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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    New figures from the Ministry of Oil... Targeting a 67% reduction in Iranian gas imports may “double

    Rocky
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    • Post n°1

    Finance - New figures from the Ministry of Oil... Targeting a 67% reduction in Iranian gas imports may “double Empty New figures from the Ministry of Oil... Targeting a 67% reduction in Iranian gas imports may “double

    Post by Rocky Tue 29 Jun 2021, 7:53 am


    [size=30]New figures from the Ministry of Oil... Targeting a 67% reduction in Iranian gas imports may “double”: Attention is directed to the Western Desert, about 1,300 bottles

    2021-06-29
    [/size]
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    Yes Iraq: Baghdad

    Iraq started talking with new numbers about gas production and investment in Iraq, after it was talked about the inability to stop importing gas from Iran even if all the gas produced in the country was invested.
     
    The gas produced in Iraq and associated with the oil extraction process is estimated at 2,700 milligrams, of which Iraq invests about 1,500 milligrams and burns 1,200 milligrams, according to figures and data from the Ministry of Oil.
    In contrast, Iraq imports 50 million cubic meters per day from Iran, which represents about 1,765 cubic meters, and while Iraq is moving to invest its burned gas, which amounts to 1200 cubic meters per day, which means that the import from Iran will be reduced to 565 cubic meters per day instead of 1765 milligrams, meaning that importing gas from Iran It's going down 67%, never ending completely.
    While the Ministry of Oil had previously set reaching this level of gas investment in 2025, the ministry is talking today about new numbers and dates, which may reduce the import of gas from Iran and stop it completely, while the secret key stands behind this matter, with free gas, as even When all the burned gas is invested and its gas investment reaches 2,700 cubic meters, Iraq will not be able to stop the import of Iranian gas and it is not sufficient for its daily needs to run electricity, which will push it to invest free gas after the completion of the gas associated with the extraction of oil.
     
    After associated gas, Iraq looks towards "free gas"
    Iraq is heading to raise the investment capacity of the currently produced gas to 4 billion cubic feet (4 thousand cubic feet) in the year 2024, which means that after investing all the associated gas to reach 2,700 cubic feet, it will invest free gas to reach 4 thousand cubic feet.
     
    Undersecretary of the Ministry of Oil, Hamid Al-Zobaie, said in a statement to the official press, that "Iraq aims to reach the investment of 4 thousand million feet of gas by the year 2024, which means producing more than 10 thousand megawatts of electricity."
    And he indicated that "new discoveries of free gas will allow reducing the average natural gas import bill over the coming years."
    Al-Zoba’i predicted that “the total natural gas investment by 2023 will reach about 2 billion and 700 million standard cubic feet per day, after the completion of investment projects with a capacity of one billion and 200 million cubic feet per day of associated gas from the Artawi fields in Basra and the fields of Dhi Qar and Halfaya in Maysan.”
     
    He expected that "the entry of the Mansouriya fields in Diyala and the crutch in Anbar for service, which are invested by major international companies as specialized fields for free gas, will contribute to reaching the goal of investing 4 billion standard cubic feet by the end of 2024, as 400 million cubic feet per day are being invested in the Mansouriya field and 300 million cubic feet Standard on a crutch.
    This means adding 700 million flavors of free gas to the 2,700 milliliters of associated gas, bringing production to 3,400 flavors per day.
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    Rocky
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    • Post n°2

    Finance - New figures from the Ministry of Oil... Targeting a 67% reduction in Iranian gas imports may “double Empty With a value of 360 million dollars, the International Finance Corporation lends Basra gas to treat

    Post by Rocky Tue 29 Jun 2021, 7:55 am


    [size=30]With a value of 360 million dollars, the International Finance Corporation lends Basra gas to treat 400 bottles of gas and raise the production rate by 40%

    2021-06-29
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    Yes Iraq: Baghdad

    On Tuesday, June 29, 2021, Basra Gas Company (BGC) and the International Finance Corporation (IFC) signed a loan agreement worth $360 million for a period of five years, in line with the vision of the Government of Iraq to maximize the utilization of its natural gas resources to supply Iraqi homes and companies. powered.
     
    Through this agreement, IFC will invest in Basra Gas Company to support one of the largest gas flaring reduction projects in the world to support the more sustainable energy sector in Iraq.
     
    Basrah Gas Company is an Iraqi natural gas joint venture established to collect and process associated gas, which is a by-product of the oil production process in the region and which would otherwise be flared.
     
    This loan will contribute to the expansion and increase the capacity of Basrah Gas Company to process an additional 400 million standard cubic feet per day of natural gas.
     
    This is a 40% increase from the company's current capacity, which aims to help the country meet its growing energy needs and power an additional 1 million Iraqi homes. The Basra liquid-gas separation plant project will reduce greenhouse gas emissions by about 10 million tons annually.
     
    Iraq enjoys large reserves of natural gas, and in the absence of the infrastructure necessary to process gas during oil production, it is burned and wasted. This leads to significant emissions of greenhouse gases, at the same time homes and businesses in the country depend on other energy sources that may themselves be associated with similar emissions of gases. By capturing the gas byproduct and later using it by these customers, the Basrah Liquids Gas Separation Plant project can help reduce overall emissions. The IFC loan will partially finance the construction of this new gas processing facility (Basra Natural Gas Processing Plant (BNGL), which is part of a broader plan to reduce gas flaring in southern Iraq.
     
    On this occasion, Minister of Oil Ihsan Abdul-Jabbar Ismail said: “Signing this loan supports joint efforts to maximize the optimal investment of gas associated with oil operations, by treating it with the latest modern technologies and striving to achieve our goals of converting burned energy into clean and useful energy, and working to reduce emissions and impacts.” The Minister of Oil pointed to the importance of strengthening cooperation with sober international banks to implement and support sustainable development projects, including gas investment projects in the Basra Gas Company.
     
    Ismail added that this loan opens new horizons for more cooperation and transactions that serve common interests and goals, stressing Iraq's commitment to maximizing associated gas investment projects, and achieving the standards and objectives stipulated in the Paris Agreement.
     
     
    For his part, Malcolm Mays, Managing Director of Basra Gas Company, said: “We are pleased to sign this agreement with the International Finance Corporation, which is the first loan agreement of its kind in the oil and gas sector, and it is a milestone of which we are proud. This agreement demonstrates the strength of Iraqi companies, such as the Basra Gas Company, and their ability to attract financing and confidence from international banks. The purpose of this five-year loan is to support the company's growth project, the Basra Gas-Liquids Processing and Separation Plant (BNGL) project and converting wasted flared gas into much-needed energy in the country. Our strategy is in line with the Iraqi government's vision to supply Iraqi homes with electricity and create a more sustainable energy industry. This agreement would not have been possible without the continuous support of the Ministry of Oil, the International Finance Corporation and our shareholders.”
     
    In a related development, Sergio Pimenta, IFC Vice President for the Middle East and Africa, said: “This pilot project has the potential to deliver significant environmental and economic benefits, including reduced greenhouse gas emissions and increased financial revenues, as well as improving access to energy and lowering costs on the Iraqi citizens. This project comes after years of hard work and strong cooperation by all parties involved. We hope to send a strong signal to other investors to support more investments in tackling climate change and supporting inclusive growth in Iraq.”
     
    The IFC investment consists of $137.76 million in IFC account loan and $180 million syndicated loan to eight international banks (Bank of China, Citibank, Deutsche Bank AG, Industrial Commercial Bank of China, Natixis, Sumitomo Mitsui Banking and Societe General, Standard Chartered Bank), and a loan of 42.
     
    $24 million through the IFC Syndicated Lending Portfolio Program, a platform that allows institutional investors to participate in the IFC's loan portfolio.
     
    The project benefits from the World Bank Group's long-term engagement in the energy sector in Iraq. Iraq joined the Global Gas Flaring Reduction Initiative in 2011 and in 2013 committed to eliminating all routine natural gas flaring by 2030.
     
     
    Information about Basra Gas Company شركة
    Basra Gas Company is a 25-year joint venture between the Iraqi South Gas Company, which owns 51% shares, Shell, which owns 44% of the shares, in addition to Mitsubishi, which has 5% shares.
    The production rates of the Basra Gas Company amount to about 900 million standard cubic feet per day, and this amount of gas is sufficient to produce 3.4 kilowatts of electric power that is sufficient to equip millions of homes and factories in Iraq. The company is currently collecting more than 60% of the gas emitted from three oil fields from the first licensing round: the Rumaila field, West Qurna 1 field, as well as the Zubair field. The Basrah Gas Company is the main center for gas collection and processing in southern Iraq, making it the main Iraqi company for the processing of associated gas and the main source of hydrocarbons used for power generation. The Basra Gas Company provides about 80% of the local market's need of liquefied gas (cooking gas), in addition to the continuous development of its export capabilities, supporting Iraq by diversifying sources of financing and transforming it into a country completely exporting liquefied petroleum gas (cooking gas).
     
    Since the launch of its activities in 2013 until the end of 2020, the Basra Gas Company played an important role in reducing the quantities of carbon dioxide emissions resulting from burning associated gas, as the company was able to prevent approximately 110 million tons of carbon dioxide emissions from entering the atmosphere, and this is what The CO2 emission is equivalent to 3.5
    Coal-fired power plants during the same period, or the equivalent of removing 2.9 million cars from the road for the same period (2013 to the end of 2020).
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