Complications deprive Iraq's largest oil fields of 700,000 barrels

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[size=52]Complications deprive Iraq's largest oil fields of 700,000 barrels[/size]

[size=45]Translation: Hamed Ahmed[/size]
[size=45]A report by (Platts) agency, translated by (Al-Mada), stated that “technical officials from (British Petroleum) managing the giant Rumaila oil field development project in Iraq stated that huge complications and obstacles related to the project caused the inability to achieve raising production in the field from 1.7 million barrels. per day to the set target of 2.1 million barrels per day, which prompted them to reduce the rate of oil production in the field to 1.4 million barrels per day.[/size]
[size=45]The company's director in Iraq, Zaid al-Yasiri, said that "the Rumaila field is currently producing approximately 1.4 million barrels per day."[/size]
[size=45]Al-Yasiri added, "The partners in the Rumaila field operating organization are now in talks with the Ministry of Oil regarding the timetable to reach the desired ceiling of production."[/size]
[size=45]Al-Yasiri indicated, "There were discussions regarding the rate of production that should be reached in the Rumaila field."[/size]
[size=45]Al-Yasiri stressed, "The goal set within the contract was initially to achieve a production rate of 2.1 million barrels per day, but the government later decided to reduce it, given the complexities and pragmatism related to developing the field over the remaining period of time of the contract."[/size]
[size=45]The report indicated that "the British company (BP) and the Chinese company (Petrogaina) are the main contractors for the development of the Rumaila field with Basra Energy Limited."[/size]
[size=45]He pointed out, "The formation of this new joint coalition last year to represent their interests in the field and help secure external funding for the remaining time period for the technical services fixed in the contract, which ends by 2034."[/size]
[size=45]The report stated, "The Rumaila Field Operating Organization, which includes the Basra Energy Limited Company, the state-run Basra Oil Company, and the state oil marketing company SOMO, are still working as operators of the field."[/size]
[size=45]Al-Yasiri stressed, "The Basra Energy Limited Company will play a major role in ensuring that the Rumaila field operating organization gets the right side of the activity, development plan and financing to reach the higher goals throughout the technical service period."[/size]
[size=45]Al-Yasiri stated, “The time period assumed to reach the target production rate will change according to what the final decision will lead to,” and promised “the activity plan set for the development of the field is huge.”[/size]
[size=45]Al-Yasiri expected, “there will be a larger budget for what is required to develop many infrastructures and install new facilities and additional activities that support the process of managing the water entering oil production,” noting that “this giant field needs a huge water injection program to help maintain pressure in the reservoir.” and boost its production.[/size]
[size=45]Al-Yasiri continues, "The age of the field is currently between 60 and 70 years, and therefore the pressure of the oil tank has decreased, and this is normal as the field continues to produce over this long period."[/size]
[size=45]In order to re-pressurize the oil reservoir, al-Yasiri talks about the need to “blue it with water,” adding that “the blue water program in the Rumaila field is one of the largest in the world.”[/size]
[size=45]The report stressed, "Al-Yasiri did not reveal the size of the oil reserves in the Rumaila field, but its volume is estimated, according to the website of the Rumaila Field Operating Organization, up to 17 billion barrels." The report stressed that "the quantities of associated gas are expected to increase as well, while BP and its partners are boosting their oil production rate in the Rumaila field."[/size]
[size=45]He continues, "Part of the gas produced in the Rumaila field is used by an electric power station," noting that "the surplus is sent to the Basra Gas Company, which is in a joint venture with (Shell), the state-owned South Gas Company and (Mitsubishi), which It collects gas from the Rumaila, Zubair and West Qurna 1 fields and treats it,” adding that “large amounts of gas are still burned despite that.” Al-Yasiri returns to say, “The Rumaila Field Operating Organization is working with partners and other parties, including the Basra Gas Company, in order to reduce gas flaring and purify the air during production operations in Rumaila.”[/size]
[size=45]The report noted, "Iraq is the second most gas-burning country in the world after Russia, according to World Bank information."[/size]
[size=45]Al-Yasiri went on to say that "the low costs of extracting oil in the Rumaila field make it one of the most attractive fields."[/size]
[size=45]Al-Yasiri went on to say that "the cost of extracting each barrel is less than $5, which makes it among the least expensive fields to produce in the world."[/size]
[size=45]About: Platts Agency[/size]
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