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Muthanna expects the economy to improve and boost revenues
Economical 2023/03/13
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amawah: Nafeh Al-Naji
Specialists in the field of energy and economics saw that Al-Muthanna is on the verge of an improvement in the economic level by increasing financial returns and attracting investors, especially after announcing the start of developing the (Eridu) field within the tenth joint exploration block with Dhi Qar Governorate.
Al-Muthanna has become the latest province to join the oil production club in the country, after the Ministry of Oil recently announced the signing of the commercial production document for the (Eridu) oil field.
The Minister of Oil, Hayan Abdel-Ghani, considered the development of the field one of the promising projects, because it will move from the stage of exploration activity to the stage of actual production at a rate of 250 thousand barrels per day, while he indicated that the expectations indicate that the size of the oil reserves of the field, especially the (Misharraf) reservoir, which includes oil reserves exceeding 13 billion barrels.
The expert and analyst of energy markets, Omar Al-Harbi, told Al-Sabah: The (Eridu) field is the first project in which the produced gas is not burned, but is fully invested with development and oil extraction operations to benefit from it in operating power plants and reducing gas imports.
He added that the field's actual production will be in the summer of 2024, after which Muthanna will be producing oil, indicating that the project aims to operate idle energies, in addition to revitalizing the economic movement, which will reflect positively on the overall activity of the province with financial returns and attract investors.
Al-Harbi pointed out the importance of developing the only refinery in Samawah and diversifying its refining units to keep pace with the huge demand for all kinds of oil derivatives.
The (Eridu) field was discovered as a result of the activities carried out by international companies after the signing of exploration and development contracts in 2012, as it was reached based on the results of exploratory surveys, and in 2016 a contract was signed with the Russian (Lukoil) and the Japanese (Inpex). Within the fourth licensing round for its development, but oil experts believed that the credit for its discovery belongs to the Iraqi National Company.
In turn, economist Mudar Al-Zalmi told Al-Sabah that the field will add a high balance to the national reserve, and improve the economic level of the province, after its transformation into a crude oil producer.
He added that the giant oil discoveries in the country send messages of reassurance to international banks and investors about Iraq's ability to implement its obligations in all fields.
Al-Zalimi added that Iraq gives clear signals to energy markets stating that there is a possibility to sustain oil exports for decades, stressing that these new discoveries will also contribute to placing Iraq on a credit ladder.
higher.
Al-Muthanna owns a second participatory exploration block with Najaf Governorate, in which the National Oil Exploration Company and the Russian (Bashneft) operate.
Data from the Ministry of Oil show that there are more than 84 discovered oil fields, of which only 35 have been developed, in addition to the presence of 400 sites likely to contain oil and gas, which are being prepared for exploration and exploration.
Edited by: Ali Mouafaq
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