The Minister of Oil dispels "concern" about low prices: it will not fall below $70 (video)[ltr]
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Oil Minister Hayan Abdel-Ghani confirmed today, Friday, that the drop in global oil prices does not cause "concern," while noting that prices will not fall below $70 a barrel.
The Oil Minister said, during a press conference attended by a reporter (Baghdad Today), that "the drop in oil prices is not worrisome to us," pointing to "the presence of an upcoming meeting of OPEC members in order to restore stability in oil prices."
He added, "The current prices will not fall below $70 a barrel," stressing that "the process of price volatility is subject to political criteria."
This morning, the Minister of Oil, Hayan Abdul-Ghani, confirmed the existence of negotiations with international companies to invest gas in the oil fields in Basra Governorate .
A statement by the ministry, which was received by (Baghdad Today), stated that "Minister Hayan Abdul-Ghani opened today the first phase of the project to develop the Hammar Musharraf gas compression station in the Zubair oil field in Basra Governorate," stressing that "there are negotiations with one of the specialized international companies to invest in gas from the fields." Majnoon, West Qurna / 2, Al-Luhais and Artawi", expressing his hope "to sign investment contracts in this field soon ".
The Minister of Oil said, according to the statement, that "the Musharraf donkey press station in the Zubair field is one of 24 gas press stations, and includes four presses with a capacity of 35 million standard cubic feet, and today two additional presses have been added with a capacity of 32 million standard cubic feet per day," adding This project will add new quantities of raw gas, including 30 cubic meters of dry gas, 150 tons of liquid gas, and 600 barrels of condensate .
He pointed out that "the Basra Gas Company will add five new compressors in the second phase of this project to raise the production capacity to 147 million standard cubic meters per day," noting that "the new five compressors increase the ability to invest associated gas and reduce its combustion process in the Zubair field." oil, as well as providing good quantities of dry gas to electric power stations .
He continued, "This project comes in line with the government program to reduce the rate of burning gas and convert it into clean energy that supplies all industries related to fuel with gas, including electric power stations."