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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The Ministry of Oil and the obsession with astronomical numbers!!

    Rocky
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    • Post n°1

    The Ministry of Oil and the obsession with astronomical numbers!! Empty The Ministry of Oil and the obsession with astronomical numbers!!

    Post by Rocky Mon 25 Jul 2022, 4:43 am

    The Ministry of Oil and the obsession with astronomical numbers!!

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    Dr.. Nabil Al Marsoumi
    The Ministry of Oil seeks to increase Iraqi oil production to 8 million barrels per day by the end of 2025, an increase of 3.3 million barrels from its current level by increasing production in the following fields :
    First: Majnoon field from 200 to 600 thousand barrels per day
    Second: Rumaila field from 1.4 to 1.6 million barrels per day
    Third: West Qurna/1 field from 500 to 600 thousand barrels per day
    Fourth: Zubair field from 500 to 700 thousand barrels per day
    Fifth: Al-Fayhaa field from 50 to 100 thousand barrels per day
    Sixth: Artawi field from 85 to 200 thousand barrels per day
    Notes
    First: The total planned increases in the previous fields are 1.065 million barrels per day, not 3.3 million barrels per day, as the Ministry of Oil says, so from where will the other increases in production come to reach the legendary figure that the Ministry of Oil will achieve in 2025??
    Second: What is the size of the expected investment to increase production capacity by this huge amount, knowing that adding one million barrels of oil to the production capacity requires investments of up to 15 billion dollars, which means that there is a need to invest approximately 50 billion dollars to achieve the planned increase, which will raise Iraq's production to 8 million barrels Daily ? What is the size of the amounts that the ministry can provide from its own resources or from the budget to invest in achieving this increase? What is the willingness of international companies to invest these large sums in Iraqi oil, especially since many international companies have diverted their investments towards renewable energy?
    Third: Where will Iraq go with the new production capacity and its current export capacity is less than half of the targeted production capacity?
    Fourth: Will OPEC allow Iraq to produce this large amount of oil, equivalent to a little less than half of its production quota? And if OPEC refused to allow Iraq to double its production share, this means that the ministry has wasted billions of dollars without economic feasibility? Or will Iraq leave OPEC and produce independently? And if Iraq withdrew from OPEC, will the global oil market bear the expected large increase in the Iraqi oil supply? Or will oil prices collapse and Iraq and the rest of the oil-producing countries will be affected, which may fight a fierce price war among themselves?
    Conclusion: Iraq will not be able to produce more than 5.5 million barrels per day in 2028 due to the many obstacles that the Iraqi oil sector suffers from, and saying that Iraq could produce eight million barrels at the end of 2025 is not new. The Ministry of Oil had previously expected when the licensing contracts were signed in 2010 that Iraq's production rises in 2017 to 11 million barrels per day in 2017 !!!

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    Added 07/25/2022 - 11:05 AM
    Update 07/25/2022 - 12:42 PM


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