British consulting firm: Iraq is able to achieve its goal to expand its oil production capacity

British consulting firm: Iraq is able to achieve its goal to expand its oil production capacity


 translation / Hamid Ahmed

According to Wood Foundation Mackenzie Wood Mackenzie British research and consulting in the field of energy, the ambition of Iraq to promote energy oil production to reach a record rate of up to 5 million barrels per day, is "not unrealistic" at a time when the country is preparing for the post - reduction processing rates deadline that It recommended by the Organization of Petroleum Exporting Countries .

Iraq seeks , according to officials in the oil ministry 's statements, to reach oil reserves to 170 billion over the next two years, calling for Korean companies to invest in oil infrastructure projects and construction of oil tankers.
Said Wood Mackenzie Global Foundation , which is based in Edinburgh in the UK - based, that Iraq, who worked on the rehabilitation of its oil industry facilities after years of war, has vowed to continue to expand production capacity at a time when the highly respected Organization of Petroleum Exporting Countries ( OPEC ) agreement whereby the reduction of its production until next April.
According to the consultancy it says, the country wants to be ready until the end of the date of the agreement or to put pressure on its partners in OPEC to give him the freedom of non - compliance with the agreement of the reduction if it decided to take the organization to extend production cuts deadline for another term option.
It was Iraq, which is the second largest oil producer in OPEC, has agreed in November last, to participate in the reductions of production agreement to put an end to the glut of world market oil with equipment and improving oil prices, stressing at the same time, he deserves to be excluded from the reduction being works to improve the economic situation as well as waging war against al Daesh.
In the same context, trade sources said on Wednesday that Iraq sold four million barrels of Basra crude through a tender in the DME, including the first sale at all of the heavy crude Basra through this platform.
They said that, the Iraqi Oil Marketing Company (SOMO) has sold a shipment of Basra crude heavy premium $ 1.18 a barrel for the official selling price, shipment of Basra light crude at a premium of 22 cents above the selling price Alsm.oabulg the size of each shipment of two million barrels for loading during the period between 26 and 28 August, the price and bonuses lower than previous deals for shipments load August and also less than a tender last month. According to the International Energy Agency, Iraq was hesitant before supporting a further extension of the agreement for the reduction of nine months ending on May 25, and that he had carried out nearly half of its commitment to Ptkulaisat production this year.
Said Ian Tom, chief analyst of oil production in the "Wood Mackenzie" Foundation in an interview with Bloomberg News Energy "taking into account the capacity of Iraq production, the ongoing investments to develop some oil fields in the south , making it closer to achieving this production rate.
The Tom said "at that, Iraq may think ahead of the end date of the period of downsizing extended to nine months, when Masikon able to review its capacity to produce 5 million barrels per day, it may resort to a different dialogue with OPEC members. The Iraqi Prime Minister Haider al - Abadi, said that in 05/16/2017, Iraq is committed to reducing oil production to reduce the surplus in the world market, as it will support the extension of production reduced in line with any decision taken by the "OPEC" organization.
It agreed the Organization of Petroleum Exporting Countries "OPEC", on 25-March 2017, to extend a cut in oil production for an additional nine months.
Saudi Arabia, the largest producer of oil in OPEC, had made it clear that the organization is ready to even longer periods shrink if the current measures to reduce the surplus oil equipment in the global oil market rate fail.
According to information obtained by Bloomberg, Iraq was pumping in December , 4.6 million barrels per day, before entering the date of the application of OPEC 's agreement to cut output into force.
Says oil analyst Tom of "Wood Mackenzie" consultancy that the ongoing development operations in the West Qurna oil fields 1 and Hlvaip and Zubair may go to Iraq more "towards achieving the desired production of 5 million barrels per day ceiling." According to Foundation Wood Mackenzie Wood Mackenzie British Consultancy and energy research, trying to reach production rates of more than 5 million barrels per day, may face more challenges. Says Tom, there are different factors that inhibit multiple barriers to try to achieve this, ranging from the presence of limited amounts of equipment for the purposes of water injection for the sustainability of the oil pressure of the warehouse, to the terms of "very harsh" contracts that frustrate the desire of companies to invest.
Tom says, it is at a time when there is a program to drill 30 oil wells in the Majnoon field, the obstacles in the oil processing facilities will hinder this growth.
The preliminary information for the program oil loading, was shown in ( the tenth of May last 2016), Iraq 's intention to strengthen the southern oilfields exports during this June, to three million and 470 thousand barrels per day, in number more than a hundred thousand barrels, "standard rate" achieved in November 2015 of Basra crude, indicating that it may expose Alsnov disparate so crude price pressures in the Asian market.
Foundation Wood Mackenzie is a global British research group and energy consultancy, minerals and mining, internationally renowned for the supply of comprehensive data services written analysis and advisory recommendations.
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