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[size=36]Minister of Oil: The sixth licensing round aims to achieve self-sufficiency within 5 years[/size]
political | 03:20 - 07/07/2023
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Baghdad - Mawazine News
Ann News - Baghdad
Oil Minister Hayan Abdul-Ghani dismissed, today, Friday, Iraq's contracts with international companies to develop oil and gas fields, and while he indicated that the sixth licensing round aims to achieve self-sufficiency in gas within 5 years, he stressed that the critical decisions approved by OPEC and OPEC Plus will preserve global market stability.
Abdul-Ghani said, "OPEC and OPEC Plus approved a set of crucial decisions that not only target oil prices, but also maintain the stability of the global oil market, in a way that guarantees the interest of the producer and consumer, in addition to the interests of investors."
He added, "The voluntary reduction of production will contribute to strengthening the stability of the global energy market," noting that "the entry of new countries into OPEC aims to strengthen efforts to maintain the stability of the global market, and will contribute to spreading the benefit to all countries of the organization and investors."
He explained that "the contribution of oil constitutes the largest part of the gross domestic product of Iraq, as 90% of the state's imports depend on oil wealth," noting "the keenness to provide these resources for the Iraqi state in light of the presence of many strategic projects in the fields of industry, agriculture and other sectors." to enhance Iraq's resources.
He pointed out that "Iraq has offered a lot of investment opportunities in the oil sector by offering the fifth complementary licensing round, which includes more than 10 fields, some of which are gas fields located on the eastern side of the Iraqi borders and also include oil fields located within 3 governorates, as this round provides Among the licenses are more than 800 million cubic feet of gas that Iraq needs to generate electric power, in addition to increasing oil production from the oil fields.
He pointed out that "the sixth round of licensing contracts that were launched, includes gas exploration blocks located on the western borders of Iraq, as the volume of investments is estimated at tens of billions of dollars in 13 gas exploration blocks, enabling Iraq to produce more than 1,500 million cubic feet of gas with the aim of achieve self-sufficiency over the next five years.
He stressed that "Iraq has taken great strides in investing in natural gas, as the investment is concentrated in southern Iraq, through the Basra Gas Company, which is a joint venture between the South Gas Company, Shell and Mitsubishi. Investing 400 million cubic feet of gas.
He noted that "the first phase of the project was opened last May with a capacity of 200 million cubic feet of gas, while the second phase of the project is expected to be completed by the end of the current year 2023, which will contribute to reaching 400 million cubic feet of natural gas." .
He noted that "Iraq launched another project, which is the southern Iraq integrated project, which includes investment in oil in a limited way, not exceeding 250 thousand barrels per day, in addition to investments in 5 oil fields that will provide 600 million cubic feet of gas, which will enhance the contribution to meet the needs of electric energy,” expecting that “Iraq will reach self-sufficiency in gas within 5 years.”
He stressed that "Iraq has large oil reserves amounting to 144.5 billion cubic meters of oil, and more than 133 trillion standard cubic feet of gas," noting that "Iraq has many fields that produce large quantities of oil and gas through cooperation with many countries." global companies.
He pointed out that "there is a contract with BP to develop the Rumaila field, which is one of the large fields in Iraq and currently produces one million and 380 thousand barrels of oil per day, in addition to the accompanying gas in large quantities," stressing that "most of the gas produced in Iraq is associated with the production of oil.”
Abdul-Ghani continued, "The Ministry of Oil has contracts with Eni to develop the Zubair oil field, which currently produces 450,000 barrels of oil per day, as well as contracts in West Qurna 1 with Exxon Mobil to produce 380,000 barrels of oil per day, in addition to contracts with the company." Lukoil in the West Qurna 2 region to develop a field with a production of up to 410,000 barrels per day, in addition to other contracts in different regions.
He added, "The oil production capacity in Iraq currently reaches 5 million and 400 thousand barrels per day, while the current total production according to the share of" OPEC "is 4 million and 430 thousand barrels per day, with Iraq looking forward within promising plans to raise production capacity to 6 million barrels per day." This is through licensing contracts concluded with companies during the next stage.
Oil Minister Hayan Abdul-Ghani dismissed, today, Friday, Iraq's contracts with international companies to develop oil and gas fields, and while he indicated that the sixth licensing round aims to achieve self-sufficiency in gas within 5 years, he stressed that the critical decisions approved by OPEC and OPEC Plus will preserve global market stability.
Abdul-Ghani said, "OPEC and OPEC Plus approved a set of crucial decisions that not only target oil prices, but also maintain the stability of the global oil market, in a way that guarantees the interest of the producer and consumer, in addition to the interests of investors."
He added, "The voluntary reduction of production will contribute to strengthening the stability of the global energy market," noting that "the entry of new countries into OPEC aims to strengthen efforts to maintain the stability of the global market, and will contribute to spreading the benefit to all countries of the organization and investors."
He explained that "the contribution of oil constitutes the largest part of the gross domestic product of Iraq, as 90% of the state's imports depend on oil wealth," noting "the keenness to provide these resources for the Iraqi state in light of the presence of many strategic projects in the fields of industry, agriculture and other sectors." to enhance Iraq's resources.
He pointed out that "Iraq has offered a lot of investment opportunities in the oil sector by offering the fifth complementary licensing round, which includes more than 10 fields, some of which are gas fields located on the eastern side of the Iraqi borders and also include oil fields located within 3 governorates, as this round provides Among the licenses are more than 800 million cubic feet of gas that Iraq needs to generate electric power, in addition to increasing oil production from the oil fields.
He pointed out that "the sixth round of licensing contracts that were launched, includes gas exploration blocks located on the western borders of Iraq, as the volume of investments is estimated at tens of billions of dollars in 13 gas exploration blocks, enabling Iraq to produce more than 1,500 million cubic feet of gas with the aim of achieve self-sufficiency over the next five years.
He stressed that "Iraq has taken great strides in investing in natural gas, as the investment is concentrated in southern Iraq, through the Basra Gas Company, which is a joint venture between the South Gas Company, Shell and Mitsubishi. Investing 400 million cubic feet of gas.
He noted that "the first phase of the project was opened last May with a capacity of 200 million cubic feet of gas, while the second phase of the project is expected to be completed by the end of the current year 2023, which will contribute to reaching 400 million cubic feet of natural gas." .
He noted that "Iraq launched another project, which is the southern Iraq integrated project, which includes investment in oil in a limited way, not exceeding 250 thousand barrels per day, in addition to investments in 5 oil fields that will provide 600 million cubic feet of gas, which will enhance the contribution to meet the needs of electric energy,” expecting that “Iraq will reach self-sufficiency in gas within 5 years.”
He stressed that "Iraq has large oil reserves amounting to 144.5 billion cubic meters of oil, and more than 133 trillion standard cubic feet of gas," noting that "Iraq has many fields that produce large quantities of oil and gas through cooperation with many countries." global companies.
He pointed out that "there is a contract with BP to develop the Rumaila field, which is one of the large fields in Iraq and currently produces one million and 380 thousand barrels of oil per day, in addition to the accompanying gas in large quantities," stressing that "most of the gas produced in Iraq is associated with the production of oil.”
Abdul-Ghani continued, "The Ministry of Oil has contracts with Eni to develop the Zubair oil field, which currently produces 450,000 barrels of oil per day, as well as contracts in West Qurna 1 with Exxon Mobil to produce 380,000 barrels of oil per day, in addition to contracts with the company." Lukoil in the West Qurna 2 region to develop a field with a production of up to 410,000 barrels per day, in addition to other contracts in different regions.
He added, "The oil production capacity in Iraq currently reaches 5 million and 400 thousand barrels per day, while the current total production according to the share of" OPEC "is 4 million and 430 thousand barrels per day, with Iraq looking forward within promising plans to raise production capacity to 6 million barrels per day." This is through licensing contracts concluded with companies during the next stage.
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