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Oil reveals a significant increase in the national reserve
The first 09/11/2023
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Baghdad: Rula Wathiq
Yesterday, Sunday, the Ministry of Oil revealed an increase in the national reserve by 6 billion barrels of oil and 32 billion standard feet of gas, indicating that the number of projects announced within the annex of the fifth and sixth rounds reached 30 promising projects, and the ministry confirmed its intention to focus investment in The western and central governorates and the eastern regions to fill the major shortage in gas production necessary to operate power plants.
The Minister of Oil, Hayan Abdul-Ghani, said during his opening of the “Iraq First International Oil Projects and Licensing Rounds” exhibition and conference, attended by “Al-Sabah”: “The Ministry, within its pioneering role in providing basic resources to support the state’s general budget directly and indirectly, and supplying it with investment projects that double The financial proceeds were directed to sponsoring and supporting specialized exhibitions and conferences, indicating that “wherever oil and gas are found in the regions of Iraq, development will be included.”
He pointed out that "the Ministry hopes that specialized international companies will participate in these promising rounds and contribute to the implementation of gas investment projects and the dissemination of its investment in order to achieve self-sufficiency in this vital material and export its surplus abroad."
He stated that “the Ministry has made great strides in enhancing investment in the oil sector during the first year of the government’s life, through the five rounds of petroleum licensing, in addition to the Ministry’s achievements in increasing the national oil reserve by 6 billion barrels of oil and 32 billion standard feet of gas.” With the signing of a contract to develop the Eridu oil field with a production capacity of 250 thousand barrels per day, and the completion and operation of the strategic Karbala refinery with a capacity of 140 thousand barrels per day, which is now in the final stages of trial operation, which operates within environmentally friendly international specifications.”
Abdul-Ghani pointed out that “during the past years, investments were concentrated in the southern governorates represented by the governorates of (Basra, Maysan, and Dhi Qar), so the recent trend of the government and the ministry came to invest in the western, central, and eastern governorates, to fill the major shortage in gas production necessary to operate power plants and reduce its import from neighboring countries.” He explained, “Accordingly, the sixth licensing round came, which was promoted more than three months ago, to invest gas in 14 projects, including 11 exploration blocks with gas promise and 3 exploration blocks with oil promise, most of which are concentrated on the western borders of Iraq, in addition to approving the licensing round.” The fifth supplementary field consists of 16 fields and exploratory blocks with promising oil and gas concentrations, concentrated in the south of the eastern border of Iraq.
The Minister of Oil touched on several achievements of his ministry, including the operation of the accelerated phase of the Okaz gas field and the first phase of the liquid separation plant in Artawi at the Basra Gas Company with a capacity of 200 million cubic feet per day, and the operation of the liquid gas depot in Samawah, in addition to the ministry’s success in signing the contract (southern Iraq). Integrated) with the French company "Total" to invest gas from 5 oil fields with a capacity of 600 million cubic feet of gas per day, and produce 210 thousand barrels of oil per day, pointing to "the ministry's most important and strategic project to refrain from using river water for injection and replace it with sea water." .
For his part, Undersecretary of the Ministry of Oil for Extraction Affairs, Bassem Khudair, stated that the Ministry is keen on the geographical distribution of the fifth and sixth round annex projects, as it included all governorates to contribute to achieving security and economic prosperity in the areas of those projects.
He stressed, "The Ministry is proceeding to replace the depleted reserves of oil and gas and add new reserves through seismic surveys carried out by the Petroleum Exploration Company in various governorates to discover oil and gas fields and structures."
Khudair expected that “the fifth licensing round for the border patches and fields will achieve an oil production of crude oil at a rate of 250 thousand barrels per day, and a gas production rate of one thousand megaqqm,” reiterating that the ministry is moving forward with plans to “invest in associated and natural gas to provide the quantities of gas necessary to meet the country’s growing need and increase its reserves.” of hydrocarbon resources to achieve economic reforms, which constitute a fundamental focus of the
government program.”
Edited by: Muhammad Al-Ansari
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