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[size=36]Minister of Oil: The government is supportive of increasing investment projects in the oil sector[/size]
Economy | 05:33 - 05/07/2023
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Baghdad - Mawazine News,
Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani confirmed today, Wednesday, the government's keenness to cooperate and contract with international companies to invest in developing the oil industry and investing in associated gas.
The Ministry of Oil stated in a statement, a copy of which was received by Mawazine News, that "Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, during his participation in the work of the eighth edition of the OPEC International Forum, which is being held in the historic Hofburg Palace in the Austrian capital, Vienna, under the title "Towards a sustainable and comprehensive energy transition," he stressed the government's keenness to include in the ministerial curriculum plans to develop the oil sector, and to increase and expand the area of cooperation and contracting with international companies to invest in developing the oil industry, investing in associated and free gas, and reducing emissions.
Abdul-Ghani added, "The ministry launched the fifth and sixth licensing rounds, which include the development of a number of exploration fields and sites with hydrocarbon oil and gas compositions, and invited international companies to participate in investment, development and production operations."
The minister pointed out the importance of concluding the contract with Total, which is considered one of the strategic projects in the oil sector, which includes gas investment projects and increased oil production, in addition to transporting sea water to oil fields, and establishing a station to generate electricity from solar energy, indicating that the size of Investments in these projects amount to more than $27 billion.
He continued, "The government is supportive of plans to increase projects and the area of clean energy investment, according to a strategic vision by concluding contracts with international companies specialized in this field, to increase the production of clean energy," stressing that "fossil energy cannot be dispensed with because of its importance in meeting the requirements of service sectors." and basic needs of the countries of the world," noting "the need to use advanced technology to reduce environmental damage and emissions."
The Minister of Oil concluded his speech by referring to "Iraq's success in hosting the OPEC celebration in Baghdad on the occasion of the 63rd anniversary of the founding of OPEC in Baghdad in 1960, and the distinguished participation of the oil and energy ministers of the Organization's countries, in addition to the participating delegations, which emphasized the importance and role of Iraq in OPEC."
For his part, spokesman for the Ministry of Oil, Assem Jihad, said, "The conference will discuss a wide range of energy issues, including the future of energy in the world, oil investments, market stability, energy security, technology and innovation, as well as discussing ways to reach a safe and stable international oil market through strengthening cooperation and dialogue." all over the world".
Jihad added, "This conference precedes the meetings of the oil and energy ministers of the oil-exporting countries, OPEC and OPEC Plus, to discuss developments in the oil market and measures that can be taken to achieve more stability and balance in the oil market."
And "Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani arrived in Vienna, yesterday, Tuesday, to participate in the work of the OPEC Energy Forum and the OPEC and OPEC Plus meetings." Ended 29 / M99
Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani confirmed today, Wednesday, the government's keenness to cooperate and contract with international companies to invest in developing the oil industry and investing in associated gas.
The Ministry of Oil stated in a statement, a copy of which was received by Mawazine News, that "Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, during his participation in the work of the eighth edition of the OPEC International Forum, which is being held in the historic Hofburg Palace in the Austrian capital, Vienna, under the title "Towards a sustainable and comprehensive energy transition," he stressed the government's keenness to include in the ministerial curriculum plans to develop the oil sector, and to increase and expand the area of cooperation and contracting with international companies to invest in developing the oil industry, investing in associated and free gas, and reducing emissions.
Abdul-Ghani added, "The ministry launched the fifth and sixth licensing rounds, which include the development of a number of exploration fields and sites with hydrocarbon oil and gas compositions, and invited international companies to participate in investment, development and production operations."
The minister pointed out the importance of concluding the contract with Total, which is considered one of the strategic projects in the oil sector, which includes gas investment projects and increased oil production, in addition to transporting sea water to oil fields, and establishing a station to generate electricity from solar energy, indicating that the size of Investments in these projects amount to more than $27 billion.
He continued, "The government is supportive of plans to increase projects and the area of clean energy investment, according to a strategic vision by concluding contracts with international companies specialized in this field, to increase the production of clean energy," stressing that "fossil energy cannot be dispensed with because of its importance in meeting the requirements of service sectors." and basic needs of the countries of the world," noting "the need to use advanced technology to reduce environmental damage and emissions."
The Minister of Oil concluded his speech by referring to "Iraq's success in hosting the OPEC celebration in Baghdad on the occasion of the 63rd anniversary of the founding of OPEC in Baghdad in 1960, and the distinguished participation of the oil and energy ministers of the Organization's countries, in addition to the participating delegations, which emphasized the importance and role of Iraq in OPEC."
For his part, spokesman for the Ministry of Oil, Assem Jihad, said, "The conference will discuss a wide range of energy issues, including the future of energy in the world, oil investments, market stability, energy security, technology and innovation, as well as discussing ways to reach a safe and stable international oil market through strengthening cooperation and dialogue." all over the world".
Jihad added, "This conference precedes the meetings of the oil and energy ministers of the oil-exporting countries, OPEC and OPEC Plus, to discuss developments in the oil market and measures that can be taken to achieve more stability and balance in the oil market."
And "Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani arrived in Vienna, yesterday, Tuesday, to participate in the work of the OPEC Energy Forum and the OPEC and OPEC Plus meetings." Ended 29 / M99
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