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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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Established in 2006 as a Community of Reality

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    Wells are "aging" and fields are depleted... Will only 3 generations testify to Iraq's oil before it

    Rocky
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    Wells are "aging" and fields are depleted... Will only 3 generations testify to Iraq's oil before it Empty Wells are "aging" and fields are depleted... Will only 3 generations testify to Iraq's oil before it

    Post by Rocky Thu 31 Mar 2022, 6:08 am

    [url=https://ultrairaq.ultrasawt.com/sites/default/files/styles/large/public/GettyImages-1237033586 %281%29.jpg?itok=LA9iNtcN][You must be registered and logged in to see this image.][/url]
    Wells are "aging" and fields are depleted... Will only 3 generations testify to Iraq's oil before its end?
    March 31, 2022
    Ultra Iraq - Editorial Team
    While oil is the only main source of financing for the Iraqi state treasury, and the risks associated with this rentier dependence on the country’s economy, this only source is not without problems and challenges that experts record from time to time, especially with Iraq’s weak production capacity and the difficulty of raising production in its fields. .
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     The aging wells and oil fields that Iraq has been using for years to extract oil have become a major permanent challenge.
    Due to these difficulties and obstacles, [You must be registered and logged in to see this link.] in achieving its production target specified by OPEC + during the past months, as Iraq pumped 4.18 million barrels per day last February, which is less than its production quota set according to OPEC + by 150,000 barrels per day.
    Read also:  [You must be registered and logged in to see this link.]
    And oil experts diagnose one of the most prominent problems that may be considered “permanent” and not urgent, is the obsolescence of the age of the oil wells and fields that Iraq has used for years to extract oil, as these fields and wells began to “age old”, and as a result of the extraction and the continuous withdrawal of oil latent in these fields, it decreased The oil reservoirs were compressed and it became more and more difficult to extract oil and push it out of the reservoirs.
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    And when oil reservoirs "age", many problems begin to appear, such as the difficulty of production and oil extraction, as well as the exit of large quantities of water with crude oil. To solve this problem, oil companies use "water injection" into wells to increase pressure and compensate for voids, which pushes crude oil to Abroad, and this solution is also facing Iraq with problems, as there are not enough quantities of water required to inject wells, as the water injection capacity is currently only 4 million barrels of water per day, which is not enough, according to [You must be registered and logged in to see this link.] by the Deputy Director of the Basra Oil Company Ahmed Adham.
    With the "aging" of historical oil wells in Iraq, the Ministry of Oil is working to explore and dig new wells to develop wells with companies such as Halliburton, Weatherford and Schlumberger, the latest of which is the signing of a contract with the Azerbaijani SOCAR Company for Drilling and Oil Services.
    When will Iraq's oil run out? 
    Talking about the aging of wells and the end of oil in them, leads to the question about the fate of Iraq’s oil and the number of years in which the existence of oil will end in full, as Iraq’s reserves of oil, according to specialized global platforms, are more than 140 billion barrels, and while Iraq is currently producing more than 4 million barrels per day. And striving to raise it to 5 million barrels per day, Iraqi oil will completely expire in just 76 years or only 3 generations, according to quick calculations conducted by “Ultra Iraq” with experts.
    However, the oil expert Hamza Al-Jawahiri refers to a more hopeful proposition, as he says in an interview with “Ultra Iraq” that “the declared Iraqi oil reserves are 153 billion barrels, not 140 billion barrels, as the specialized global platforms say,” noting that “Iraq has 84 discovered fields and what is not. Only 35 of them are exploited, i.e. 49 fields are still discovered but not developed”, meaning that about 60% of the fields are not developed or exploited yet.
    Al-Jawahiri states that "Iraq also contains more than 400 unexplored geological structures."
    In addition to the above, Al-Jawahiri refers to another issue that he describes as “extremely important”, which is that the extraction coefficient of the field is at the present time 20%, which is a very conservative hypothetical number, according to Al-Jawahiri, who shows that “the extraction coefficients if they are higher than that number as a result of developing With technology, we may reach recovery coefficients of up to 50% and maybe even more.” 
    Apparently, this means that all estimates of oil reserves will rise by 150%, meaning that one billion barrels will be two and a half billion barrels, according to Al-Jawahiri.
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    Iraq has 84 discovered and exploited fields, of which only 35 are fields
    Al-Jawahiri asserts that "these geological structures may not be productive, or we will find gas instead of oil, as the number will decrease, but not by a large percentage."
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