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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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Iraq concludes a series of investment contracts to maintain its oil position

rocky
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Iraq concludes a series of investment contracts to maintain its oil position Empty Iraq concludes a series of investment contracts to maintain its oil position

Post by rocky Wed 15 Sep 2021, 7:45 am

[size=52]Iraq concludes a series of investment contracts to maintain its oil position[/size]

[size=45]Translated by Hamid Ahmed[/size]
[size=45]A British report stated that Iraq will witness the implementation of four huge energy projects starting from this year, and while it talked about a change in the terms of contracting with investment companies to double oil production to 8 million barrels per day by 2027, it revealed agreements with a Chinese company with the aim of reducing dependence on electricity imported from Iran.[/size]
[size=45]A report published by the British Oil Price website for economic news, and its translation (Al-Mada), stated that "Iraq, through the recent announcements of new development projects undertaken by several major international oil companies, appears to be rising strongly again after restricting the Corona virus epidemic."[/size]
[size=45]The report added, "Iraq is looking forward to maintaining its position as the second largest oil producer in OPEC and striving to establish itself as a renewable energy plant."[/size]
[size=45]He pointed out that "the French giant Total announced last week that it will establish four huge energy projects in southern Iraq within a contract worth 27 billion dollars," expecting that "they will be launched before the end of this year 2021."[/size]
[size=45]The report stated, "The deal includes investments in advanced methods of oil extraction, building a gas processing plant, and enhancing the Iraqi market for gas by producing more quantity and more competitive prices," noting that "the deal will also include the implementation of a solar power plant project."[/size]
[size=45]He explained, "The financing will also allow Iraq to enhance its crude oil production in the Artawi field from its current production rate of 85,000 barrels per day to 210,000 barrels per day, as well as achieving a daily gas production rate of 300 million cubic feet."[/size]
[size=45]The report continued, "These are the latest promising achievements in the oil and gas industry in Iraq during 2021, after months of development projects following a worldwide recession in the oil sector in 2020."[/size]
[size=45]The report goes back to last month by saying, "Iraq announced at the time an increase in its oil exports to 3.054 million barrels per day, compared to 2.9 million barrels per day during the month of July."[/size]
[size=45]He believes, "This reflects the increase in global demand for oil that the summer months witnessed, with Iraq's oil revenues for the month of August reaching $6.5 billion, at an average price of $69 per barrel."[/size]
[size=45]And the report stated, “This came after the country finally returned to production rates that it had not seen since April 2020,,” while stressing that “July’s production was approximately 4.18 million barrels per day of crude oil,” and spoke of “an increase of up to 150,000 barrels.” per day than the production rates for the month of June, which is more than the production ceiling agreed upon in OPEC.” And he added, "Iraq in general is the country with the highest oil production among OPEC members, with the exception of Saudi Arabia."[/size]
[size=45]The report continues, "The British BP and China's Petro China announced in July a joint venture to operate the giant Rumaila oil field in Basra."[/size]
[size=45]He continued, "The oil field will be managed by the Basra Energy Limited Company, with funding from British Petroleum."[/size]
[size=45]He pointed out that BP has been developing the bulk of the field since 2010, with new development operations now, according to the joint project, which is planned to continue until at least 2034.[/size]
[size=45]The report promised, "The Rumaila oil field is one of the largest oil fields in the world, with a production rate of 1.4 million barrels per day."[/size]
[size=45]The report went on to say, "These are good developments for Iraq after the previous withdrawal of other major international companies from the country; For reasons related to political instability, and difficulties in terms of investment by foreign companies within the Iraqi oil industry.”[/size]
[size=45]He added, "It was expected, until recently, that BP would withdraw from the Rumaila field at a time when it seeks to implement oil projects that are more environmentally friendly with lower carbon emissions," adding, "However, the government has recently improved working conditions for foreign oil companies, in an attempt to keep them." In the market".[/size]
[size=45]The report stressed, "Changing the investment conditions of foreign companies operating in the country's oil sector comes as part of the Ministry of Oil's endeavor to raise its oil production rate to 8 million barrels per day by 2027, and this number is equivalent to double its current production rate."[/size]
[size=45]He stressed, "The Iraqi government has provided several foreign oil companies with work licenses to dig new wells, as well as recover existing wells in the regions of Kirkuk, Baghdad, Basra, Maysan and Dhi Qar."[/size]
[size=45]And the report went on, "The British company BP and the Italian company Eni were among the major international companies that got work contracts."[/size]
[size=45]He revealed, "Iraq has held talks with the Chinese company CNOOC about the possibility of restoring and reviving 150 oil wells in the Bazarkan field, at an estimated cost of about $160 million."[/size]
[size=45]He noted, "A number of these wells have been abandoned during the period of the Corona pandemic and the decline in demand for oil, however, many of them are still viable and may go a long way in supporting Iraq's set goal for the production rate of 2027."[/size]
[size=45]He pointed out, "Iraq has also shown openness towards new developments in the field of renewable energy," noting that "Iraqi Finance Minister Ali Allawi this month invited OPEC to take into account the transition away from fossil fuels and the transition to more sustainable renewable energy projects." .[/size]
[size=45]The report spoke of “Iraq’s announcement in recent months of several agreements with international oil and gas companies in order to develop renewable projects in the coming years, as is the case with Total.”[/size]
[size=45]He explained, "Iraq also signed an agreement with the Chinese company Power China to develop solar power plants that are expected to produce up to 2 gigawatts of electrical energy," and finds that "this will help the country reduce its dependence on electricity imported from Iran."[/size]
[size=45]And the report went on, “The country is far from ready to retreat from its interests in oil and gas projects, with plans to develop this sector more during the next decade, and is looking forward to leading OPEC members in its orientation towards renewable energy, through its dealings with major foreign companies working to develop solar power plants and other projects.” alternative energy.”[/size]
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    Current date/time is Tue 21 Sep 2021, 2:24 pm