A specialized platform: China plans to take the "lion's share" in extracting Iraqi oil[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.] |Today, 21:09 |
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.] |Today, 21:09 |
[You must be registered and logged in to see this image.]
+A
-A
Baghdad today - follow-up
A report by the American "Oil Price" energy publication revealed Chinese plans to take the "lion's share" of Iraqi oil extraction, as well as monopolizing the West Qurna 1 field.
According to a senior source working closely with the Iranian Ministry of Petroleum, who spoke exclusively to the American energy publication Oil Price, PetroChina is set to become the sole major operator of the giant West Qurna oil field in Iraq, as Exxon has approached Mobil from selling its 32.7 percent stake in the field.
According to a report in the "Oil Price" bulletin, the "West Qurna 1" field was believed to contain about 9 billion barrels of these reserves, but the Iraqi Oil Ministry said in early 2019 that the field's extractable reserves are more than 20 billion barrels.
The ministry added that the plans aim to increase the field's production capacity of crude oil to more than 700,000 barrels per day by the end of 2025 from the current production level, which ranges between 450,000 and 500,000 barrels per day.
According to British energy expert Simon Watkins, in an analysis of global oil markets, the contract to develop the "West Qurna 1" field was supposed to be awarded only to the Chinese Petroleum Engineering and Construction Company (CPECC) in mid-2021.
The $121 million engineering contract was initially aimed at modernizing the facilities used to extract petroleum associated gas during crude oil production, but the project has expanded and deepened in scope and size to include objectives that are compatible with PetroChina's activities.
The same engineering contract model was used to award the Chinese “CPECC” company to develop the giant Majnoon oil field adjacent to Iraq, after the British company Shell decided to exit the field development in 2017.
Before CPECC was awarded the Majnoon field contract, two contracts were signed in favor of China, one was with Hilong Oil Service to drill 80 wells at a cost of $54 million, and the other was with the Iraqi Drilling Company - with Chinese assistance - to drill 43 wells at a cost of $255 million. .
Shortly after these contracts, Anton Oil also entered as an investor in Iraqi oil, signing a contract for "project management and development services" in the Majnoon field. Majnoon field reserves are estimated at 38 billion barrels of oil.
Chinese companies are seeking to increase oil production from the Majnoon oil field from its current level of about 240,000 barrels per day to 600,000 barrels per day by 2026.
The Majnoon field is a joint field between Iraq and Iran, known in Iran as "Azadegan", which in turn is divided into two giant fields - North Azadegan and South Azadegan. The field is operated by the National Petroleum Company.
And although PetroChina, the listed arm of China National Petroleum Corporation, bought a 32.7 percent stake in Qurna 1 at about the same time that US Exxon Mobil acquired its similarly sized stake in the field, China was It has long been the dominant partner in Qurna 1 and has managed to achieve this through many deals.
[You must be registered and logged in to see this link.]
Today at 4:58 am by Rocky
» Oil resources and political conflicts: the parties’ race to control Kirkuk’s wealth
Today at 4:54 am by Rocky
» Obelisk Clock: Waste in ports exceeds “theft of the century”
Today at 4:53 am by Rocky
» Al-Hakim: The countries of the region want to invest in Iraq
Today at 4:51 am by Rocky
» Electricity fees exhaust farmers and drain 20% of their production costs
Today at 4:49 am by Rocky
» The Ministry of Interior warns against harboring and employing violators of the foreigners’ residenc
Today at 4:48 am by Rocky
» The National Bank of Iraq building was attacked by a bomb east of Baghdad
Today at 4:46 am by Rocky
» It enters illegally and increases the unemployment rate.. Warnings about “foreign workers” in Iraq
Today at 4:44 am by Rocky
» A parliamentary committee reveals two reasons preventing the resumption of oil exports to Türkiye
Today at 4:43 am by Rocky
» A representative considered it a “scandal”... Sudanese agreed to supply Kurdistan with 720 tons of g
Today at 4:42 am by Rocky
» Parliamentary Resources: Difficulty in resuming oil exports through Türkiye
Today at 4:40 am by Rocky
» The position of Speaker of Parliament raises political division
Today at 4:38 am by Rocky
» Soon.. voting on amending the law on the foundations of equivalency of certificates
Today at 4:37 am by Rocky
» Iraqi workers celebrate their International Day
Today at 4:35 am by Rocky
» Iraq exports to America more than 4 million barrels of oil
Today at 4:34 am by Rocky
» “Quadruple Summit” regarding the “Development Road” project
Today at 4:33 am by Rocky
» Oil and white products
Today at 4:32 am by Rocky
» Specialists call for monitoring and regulating the entry of foreign workers
Today at 4:31 am by Rocky
» Al-Sudani: Iraq will witness a revolution of projects to invest in water wealth
Today at 4:30 am by Rocky
» Launching funding for the salaries of civilian and military retirees for the month of May
Today at 4:27 am by Rocky
» Parliament reveals Erdogan's position on Iraq's water shares: He did not give clear approval
Today at 4:25 am by Rocky
» Finance launches funding for the salaries of civil and military retirees for the month of May
Today at 4:24 am by Rocky
» It may lead to "dividing the region"... revealing an imminent announcement to postpone the Kurdistan
Today at 4:22 am by Rocky
» The Kurdish opposition addresses Baghdad: Do not respond to the request of the Kurdistan government,
Today at 4:20 am by Rocky
» Sudanese sends gas to Kurdistan after the electricity collapse and the bombing of Kormor
Today at 4:18 am by Rocky
» Al-Sudani makes a quick visit to the Interior Ministry and meets with senior officers: Be ready and
Today at 4:16 am by Rocky
» On their International Day.. Iraqi workers: Our rights are absent and our economy is fragile
Today at 4:14 am by Rocky
» Government official: Iraq has become a center for drug trade and smuggling
Today at 4:12 am by Rocky
» Cabinet decisions do not include votes on budget schedules, and Parliament criticizes the delay
Today at 4:10 am by Rocky
» Retired workers complain of poor living conditions
Today at 4:08 am by Rocky
» Al-Issawi renews his commitment to running for parliament: I will submit only to God
Today at 4:06 am by Rocky
» A Kurdish party refuses to settle the salaries of employees in the region's banks and files an accus
Today at 4:05 am by Rocky
» Al-Hakim: Sectarianism in Iraq is not social but political
Today at 4:03 am by Rocky
» Al-Sudani chairs the seventh meeting of the Supreme Committee of the Strategic Development Road Proj
Today at 4:01 am by Rocky
» Al-Sudani chairs the seventh meeting of the Supreme Committee of the Strategic Development Road Proj
Today at 3:59 am by Rocky
» Finance announces the launch of financing retirees’ salaries
Today at 3:56 am by Rocky
» In just two weeks, the Sudanese is awaiting an action plan from the relevant ministries in agreement
Yesterday at 3:35 pm by Rocky
» A thousand dinars every month.. An expert predicts the shape of the final journey of dollar prices
Yesterday at 3:32 pm by Rocky
» Parliamentary Oil: The budget deficit is under control
Yesterday at 3:28 pm by Rocky
» Parliamentary proposals to impose an economic blockade on Iraq
Yesterday at 3:18 pm by Rocky
» His advisor: Al-Sudani succeeded in digital transfer in banks
Yesterday at 3:12 pm by Rocky
» Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar
Yesterday at 3:10 pm by Rocky
» Iraq is preparing to bid farewell to the blonde old woman and end the UNAMI mission
Yesterday at 2:46 pm by Bama Diva
» utube MM&C 4/30/24 Projects - Confidence Building - National Bank of Iraq
Yesterday at 7:24 am by Rocky
» Al-Sudani: The government is serious about moving to a diversified economy and supporting the indust
Yesterday at 7:18 am by Rocky
» Deputy: The dollar exchange rate is still high
Yesterday at 7:12 am by Rocky
» The Finance Committee reveals the total transfers today in Iraq
Yesterday at 7:08 am by Rocky
» Minister of Industry: Iraq does not have iron ores suitable for production and we depend on imports
Yesterday at 7:06 am by Rocky
» “The Dilemma of Economic Decisions”... Implementing a gasoline price increase despite opposition fro
Yesterday at 7:03 am by Rocky
» Ukrainian trade explodes with a “surprise”: Iraq has contracted with a “fake” Ukrainian company to d
Yesterday at 6:55 am by Rocky
» Iraq is preparing to invest in the largest gas field
Yesterday at 6:49 am by Rocky
» An economic expert for Nina: The World Bank’s expectations that Iraq will achieve a high growth rate
Yesterday at 6:43 am by Rocky
» The UAE buys cheaper Iraqi oil to increase its exports of “more expensive crude”
Yesterday at 6:40 am by Rocky
» The largest gas field in Iraq is close to seeing the light: a wealth that will reduce the import bil
Yesterday at 6:39 am by Rocky
» Minister of Resources: Water storage in dams is at its best
Yesterday at 6:37 am by Rocky
» Sadiqoun demands that Taqadum give up all positions in exchange for the presidency of Parliament
Yesterday at 6:33 am by Rocky
» Al-Sudani inaugurates the continuous casting factory at the General Company for Steel Industries in
Yesterday at 5:28 am by Rocky
» Iraq exports to America more than 4 million barrels of crude oil and its derivatives in a month
Yesterday at 5:26 am by Rocky
» Al-Sudani: We are committed to workers’ rights and reconstruction projects will not stop
Yesterday at 5:21 am by Rocky
» The Parliamentary Development Institute organizes a workshop on the right to information law
Yesterday at 5:15 am by Rocky
» Parliamentary Integrity: The judiciary is making a great effort to resolve the theft of the century
Yesterday at 5:11 am by Rocky
» Parliamentary Finance: The government holds responsible for the delay in sending the budget schedule
Yesterday at 5:07 am by Rocky
» Economist: Iraq faces a shortage of 3.5 million housing units
Yesterday at 5:06 am by Rocky
» Obelisk Hour: Sudanese’s visit to Washington did not address the “American exit”
Yesterday at 5:04 am by Rocky
» Planning clarifies the position on contracts and wages from the job number platform
Yesterday at 5:01 am by Rocky
» New country legalizes cryptocurrencies
Yesterday at 4:57 am by Rocky
» The UAE's Dana Gas announces the resumption of work in the "Kormor" field
Yesterday at 4:55 am by Rocky
» The International Comprehensive Shopping Festival kicks off in an Iraqi governorate
Yesterday at 4:54 am by Rocky
» The Minister of Labor gives good news to the workers: Wait for next week
Yesterday at 4:52 am by Rocky
» Iraq's water storage is at its best... Will it address the agricultural situation?
Yesterday at 4:51 am by Rocky
» The government takes a number of new decisions
Yesterday at 4:49 am by Rocky
» The Minister of Labor announces an increase in the salary of retired workers by 100 thousand dinars
Yesterday at 4:46 am by Rocky
» Al-Sudani: Service projects in Iraq “will not stop”
Yesterday at 4:44 am by Rocky
» 90 percent of it comes from across the border. Parliament unveils a new strategy to limit currency s
Yesterday at 4:39 am by Rocky
» Iraq is implementing a "modern strategy" to get rid of a "Sumerian custom" that depleted the waters
Yesterday at 4:37 am by Rocky
» The Minister of Transport announces the opening of 48 collective lines in six governorates
Yesterday at 4:35 am by Rocky
» The Federal Integrity Commission announced the arrest of waste of public money, violations and manip
Yesterday at 4:34 am by Rocky
» Government Media: 3 million citizens have registered so far on the Ur electronic portal
Yesterday at 4:33 am by Rocky
» Labor Day in Iraq.. 6 million workers with an unknown future and stolen rights, and 90% of them “wit
Yesterday at 4:31 am by Rocky
» Iranian Chamber of Commerce: Iraq's investment budget is 150 billion dollars, and our share in it mu
Yesterday at 4:25 am by Rocky
» On International Workers’ Day... The President of the Republic: We stress the necessity of working t
Yesterday at 4:23 am by Rocky
» Prime Minister: We affirm our commitment to all Iraqi workers, men and women, to provide a work envi
Yesterday at 4:22 am by Rocky
» Progress threatens to withdraw from the political process in the event of infringement on its quota
Yesterday at 4:20 am by Rocky
» Bloomberg: Iraq violated its oil export quota and did not adhere to OPEC+ decisions
Tue 30 Apr 2024, 6:23 pm by Rocky
» Al-Sudani stresses the importance of following up on the understandings reached between Iraq and Ame
Tue 30 Apr 2024, 3:56 pm by Rocky
» From "everything is imported" to "food made by one's own hands"... Parliamentary reference to Iraq's
Tue 30 Apr 2024, 3:51 pm by Rocky
» The government hires an external auditor for the Trade Bank of Iraq
Tue 30 Apr 2024, 3:45 pm by Rocky
» Among them relates to the path of development...the full decisions of the Council of Ministers sessi
Tue 30 Apr 2024, 3:37 pm by Rocky
» Al-Maliki warns of the Washington Embassy's plans to threaten Iraqi society
Tue 30 Apr 2024, 11:51 am by wciappetta
» utube MM&C 4/28/24 Iraq Dinar - IQD - Banks - Merge Regionally - Water - Labor -Jobs - Dinar Value
Tue 30 Apr 2024, 10:44 am by Rocky
» Iraqi Business: There are no financial fears in Iraq for three years, and fear regarding the path of
Tue 30 Apr 2024, 10:34 am by Rocky
» Parliament is discussing with the Finance and Retirement Law amending the Landlords Law
Tue 30 Apr 2024, 10:27 am by Rocky
» Customs and taxes... Parliamentary Finance talks about huge sums of money that do not enter the stat
Tue 30 Apr 2024, 10:23 am by Rocky
» Parliamentary Oil threatens to sue the Ministry of Oil over raising gasoline prices
Tue 30 Apr 2024, 10:21 am by Rocky
» Iraq begins installing radiation screening gates at border crossings
Tue 30 Apr 2024, 10:17 am by Rocky
» Hong Kong launches Asia's first Bitcoin and Ether ETFs
Tue 30 Apr 2024, 10:11 am by Rocky
» Al-Mandalawi discusses with the delegation of the Jordanian Senate the achievement of economic integ
Tue 30 Apr 2024, 10:07 am by Rocky
» Parliament draws attention to the work of security companies in Iraq and identifies the party concer
Tue 30 Apr 2024, 9:59 am by Rocky
» How does a Sudanese choose the countries he visits and what are his messages?
Tue 30 Apr 2024, 9:54 am by Rocky