[size=36]Iraq contracts with a Ukrainian company to develop the Okaz gas field[/size]
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The Undersecretary of Extraction at the Ministry of Oil, Bassem Muhammad Khudair, suggested that the price of a barrel of oil (Brent) would move significantly, reaching $100, in the coming months, revealing at the same time that the contract to develop the Okaz gas field would soon be transferred to a Ukrainian company.
Khudair said, “It is expected that the price of a barrel of crude oil will touch $100 in the last quarter of 2023, which is higher than previous expectations that indicated a smaller increase.” He added, “With the beginning of April 2023 and the main members of (OPEC Plus) taking a decision to reduce... The production ceiling is about 1.6 million barrels per day, starting from last May until the end of 2023. Oil prices have begun to rise to reach $100 per barrel or slightly more by the end of this year.”
He added, "It is very difficult for oil prices to fall below $75 per barrel, given considerations related to the balance of OPEC Plus decisions with the financial situations of producing and consuming countries alike, in addition to the situation in Russia, which is engaged in what we might call a (war economy)." Europe and America also have a goal that the price of oil should not exceed $85 per barrel, and we can call the price margin for oil in the international market ($75-$85 per barrel) as the “crisis price.”
On a related level, Khudair said: “The Ministry of Oil will announce in the coming days the transfer of the contract to develop the Okaz gas field west of Ramadi to a Ukrainian company, according to international standards that enable it to increase investment in free gas in the country, and the goal of investing and developing the field was to reach Production capacity reaches 400 mqmqm per day.
He continued, "After more than a decade of disrupting the production of free gas from the Okaz gas field, following the signing of the initial contract to develop the field with the South Korean company (Kokaz) on June 1, 2011, Iraq will be able to invest in the second free gas field after the Siba field south of Basra, in parallel with the French company Total Energy starting to implement its four projects to develop the production of the Artawi field, invest gas in other fields, and build an electricity and water station in Khor Al-Zubair.
He pointed out that “the Council of Ministers approved, on March 20, 2023, the recommendation of the Ministerial Council for Energy (8 of 2022) regarding a consensual settlement with the South Korean company (Kokaz), the operator of the Akkas gas field, and to free the Akkas field from the Korean company’s stumble in completing the strategic investment project for Iraq.” ". Ended 29/h