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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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    Due to business stumbling, Iraq reduces the rate of oil production in one of the largest fields in t

    Rocky
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    Due to business stumbling, Iraq reduces the rate of oil production in one of the largest fields in t Empty Due to business stumbling, Iraq reduces the rate of oil production in one of the largest fields in t

    Post by Rocky Thu 30 Jun 2022, 2:30 pm

    Due to business stumbling, Iraq reduces the rate of oil production in one of the largest fields in the country

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    Economy News - translation
    Global Commodity Insights revealed that Iraq decided to reduce the production rate in one of the largest oil fields in the south, and the ninth largest oil field in the world, for reasons related to the implementation of the contract with foreign companies.
    And the agency stated in a report translated by “Economy News” that “Iraq has reduced the target production rate for the largest oil field in Rumaila from 2.1 million barrels to 1.7 million barrels per day due to the complexities associated with the project, as BP and PetroChina are the executing and operating companies of the field so far, under supervision of the Basra Oil Company.
    The agency quoted the head of BP Iraq, Zaid al-Yasiri, as saying that "Rumaila is currently producing about 1.4 million barrels per day, and the partners in the Rumaila operating organization are in talks with the Ministry of Oil regarding the timetable to reach the field's goal."
    He explained, "Initially, the contract was 2.1 million barrels per day, but then the government decided to reduce it due to the complexity of the field development process over the remaining life of the contract."
    Al-Yasiri said: “The timetable for reaching the field goal will change based on the final decision. The range of activity (for the field development) is huge, and I personally expect a much larger budget, as it will require a lot of infrastructure development, new facilities, and additional activities that support water management.”
    Al-Yasiri indicated that the huge field needs a huge water injection program to help maintain the pressure of the reservoir and increase its production. We need water injection - the water injection program in the pitch is one of the largest in the world."
    Al-Yasiri did not disclose the field's recoverable oil due to reservoir modeling, but it is estimated to contain about 17 billion barrels of recoverable oil, according to the ROO website.
    He noted that "ROO is working with other partners and operators [particularly Basra Gas Company] to reduce gas flaring and venting during operations at Rumaila."
    Iraq is the second worst gas-flaring country in the world after Russia, according to the World Bank, and despite its carbon intensity, Rumaila's low production costs make it attractive.
    The head of the company explained that "the cost of a barrel is very low and effective at just under $5 a barrel, which makes it a very flexible hydrocarbon resource; perhaps, one of the least expensive barrels you can find in the world." According to the agency.
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