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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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Expert: Iraq lost $197 billion due to failures in licensing round contracts

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Expert: Iraq lost $197 billion due to failures in licensing round contracts Empty Expert: Iraq lost $197 billion due to failures in licensing round contracts

Post by rocky Sun 25 Sep 2022, 6:57 am

Expert: Iraq lost $197 billion due to failures in licensing round contracts

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Economy News-Baghdad
The expert in the field of energy, Adel Al-Ani, spoke about losses incurred by Iraq estimated at billions of dollars, due to the oil companies' failure to commit to increasing production in the giant Rumaila field, in Basra Governorate.
Al-Ani said in a post on Facebook that "the reduction in production in the Rumaila field is 5%, which was later modified to 7.5%," noting that "the companies in the licensing round for the Rumaila field did not commit to achieving a production of 2.85 million barrels per day in 2017."
He explained that "what was achieved in 2018 and from one of the operating authority's reports is 1.467 million barrels, meaning that production in 2017 is less than that, and due to the lack of daily production rate and for the purpose of simplifying the calculations, I will consider that what has been achieved is 1.5 million barrels per day, which is what is currently being produced."
He continued, "Iraq's losses from that: 2,850,000 - 1,500,000 = 1,350,000 barrels per day, and this difference between what the operating companies have contractually committed and what has been achieved, from which it is possible to calculate the difference in the amount of cumulative production since 2017 until now: 2,465,100,000 barrels of oil during the 5 years of 2018- 2022 Two billion four hundred and sixty-five million and one hundred thousand barrels.”
He pointed out to Ani: "If we adopt the average price of a barrel of oil = 80 dollars, the unrealized cost of crude oil will be = 197,208,000,000 dollars, one hundred and ninety-seven billion two hundred and eight million dollars, from which the costs of operation, production, drilling and the reward for increasing production will be subtracted. Who is responsible for not claiming this contractual failure." .


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Added 09/25/2022 - 12:12 PM
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