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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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International report: Iraq seeks to produce 7 million barrels of oil in 2027

rocky
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International report: Iraq seeks to produce 7 million barrels of oil in 2027 Empty International report: Iraq seeks to produce 7 million barrels of oil in 2027

Post by rocky Mon Nov 28, 2022 8:04 am

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[size=52]International report: Iraq seeks to produce 7 million barrels of oil in 2027[/size]

[size=45]Translated by: Hamed Ahmed[/size]
[size=45]An international report stated that Iraq is seeking to reach its oil production to 7 million barrels per day in 2027, but it spoke of the need to take fundamental measures and changes in the industrial sector.[/size]
[size=45]A report by international economist Simon Watkins, published on the (OilPrice) website for oil and energy news, stated that “Iraq had previously set different production ceilings for oil that it intends to achieve in its future strategic plans to increase production, which ranged between 6 million barrels per day as well as 7 million barrels per day and sometimes Another 8 million barrels per day.[/size]
[size=45]The report, which was translated by (Al-Mada), added that “analyses of facts and figures lead to the conclusion that this goal cannot be achieved without making fundamental changes in the oil industry sector.”[/size]
[size=45]He pointed out, “The general manager of the Oil Marketing Company, Sumo, Alaa Al-Yasiri, said last week: that Iraq is seeking to achieve an oil production ceiling of 7 million barrels per day, by the year 2027.”[/size]
[size=45]And the report indicated that “the economist Watkins says that this time it may be different, and that what makes it different from previous promises and future plans to increase production is that the Iraqis are now focusing their efforts on increasing production from two main oil fields, which are Rumaila and West Qurna 2.” .[/size]
[size=45]Watkins continued, "The Russian and Chinese oil companies working in developing these two fields have nothing to hinder them from making this goal come true." Watkins stressed, "One of the main reasons that prevented Iraq from achieving the previously planned goal of reaching production of 13 million barrels per day now is bureaucracy and corruption, which led to the withdrawal of Western international oil companies such as Exxon Mobil from the Iraqi oil sector."[/size]
[size=45]And the report continues, “The International Transparency Index has always ranked Iraq in its annual report among the ten most corrupt countries in the world in a list of 180 countries,” noting that “embezzlement, brokering, money laundering, bureaucracy, red tape, and bribes in its government institutions made the country bottom of the list.” Corruption in the world.[/size]
[size=45]He talked about "political interference in anti-corruption bodies, the politicization of corruption issues, and the lack of resources that restrict the government's ability to combat rampant corruption effectively."[/size]
[size=45]And the report stated, “Iraq had launched in 2013 the unified national energy strategy, which planned to increase Iraq’s production of crude oil to reach the set goal of 13 million barrels per day by 2017.” And he continued, “After five years of that drawn goal, it was reduced to 10 million barrels per day, then it was reduced to 9 million barrels per day by the year 2020, and after that the drawn scenario was to reach 6 million barrels by the year 2020.”[/size]
[size=45]The report stressed that "these figures were based on well-established facts and figures from several reliable local and foreign sources."[/size]
[size=45]He explained, “A detailed study conducted by the (Petrolog Oil and Gas) company in 1997 showed that the undiscovered oil reserves in the country amount to approximately 215 billion barrels.”[/size]
[size=45]And the report went on, “The Chinese Oil Engineering Construction Company is developing the giant Rumaila oil field, as it signed in the middle of last month a construction and engineering implementation contract worth $386 million to build two oil processing facilities in the southern part of the Rumaila field.”[/size]
[size=45]He promised, “This field is the largest in Iraq, and the field contains oil reserves estimated at 17 billion barrels, and the field always seeks to produce 2.1 million barrels per day, compared to the current production rate of 1.4 million barrels per day, with an increase rate of about 0.7 million barrels per day.”[/size]
[size=45]The report quotes “a source close to the Ministry of Oil as saying: China intends, during the next six months, to significantly increase the water pumping capacity in the Rumaila field, which was originally based on the project of a pumping station from Lake Karma Ali established by British Petroleum.” He continued, “The current capacity of the treatment pump is approximately 1.3 to 1.4 million barrels per day of lake water, which allows this to extract more crude oil from the field, estimated at three times the amount extracted in 2010, and based on oil industry figures, it is necessary to extract a barrel of oil.” One requires pumping 1.4 barrels of water.”[/size]
[size=45]The report spoke about "Lukoil's attempt to increase production quantities from the West Qurna-2 field, and the Iraqi government demanded at the time that the company increase production in the field."[/size]
[size=45]And he stated, “This is done in three stages from 400 thousand barrels per day to 480 thousand, and then adding another quantity by 650 thousand, to reach 1.13 million barrels, as a goal set for the third stage.”[/size]
[size=45]The report noted that "Iraq could obtain an increase in crude oil production from the West Qurna-2 field at a rate of 0.25 million barrels per day within weeks."[/size]
[size=45]The report indicated, "another quantity extracted from the Rumaila field at a rate of 0.7 million barrels per day, and this would increase the total extracted quantity by 0.95 million barrels per day within a period of months."[/size]
[size=45]He stressed, "This is in addition to the amount of crude extracted last October, amounting to 4.561 million barrels per day, to reach 5.511 million barrels per day."[/size]
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