British institution: Iraq still represents the largest opportunity for oil investment

[size=52]British institution: Iraq still represents the largest opportunity for oil investment[/size]

[size=45]Translation / Hamed Ahmed[/size]
[size=45]The British institution, Petrel Resources, for the extraction and oil and gas industry, revealed in its commentary on the world oil market that Iraq still represents the largest opportunity for oil investment at the present time, stressing that the biggest challenge facing the foreign investor is the old contracts that were concluded when prices were Oil is high and in need of updating as well as financial terms.[/size]
[size=45]On the Iraqi oil market, the British economic institution Petrill Resources, which last year presented a proposal to develop one of the oil fields in Iraq, said, “Despite the well-known challenges, Iraq is still considered the largest commercial investment opportunity in the field of oil at the present time. The geological nature of the country's oil sites is unparalleled. The Iraqi oil market is recovering sharply, but one thing that must be emphasized is that the contracts must be updated in order to carry out effective exploration and development.”[/size]
[size=45]The British Economic Corporation said that the year 2021 is the real opportunity for international oil companies to prepare themselves to invest in Iraq. She stated that some of the major Western companies, which are ignorant of the prevailing conditions, had optimistically presented service offers before design since 2009, and therefore found it difficult to operate effectively. But now the conditions are better.[/size]
[size=45]The Petrel Resources Corporation said that one of the major companies that found in Iraq a great opportunity to invest at the present time is the French Total Energy and the Chinese National Oil Companies (NOCs), which have pledged themselves to come to Iraq to invest because of the huge opportunities for their investment. Iraq has no room now for retreat, but there are promising opportunities for revival that must be realized, taking into account the necessary economic reforms pursued by the elected Iraqi government.[/size]
[size=45]For several years after the US invasion of Iraq in 2003, there was a widespread perception that contractors close to Western governments and giant oil companies would control contracts for exploration and development of Iraqi oil fields. This is not true. However, Iraq has other ideas, it wants partners and not heads of contracting companies.[/size]
[size=45]The Petrel Foundation stated that the biggest challenge it faces nowadays is not the working conditions, the provision of modern technology equipment or the social interaction with the environmental environment. The biggest challenge facing the active oil industry companies is the old contracts and financial terms that were designed during the years of boom and high oil prices.[/size]
[size=45]The Petrel Foundation said it had been asked by an Iraqi company to assess prospects for minerals that might become economically and legally viable following the passage of expected legislation.[/size]
[size=45]And the British Petrel Corporation, at the invitation of officials in the Iraqi government in 2020, presented a proposal to develop the Marjan oil field, in accordance with the applicable laws and the formula of the Iraqi contract. This is based on the principle of the Technical Cooperation Agreement (TCA). Conducted by the Petrel Foundation in cooperation with the partner by 50% since 2004.[/size]
[size=45]The French energy company Total signed last week a contract with Iraq worth 27 billion dollars to invest in the field of oil and gas production and solar electric power to generate electricity with a capacity of 1,000 megawatts at a time when the country is facing a severe crisis in the production of electric power. The Iraqi Oil Minister, Ihsan Ismail, said during the contract signing ceremony, which was attended by Prime Minister Mustafa Al-Kazemi, "This is the largest investment in Iraq made by a foreign company. The completion of these projects is the challenge we are facing now."[/size]
[size=45]For his part, the director of the French Total Company, Pouyanne, said that these projects represent the company's ambition to support oil-producing countries such as Iraq in achieving the transition in the field of energy by combining natural gas production with solar energy to meet the increasing demand for electricity.[/size]
[size=45]In recent months, Iraq announced several agreements with international oil and gas companies in order to develop renewable projects in the coming years. As with Total, Iraq has also signed an agreement with China's Power China to develop solar power plants that are expected to produce up to 2 gigawatts of electrical energy. This will help the country to reduce the severity of the electricity supply crisis in the country.[/size]
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