investment due to the decline in oil prices, adding that this is another reason for concerns about energy security at a time of rising geopolitical risks in some of the major producing countries such as Venezuela.
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.mawazin.net%2F%D8%A7%D9%84%D8%AC%D8%A8%D9%88%D8%B1%D9%8A-%D9%8A%D8%AA%D9%88%D8%AC%D9%87-%D8%A7%D9%84%D9%89-%D8%A7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A8%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%AF%D8%B9%D9%88%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9%2F%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9&edit-text=
economy Since 2017-04-27 at 17:00 (Baghdad time)
Follow Mawazine News
The International Energy Agency said on Thursday that global oil discoveries fell to a record low in 2016 as companies cut spending and the number of conventional oil projects approved to a minimum in more than 70 years, warning that the two trends may continue this year.
The oil agency said oil discoveries fell to 2.4 billion barrels in 2016 compared to the average of nine billion barrels per year over the past 15 years.
"The volume of conventional resources approved for development last year fell 30 percent from the previous year to 4.7 billion barrels, with the number of projects that have received a final investment decision to the lowest level since the 1940s," the agency said.
She pointed out that the sharp slowdown in the activity of the traditional oil sector was the result of the decline in investment due to the decline in oil prices, adding that this is another reason for concerns about energy security at a time of rising geopolitical risks in some of the major producing countries such as Venezuela.
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.mawazin.net%2F%D8%A7%D9%84%D8%AC%D8%A8%D9%88%D8%B1%D9%8A-%D9%8A%D8%AA%D9%88%D8%AC%D9%87-%D8%A7%D9%84%D9%89-%D8%A7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A8%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%AF%D8%B9%D9%88%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9%2F%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9&edit-text=
» utube MM&C 4/16/24 IQD Update - Iraq Dinar - America - Activate - Massive Economic Deals -
» Al-Sudani urges the US corporation Honeywell to help finish the Basra refinery
» Al-Sudani Meets with Representatives of Western Media Outlets in Washington
» Chairman of the Investment Authority signs the United Nations Convention on International Mediation
» PM: We will sign a contract to establish the Al-Faw refinery with a Chinese company
» PM arrives in Houston as part of his visit to USA
» Militia Man & Crew 4/18/24 Bush signed it and all presidents implemented it. Iraq’s funds have been
» Association of Iraqi Private Banks: The suspension of some electronic payment services yesterday was
» Iraq is close to launching the electronic signature
» The Basra government discusses with an international oil company the implementation of social benefi
» The Prime Minister confirms to an American company: Gas projects in Iraq are a priority for the gove
» The Minister of Planning discusses with the World Bank mechanisms for scheduling external loans
» Oil sets the twenty-seventh of this month as the date for opening contracts for the fifth complement
» “Electronic begging”...professionalism and fabrication of stories” generates millions of dinars dail
» Al-Sudani calls on the American company Hanwell to contribute to the completion of the Basra refiner
» An American company expresses its willingness to establish LED lighting production lines in Iraq
» Including Iraq.. Iran announces the possibility of exporting 300 megawatts of “renewable electricity
» Political forces present two options to find an alternative to Al-Halbousi
» Parliament is awaiting the arrival of the budget schedules and the government is studying higher spe
» The International Monetary Fund adjusts its expectations for the development of the world’s economie
» A representative talks about the difficulty of finalizing the file of “electing the Speaker of Parli
» Work on preparing a law for diplomatic passports
» A female representative accuses the Ministry of Immigration of corruption
» Minister: Solving the Kurdistan salaries problem is the beginning of addressing other disputes betwe
» About 270 million dollars were sold by the Central Bank of Iraq in the currency auction
» The volume of trade exchange between Jordan and Iraq will exceed 800 million dinars in 2023
» Iraq signs memorandums of understanding with American companies in the fields of electricity, oil an
» The American company that manufactures the F16 expresses its readiness to implement the terms of con
» The volume of expected Qatari investments for the Iraq Fund for Development exceeds $3.5 billion
» Decrease in dollar prices in Baghdad and Erbil
» The President of the Region brings together the Kurdish parties to resolve the election file
» Al-Sudani receives in Washington the Chairman of JPMorgan
» Transport is starting to transform its ports into smart ones
» Sudanese reveals the volume of exchange with America
» "Al-Eqtisad News" publishes the memorandums of understanding signed between the Iraqi delegation and
» Al-Sudani urges an American company to contribute to establishing a chemical materials factory
» Iraq stresses the importance of Lockheed Martin's commitment to opening military aircraft maintenanc
» Iraq is on the verge of a “water disaster” by 2035
» Great satisfaction and optimism with the results of Sudanese’s visit to Washington
» Transport is beginning to adopt a plan to transform its ports into smart ones
» Completed 8,000 loan transactions at the Housing Bank
» Prime Minister: We plan to invest production capacities for export
» Transformation and partnership...a new horizon in Iraqi-American relations
» What is new in the economic dimension of the Washington visit?
» Two letters to the future
» National interests first
» Iraqi-American rapprochement...a national necessity
» Al-Sudani’s visit to Washington and the course of Iraqi-American relations
» Sudanese carries security, economic and development files to Washington
» Armament and military development... features of a sustainable partnership
» Analysts: Sudanese's visit to Washington will achieve excellent results in the future
» Iraqi-American relations...the legacy of the past and the aspirations of partnership
» Sudanese and external necessities
» The Strategic Framework Agreement... 7 important provisions
» Joint statement of the Iraqi-American discussions
» Supreme Coordinating Committee: Iraq's role is vital to the security and prosperity of the region
» Towards an effective bilateral economic relationship between Baghdad and Washington
» She saw it as a new, different chapter in Iraqi-American relations... Al-Sudani’s visit to Washingto
» Al-Sudani’s visit to Washington.. Implications and results
» Advisor to the Prime Minister: The relationship with America has moved to the stage of cooperation
» Sudanese sponsors the signing ceremony of memorandums of understanding in America
» Al-Sudani: The volume of exchange between Iraq and the United States does not exceed 10 billion doll
» During Erdogan's visit on Monday, Iraq seeks to sign the "Water Protocol" with Türkiye
» With the escalation of tension between Tehran and Tel Aviv...an expert reveals the secrets of Sudane
» There are 150 draft laws on the parliament table waiting to be voted on... and the debates require c
» Al-Sudani stresses the necessity of continuing the dialogue with the US Treasury, the Federal Reserv
» Deputy: We reject the term sanctions, and Iraq is financially independent
» Warnings of a “political impasse” after Barzani’s boycott of the elections... Al-Sadr raises questio
» The head of the Kurdistan Regional Government’s representative office in Baghdad visits the external
» Al-Sudani: There are no combat forces in Iraq to withdraw.. The Iraqi Prime Minister confirmed in Wa
» Do the Iraqi political blocs really intend to hold the second early elections?
» Baghdad is not aware of the factions’ participation in the attack on Israel, and Washington is revie
» Progress: Al-Halbousi may return to the presidency of Parliament
» Al-Sudani: Iraq has distinguished relations with Iran and America
» Minister of Industry: Iraq is not a rich country and the electricity problem will not be solved even
» A prospective law to employ prisoners and detainees... job and retirement opportunities similar to E
» Sako in Baghdad.. Three possible scenarios for his return after the “withdrawal of the decree” crisi
» Parliamentary Integrity reveals a move with the judiciary to recover TBI Bank’s funds
» Iraq signs 18 memorandums of understanding with Washington
» An Iraqi judicial delegation arrives in Syria to discuss terrorism files and document ISIS crimes
» A plan to exploit new lands...the latest developments in the wheat, barley and rice season in Iraq
» Al-Abadi accuses oil companies of causing 70% of the cancer rate in Basra
» Justice announces the formation of a higher committee to resolve the state’s real estate file
» Deputy: Iraq seeks to sign the “Water Protocol” with Türkiye
» Al-Sudani stresses the importance of the American company Lockheed’s commitment to opening military
» The team accompanying Sudanese in Washington: America will hand over to Iraq the antiquities that we
» Al-Sudani sponsors the signing ceremony of memorandums of understanding with American companies
» MM&C 4/17/24 Saleh: The budget tables are almost complete and will take into account urgent circu
» Saleh: Private banks in Iraq are considering reorganizing themselves with another government structu
» Al-Sudani: It is not possible to work in any development sector without reforming the banking sector
» Minister of Oil: Kurdistan’s exports will soon resume, and the region must hand over its oil to SOMO
» An economic expert identifies ways for Iraq to get out of oil rents... starting with $350 million
» Parliamentary Oil: A proposal to establish Iraqi refineries in neighboring countries... and these ar
» Al-Ardawi: The Sudanese government seeks to liberalize the Iraqi dinar and stabilize the economy
» MM&C 4/17/24 Al-Sudani receives in Washington the Chairman of JPMorgan
» MM&C 4/17/24 US Supports Iraq in joining WTO
» US Supports Iraq in joining WTO
» utube 4/14/24 MM&C Iraqi Dinar - Iraq Prime Minister in Washington - Coming to