International forecasts: Iraq is heading towards the world's top oil production

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[size=52]International forecasts: Iraq is heading towards the world's top oil production[/size]

[size=45]Translated by: Hamed Ahmed[/size]
[size=45]A report by the (OilPrice) news website, written by the international expert in energy affairs, Simon Watkins, translated by (Al-Mada), stated that “there is latent energies in the Iraqi oil sector, if it is properly rationed, to qualify it to increase its oil production to become the largest oil producer in the world, and it may reach In theory, the rate of production is 13 million barrels per day.[/size]
[size=45]The report stated, “The Parliamentary Oil and Gas Committee, based on its recommendations taken last week, plans to increase the country’s oil production to more than 5 million barrels per day, and it may be considered a first step to achieving the highest production in the future.”[/size]
[size=45]The report indicated that "Iraq in general is still at the beginning of its relatively first steps to be among the largest oil producers in the world."[/size]
[size=45]And the report added, “On the official side, and according to the US Energy Information Administration, Iraq possesses huge reserves of crude oil estimated at 145 billion barrels (about 18% of the entire Middle East oil reserves, and the fifth largest oil reserves in the world).[/size]
[size=45]He explained, "Unofficially, expectations indicate that Iraq has much higher oil reserves than this number."[/size]
[size=45]The report added, "The Iraqi Oil Ministry stated in October 2010 that the country's proven oil reserves are estimated at 143 billion barrels."[/size]
[size=45]And between, "The Ministry of Oil also mentioned that Iraq's reserves of undiscovered crude oil resources may reach approximately 215 billion barrels."[/size]
[size=45]And the report added, "This figure was reached in a detailed study conducted by the (Petrolog) International Oil and Gas Corporation in 1997."[/size]
[size=45]And he goes on, “In general, the US Energy Information Administration indicates that the average size of Iraq’s reserves of crude oil, including the crude of the Kurdistan region, may reach approximately 246 billion barrels of crude oil and liquid gas.”[/size]
[size=45]And the report went, that "taking into account the size of the oil reserves in Iraq, there are several scenarios that have been put forward regarding the rate of oil production that the country aspires to reach."[/size]
[size=45]He added, "The integrated national energy strategy that was issued in Iraq in 2013 had been set in its planning in that year to reach the maximum oil production capacity (by 2017) to 13 million barrels per day."[/size]
[size=45]And that strategy, according to the report, talked about “reaching the peak of production by the year 2023, after which the target set for production was reduced to 10 million barrels per day.”[/size]
[size=45]He added, however, that “a third scenario was aimed at reaching a decreed production rate of 9 million barrels per day, by the year 2020.”[/size]
[size=45]The report confirmed, “The National Integrated Energy Strategy amended its plan and set another scenario to the goal of producing 6 million barrels per day, in the same year 2020.”[/size]
[size=45]And he continues, “What the Parliamentary Oil and Gas Committee announced last week planning to reach a production capacity of 5 million barrels per day, can be considered the first step that can be easily achieved to reach what was previously planned in terms of reaching high production rates.”[/size]
[size=45]And the report added, “Based on the statements of the Iraqi Oil Minister, Hayan Abdul Ghani, last week, the country’s current capacity for oil production reaches more than this level, at around 5.4 million barrels per day, although production in general still stands at 4.3 to 4.5 million barrels.” Daily".[/size]
[size=45]The report said, "The reason why Iraq did not reach a production rate of 13 million barrels per day, as the Ministry of Oil had been planning for years, is cases of corruption that lie in the oil and gas industry sector."[/size]
[size=45]And he went on to say that “this matter, which causes the country to be deprived of many financial returns that may be added to its budget in the event of an increase in production, constitutes an obstacle that undermines international Western companies from coming to invest in the country.”[/size]
[size=45]And the report concluded, that "the sums of money that Iraq lost due to corruption could have been used to finance all major projects necessary to enhance oil production capacity to reach at least 7 or 8 million barrels per day."[/size]
[size=45]Iraq signed this week with the French oil giant Total Energy, a long-delayed agreement worth $27 billion to implement four oil, gas and renewable energy projects with the aim of increasing oil production and enhancing the country's ability to produce electricity through the implementation of integrated gas manufacturing projects. By taking advantage of associated gas and enhancing the country's supply of fuel to operate power plants.[/size]
[size=45]About: (Oil Price) news site[/size]
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