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Allocating $520 million for the development of oil exploration
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Economy News-Baghdad
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Economy News-Baghdad
The Oil Exploration Company announced, on Sunday, the allocation of 520 million dollars to develop the exploration sector for crude and increase Iraq's reserves.
"The company has prepared a five-year plan, at a cost of $520 million, aimed at developing the exploration sector, financing projects, purchasing modern equipment and devices, training workers, and improving infrastructure by launching major projects," the company's director, Basem Muhammad Khudair, said in a statement reported by the official "Al-Sabah" newspaper.
Khudair pointed out that "the government should take great care to include in the budget the allocations required to match plans for expansion of exploration projects in associated and free gas, in order to reach 80 percent of self-sufficiency in Iraq's needs by 2026, and to equip power plants that depend on importing part of it. From outside".
He explained, "There are 9 exploration teams affiliated with the company deployed in the governorates of Nineveh, Anbar, Najaf, Muthanna, Basra, Wasit and other governorates," noting that "encouraging quantities of oil were discovered in the Muthanna governorate, and work is currently underway to search for new reserves to compensate and increase the reserves in the country." .
"The company has prepared a five-year plan, at a cost of $520 million, aimed at developing the exploration sector, financing projects, purchasing modern equipment and devices, training workers, and improving infrastructure by launching major projects," the company's director, Basem Muhammad Khudair, said in a statement reported by the official "Al-Sabah" newspaper.
Khudair pointed out that "the government should take great care to include in the budget the allocations required to match plans for expansion of exploration projects in associated and free gas, in order to reach 80 percent of self-sufficiency in Iraq's needs by 2026, and to equip power plants that depend on importing part of it. From outside".
He explained, "There are 9 exploration teams affiliated with the company deployed in the governorates of Nineveh, Anbar, Najaf, Muthanna, Basra, Wasit and other governorates," noting that "encouraging quantities of oil were discovered in the Muthanna governorate, and work is currently underway to search for new reserves to compensate and increase the reserves in the country." .
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