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Parliamentary Oil: Iraq's production is restricted by the decisions of (OPEC Plus)
The first 2023/03/12
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Baghdad: Rula Wathiq
The Parliamentary Oil, Gas and Natural Resources Committee announced that increasing Iraq's production ceiling of crude collides with the decisions of (OPEC Plus), despite the possibility and plans to expand the production ceiling.
Meanwhile, an expert in safety and energy affairs criticized the licensing round companies for not fulfilling their obligations regarding raising oil production.
Committee member Zainab al-Moussawi told "Al-Sabah": There is a possibility to increase the volume of oil production, but Iraq at the present time cannot proceed with that as a result of its commitment to the decisions of "OPEC Plus."
She added that Iraq had previously prepared plans to increase production to 6 million barrels per day before 2027, pointing out that the average daily production of the country before the (OPEC Plus) decision to reduce was 4.6 million barrels per day, but today it has been reduced by 220 thousand barrels per day.
For his part, Sabah Alo, an expert in safety and energy affairs, told Al-Sabah that the multiple licensing companies, from 2003 until their withdrawal in 2020, could not fulfill their promises to raise production from 2.5 million barrels to 3.5 million barrels per day over a period of 17 years.
And he indicated that the technical problem is the provision of rigs and their crew and their specialization in the global market, and this was diagnosed after American and French service companies worked in other than their specialization and were doomed to catastrophic failure before their withdrawal due to their poor performance.
He stressed that Qatar entered with Total by 25 percent of the investment volume, representing 7 billion dollars out of 27 billion dollars, but Qatar has a Qatari-Japanese rig company participating and contributing, and the number is 8 rigs with their crews that can be used in development.
He continued that adding 2 million barrels by the end of 2027 requires drilling 700 wells during the next four years, equivalent to 180 wells annually, with a production rate of 2500-3000 barrels per day per well.
Alou asked about the possibility of providing the rest of the rigs with their crews in the crowded market in the development and exploration operations within their countries, indicating that the intention of development of this size will create a productive competitor for the producing countries, not to mention the abundance of supply and the decline in the price of a barrel in the global market.
Edited by: Ali Mouafaq
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