International site: Iraq is on the verge of a promising increase in oil and gas production

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[size=52]International site: Iraq is on the verge of a promising increase in oil and gas production[/size]

[size=45]Translated by: Hamed Ahmed[/size]
[size=45]A specialized American website reported that Iraq is on the verge of an increase in oil and gas production, pointing to the signing of a number of important contracts that will dispense it with Iranian fuel. An economic report by the (OilPrice) American website for oil and energy news stated that "Iraq has been saying for some time that it is seeking to increase the quantities of its oil and gas production, while the process of turning these ambitions into reality was slow."[/size]
[size=45]And the report continued, "This week, the country took a big step towards making that desired goal a reality when it signed a package of deals with foreign companies as part of plans to significantly boost both crude oil and natural gas production."[/size]
[size=45]He pointed out, "Promoting and developing gas production at the present time is of particular importance because Iraq relies heavily on neighboring Iran for its gas needs, and this is what puts it in a critical and unstable position."[/size]
[size=45]The report stated, “The government signed deals in Baghdad with one Emirati company and two Chinese companies aimed at boosting oil production and increasing it by 250,000 barrels per day, with an additional amount of gas production by 800 million cubic feet per day.”[/size]
[size=45]And he indicated, "Iraq, which is the second largest oil producer in OPEC, pumps about 4.5 million barrels per day."[/size]
[size=45]And the report quoted, according to “government officials who said last week that production capacity may rise to 5 million barrels per day and even to 6 million barrels per day, but nothing has been done to move forward with these plans.”[/size]
[size=45]He attributed the reasons for this to the fact that “the slowdown in achieving progress in the amount of production is the unstable political situation in the country and the volatile conditions in the oil industry, during which companies have prioritized projects with low costs and quick profits, after the last two recessions, and predictions of an increase in demand for oil.”[/size]
[size=45]The report continues, "One of the companies that will assist Iraq in advancing these plans is Crescent Petroleum, which is headquartered in the UAE."[/size]
[size=45]And he added, "The company signed three long-term contracts that included exploration and development of three oil and gas fields."[/size]
[size=45]And the report stated, “The Crescent Petroleum Company stated in a statement that two of these fields, which are the Jalabat Kamar field and the Khashm field in Diyala Governorate, are expected to start producing gas in them within 18 months at a rate of 250 million cubic feet per day, and the third field that will be explored.” In which the company is located in the province of Basra.[/size]
[size=45]And he went on to say that “the second partner for the Baghdad plan to develop oil and gas production is the Chinese company (United Energy Group), which signed a contract with the government to develop the Sinbad oil field, which is also located in Basra.”[/size]
[size=45]And the report continued, “The third company that signed a deal with the Iraqi government is also a Chinese company called (Geo-Jad Petroleum Company), and it will develop the Hawizeh oil field and the Khana oil field near the border with Iran.”[/size]
[size=45]And he believed, "All these contracts that were signed this week for a period of up to 20 years are supposed to enhance securing the supply of Iraq with enough natural gas and reduce its import bill of Iranian gas at a time when its economy faces challenges in order to remain strong."[/size]
[size=45]The report indicated, "Iraqi Oil Minister Hayan Abdul-Ghani said that in order to support these plans more, Iraq will also, in the near future, launch tenders for exploration in other exploration blocks in the northern, western and central regions of the country."[/size]
[size=45]The report expects that “there will be an increase in oil production as well,” adding that “Iraq may reach its production this year to 4.6 million barrels per day, an increase from its production rate for last year, which was at a rate of 4.4 million barrels per day, according to the International Monetary Fund.” ".[/size]
[size=45]And he stated, "The International Monetary Fund also expected that Iraq's oil production by the year 2027 will reach an average of 5 million barrels per day."[/size]
[size=45]The report went on, to "the possibility that Iraq's ambitions to increase oil and gas production will finally get a chance to be realized in practice."[/size]
[size=45]About: (OilPrice) American website[/size]
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