American report: Iraq is using Chinese and Russian companies to explore for oil

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[size=52]American report: Iraq is using Chinese and Russian companies to explore for oil[/size]

[size=45]Translated by: Hamed Ahmed[/size]
[size=45]An American report stated that Iraq is using Chinese and Russian companies to explore for oil, indicating that this project is the largest in terms of discoveries in at least two decades.
And the American (Oil Price) website for energy news, translated by (Al-Mada), stated that “Iraq signed agreements with the Chinese National Oil Company (CNOOC) and the Russian company (Lukoil) for exploration in the Rumaila field and the (Eridu) oil field in the south of the country.”[/size]
[size=45]The report, prepared by oil expert Simon Watkins, added, "The China National Oil Company for Oil Exploration has begun multiple seismic surveys as the first stage of a contract between Iraq and China that includes a large-scale offshore exploration to detect oil and gas in the northern region of the Persian Gulf."[/size]
[size=45]The director of the Oil Exploration Department at the Ministry of Oil, Ali Jassim, said, "The Chinese company has started implementing a joint study contract for seismic detection works in two dimensions and field soil exploration works to explore for hydrocarbon gatherings in the Iraqi coasts in the northern Arabian Gulf."[/size]
[size=45]For his part, Haider Majeed, the official spokesman for the General Secretariat of the Council of Ministers, confirmed that "these vital and strategic projects include the construction of roads, bridges and infrastructure, in addition to what is related to energy, oil and electricity."[/size]
[size=45]The report stated, “The Chinese Petroleum Engineering Construction Company signed in the middle of last month a contract worth $386 million to construct, equip and build an oil processing facility in Qurna with two lines in order to develop production in part of the Rumaila oil field, which is the largest oil field in Iraq.”[/size]
[size=45]He noted, "The Rumaila field is currently managed by the Rumaila Operating Corporation, which is a joint venture between the Basra Energy Company Limited and the Oil Marketing Company SOMO."[/size]
[size=45]The report pointed out that “the Basra Energy Company Limited is a joint venture between the British (British Petroleum) company and the Chinese (Petrogyna) company, which is a subsidiary of the Chinese National Oil Company.”[/size]
[size=45]And he continues, “The seawater pumping project for the oil fields is still considered a vital and ambitious project for Iraq in order to achieve the previous goal set to reach production of 6.2 million barrels per day by the end of this year and 9 million barrels per day by the end of 2023, which is considered very vital to reach the production ceiling.” The new target is 7 million barrels per day by 2025.[/size]
[size=45]The report added, "There are indications that (Lukoil) will proceed with the oil exploration and development project in the (Eridu) oil field."[/size]
[size=45]He explained, "Initial estimates indicate that Block 10 in the field, which is located 120 km west of Basra, includes oil reserves estimated at 7 to 10 billion barrels of crude oil."[/size]
[size=45]And the report stated, "This alone may be one of the largest oil discoveries in Iraq in at least two decades."[/size]
[size=45]And he added, "The estimates of the Russian oil company indicate that the patch contains approximately 12 billion barrels as oil reserves."[/size]
[size=45]He noted, "The Russian company (Lukoil) also owns 75 shares in the (West Qurna 2) field, and that it has so far spent more than $8 billion in investment to develop the field."[/size]
[size=45]And the report continues, “Iraq had revealed its intention to implement projects it described as strategic in order to enhance the volume of proven oil reserves by involving new exploration and drilling attempts in its border fields.”[/size]
[size=45]And he stressed, "The Oil Exploration Company called for the implementation of this plan, which covers an area rich in oil along the borders with Kuwait, Saudi Arabia, Iran and Syria."[/size]
[size=45]The company's director, Ali Hammoud, said, "The company has a strategic project that includes drilling for oil exploration at border areas."[/size]
[size=45]Hammoud added, "This project will contribute significantly to increasing the quantities extracted from oil reserves and compensating for depleted crude sources."[/size]
[size=45]Hammoud pointed out that "Iraq needs large funds to implement this project," adding, "The budget allocations are not sufficient to cover all costs," and he talked about "the need for additional allocations to ensure the achievement of the desired results."[/size]
[size=45]And the report went on, that "Iraq has oil reserves officially estimated at 145 billion barrels, and it is the fifth largest oil reserves in the world after Venezuela, Saudi Arabia, Canada and Iran."[/size]
[size=45]About: (OilPrice) American website[/size]
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