Oil discusses its five-year plan for production and exploration
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The National Oil Company held an expanded meeting to discuss the five-year plan for exploration, production and development activity and the available capacities for export.
A statement of the Ministry of Oil stated, yesterday, Friday, that "the requirements for implementing the plans, challenges and tasks assigned to the companies and departments concerned were reviewed and discussed, according to a strategic vision commensurate with the needs of the interim oil market and future expectations, and in a manner that ensures the achievement of the highest economic return for Iraq."
Undersecretary Hamid Yunis said that "the meeting discussed three important axes, which are the crude oil production and export plan, the gas production and investment plan, and the plan to maximize exploration activity."
He pointed out that "the plan included emphasizing the necessity of developing fields that are managed by the national effort outside licensing rounds, reconsidering development plans and conducting a tripartite seismic survey for the fields for which this survey has not been carried out in a manner that ensures an increase in oil and gas production capacities."
For his part, Director General of the Oil Exploration Agency Agency Basem Muhammad Khudair said that "the company presented at the meeting its five-year plan, which included two main axes, the first is the plan for the bilateral and triple seismic survey expanded from the northern to the southern governorates, and the exploratory drilling plan, which aims to add new promising reserves of oil and gas. ".
Khudair added that "the plan indicated the need for joint collective action to provide the requirements that achieve the required goals, including drawing the road map, and the obligations of extractive companies and the Oil Exploration Company, especially with regard to the exploratory drilling plan."
While the Director General of the Department of Reservoirs and Oil Fields Development said, “The Minister of Oil stressed the importance of the national effort in implementing a large part of these development plans and programs, including the development of the Bin Omar oil field in Basra Governorate, in order to maximize the national production of light oil and the investment of gas associated with oil operations in Rafd. Electric power stations, emphasizing the importance of the large and effective role of the Iraqi Drilling Company in implementing the exploratory drilling plan, which has the necessary tools to implement the requirements of this plan.
As for the Director General of the Central Oil Company, Qaddouri Abdel Salam, he indicated that the meeting stressed the necessity of coordinating plans to increase future production, with the requirements of the global oil market and the local need in coordination with the Oil Marketing Company, noting that the National Oil Company will hold a comprehensive workshop to discuss exploration plans. For gas fields throughout Iraq, including the Western Desert, which contains good reserves of gas wealth, known as free gas.