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Mubasher: The Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, expected, today, Wednesday, that the price of a barrel of crude oil will reach $100 in the first quarter of next year 2022; Affected by the decline in the US and global strategic stocks and the recovery of the global economy from the repercussions of "Covid-19".
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The Minister of Oil said, during a workshop held today, that "the central government will fix the price of a barrel of oil in the 2022 budget between $55 and $60, indicating that this will help make changes and significantly improve the performance of the national economy and overcome the fiscal deficit in the general budget, according to the news agency. Iraqi (conscious).
Ismail announced that Schlumberger will soon start a project to drill 96 oil wells in the West Qurna 1 field, which is the largest of its kind in the country's history, noting that the project will add 80,000 barrels per day after its completion to the total production of the Basra Oil Company, which is affiliated with the National Oil Company.
The Iraqi Oil Minister clarified that the Schlumpinger Company implemented for ExxonMobil, the main operator of the West Qurna 1 field, by using modern technology in drilling operations in West Qurna 1 helps all parties in the Ministry of Oil and licensing companies to reduce the costs of production per barrel and improve productivity.
The Minister of Oil expressed his optimism about a great development in the oil industry, especially that it has entered a new positive phase that is competing with companies producing alternative solar energy and green and blue nitrogen fuels.
Ismail pointed out that giant companies have spent billions of dollars on establishing the infrastructure to manufacture modern equipment and devices, batteries and other materials that are used in the alternative energy industry.
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