[You must be registered and logged in to see this image.] 2021/07/28
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Baghdad / Al-Mawrid News
Today, Wednesday, the Ministry of Oil set a plan to maintain production rates from oil fields, while noting that the agreement to restrict production according to the OPEC Plus agreement is for a specific period, which is no longer needed due to the demise of challenges and circumstances.
The Undersecretary of the Ministry of Oil for Extraction Affairs, Karim Hattab, said in a press statement, "One of the goals and plans of the Ministry of Oil is to work on maintaining, developing and increasing production for oil fields by supporting projects to establish pumping stations, insulation, infrastructure, laying pipelines, and digging more wells to maintain production rates, both from Through the national effort represented by the Iraqi Drilling Company, or through contracting with sober international companies.”
And he indicated that "the Iraqi Drilling Company is implementing drilling projects in a number of oil fields, and there is great support from the ministry to enhance the role of the national effort in this framework."
He pointed out that "the contract with Schlumberger International to drill 96 new oil wells in the "West Qurna 1" field in the south of the country aims to maintain and enhance production plans in this field, which is one of the large and important fields."
He explained that "the oil fields begin to produce gradually, depending on what is extracted from the oil wells, until they reach the peak of production and extend for years, and then begin to decline in production, and this requires support and maintenance of production by drilling more oil wells to achieve the goals of maintaining production."
Hattab stressed the need to "dig more oil wells to maintain sustainability, increase production and develop it," noting that "the oil field consists of several wells according to its size and area, and this requires drilling more wells to reach the ministry's plans for each field."
He explained that "the West Qurna 1 field is one of the most important oil fields," noting that "the agreement to restrict production according to the OPEC Plus agreement is an agreement for a specific period, given the challenges posed by the repercussions of the spread of the Covid 19 virus, and it will no longer be needed when it is achieved" OPEC Plus. Its objectives are to achieve the required stability and balance in the global oil markets.
He added, "The ministry relies on the export of light crude oil, which achieves a higher and greater revenue than other types of oils, and today Iraq exports smaller quantities than the quantities it used to export before the health crisis, but with higher financial revenues."
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