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The rise in Iraqi oil sales more than doubled the profits of a Japanese company
Shafaq News/ Japan Petroleum Exploration Co. (JAPEX) said it expects its crude oil sales to more than double to 935,000 kiloliters, or 5.88 million barrels, in the 2022-2023 fiscal year, up from 357,000 kiloliters in the previous fiscal year. This is mainly due to the increase in sales of Iraqi and American crude.
"It is true that our investment target, or increase production, has unfortunately been delayed," said Michiro Yamashita, Japex's director and CEO, at an earnings press conference.
"Petronas, the main operator, is holding various talks with the Iraqi government while it is moving forward with development work, and work is being done to raise production capacity appropriately," Yamashita said.
Production in the Al-Gharraf field in southern Iraq was scheduled to rise to 230,000 barrels per day by the end of 2020. It produced about 130,000 barrels per day during April, compared to an average of 100,000 barrels per day during the period from January January to March.
Al-Gharraf field began production in August 2013 under a technical service contract with the Iraqi South Oil Company. The consortium consists of Petronas with a 45% stake, Japex Graf with 30% and the North Oil Company with 25%. Japex owns 55% of the shares of Japex Garraf, while the Japanese National Oil, Gas and Minerals Corporation owns 35% and Mitsubishi 10%.
Meanwhile, Japex expects its tight oil production in the United States to rise to 880,000 barrels in the 2022-2023 fiscal year, a more than seven-fold increase from 120,000 barrels, as it expands its upstream investments, where Japex will invest about $500 million in The period from 2022 to 2024 to develop narrow oil interests in the southern United States, including existing assets and interests to be acquired later this year by its subsidiary in the United States.
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"It is true that our investment target, or increase production, has unfortunately been delayed," said Michiro Yamashita, Japex's director and CEO, at an earnings press conference.
"Petronas, the main operator, is holding various talks with the Iraqi government while it is moving forward with development work, and work is being done to raise production capacity appropriately," Yamashita said.
Production in the Al-Gharraf field in southern Iraq was scheduled to rise to 230,000 barrels per day by the end of 2020. It produced about 130,000 barrels per day during April, compared to an average of 100,000 barrels per day during the period from January January to March.
Al-Gharraf field began production in August 2013 under a technical service contract with the Iraqi South Oil Company. The consortium consists of Petronas with a 45% stake, Japex Graf with 30% and the North Oil Company with 25%. Japex owns 55% of the shares of Japex Garraf, while the Japanese National Oil, Gas and Minerals Corporation owns 35% and Mitsubishi 10%.
Meanwhile, Japex expects its tight oil production in the United States to rise to 880,000 barrels in the 2022-2023 fiscal year, a more than seven-fold increase from 120,000 barrels, as it expands its upstream investments, where Japex will invest about $500 million in The period from 2022 to 2024 to develop narrow oil interests in the southern United States, including existing assets and interests to be acquired later this year by its subsidiary in the United States.
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