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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Minister Of Oil Stresses The Importance Of Oil Licensing Rounds In Supporting The National Econo

    Rocky
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    The Minister Of Oil Stresses The Importance Of Oil Licensing Rounds In Supporting The National Econo Empty The Minister Of Oil Stresses The Importance Of Oil Licensing Rounds In Supporting The National Econo

    Post by Rocky Mon 11 Sep 2023, 7:29 am

    The Minister Of Oil Stresses The Importance Of Oil Licensing Rounds In Supporting The National Economy
    09/10/2023
    1208

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    Earth News/ Oil Minister Hayan Abdul Ghani stressed today, Sunday, the importance of oil licensing rounds in supporting the national economy.
    A statement from the ministry, received by Earth News, stated, “During the opening of the First Iraq Exhibition and Conference for Oil Projects and Licensing Rounds, the Minister stressed the importance of oil licensing rounds in supporting the national economy and sustainable development,” noting that “the licensing rounds contribute to increasing the national reserve of oil and gas by adding 6 billion barrels.” Of crude oil and gas reserves amounting to 32 billion standard cubic feet of gas.”
    He added, “The Ministry of Oil, during the life of the current government, was able to sign a contract to develop the Eridu oil field with a capacity of 250 thousand barrels per day, and to complete and operate the strategic Karbala refinery with a capacity of 140 thousand barrels per day in accordance with international specifications,” explaining that “the prosperity of the economy comes through the implementation of many projects.” Complementary and service projects, such as oil production, gas processing and refinery projects.”
    He continued, “The government program emphasizes the optimal investment of national and gas wealth, and work to invest associated and free gas to increase national production,” noting that “most oil and gas investments were concentrated in the previous period in the central and southern regions, where the main oil production comes from the main southern governorates of Basra, Maysan, and Dhah.” Bitumen, and therefore the recent approach of the government and the Ministry of Oil was to focus investment from the western, central and eastern regions to fill the shortage in the production of gas necessary to operate power plants and reduce the import of this material from neighboring countries.”
    The minister explained, “The sixth licensing round, which was promoted more than three months ago, included gas investment in (11) gas exploration blocks and three oil-promising exploration blocks, most of which focus on the western borders of Iraq, starting with the Syrian-Jordanian and Saudi borders and ending with the Samawah and Diwaniyah governorates. Launching the fifth complementary licensing round for 16 promising gas fields and exploration blocks, concentrated in the south and eastern borders of Iraq.
    He stated, “The government has directed to focus oil investments in the western and central regions, while indicating that great strides have been made in enhancing investment areas through licensing rounds.”
    The minister continued, “The Ministry of Oil is working with international companies specialized in participating in these promising rounds and helping in implementing gas investment projects, maximizing its production, and exporting the surplus abroad,” stressing that “his ministry will be supportive of all investment companies.”
    He pointed out that “among the achievements achieved is operating the Okaz gas field as an accelerated phase, operating the first phase of liquid separation for the Basra Gas Company with a capacity of 200 million standard cubic feet per day, and operating the liquid gas depot in Samawah,” noting that “the Ministry of Oil succeeded in signing the integrated contract for southern Iraq with... The French company Total Energy is investing in gas from five oil fields with a capacity of 600 million cubic feet of gas per day and producing 210 thousand barrels per day of crude oil, in addition to a project to use sea water for injection purposes and refrain from using river water for this activity, in addition to establishing an electric power generation station. Using solar energy with a capacity of 1000 megawatts, this station is considered the largest station for generating electrical power using solar energy in Iraq.”
    The minister continued, “Exhibitions and conferences work to promote economic projects necessary to support the national economy.”
    For his part, the Undersecretary for Extraction Affairs, Bassem Muhammad Khudair, stressed “the importance of the fifth complementary licensing rounds and the sixth in adding new quantities of oil and gas to oil production and reserves, and that the Ministry is continuing to develop oil fields and invest in associated gas.”
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