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Specialists urge the initiation of plans to gradually dispense with crude oil and diversify energy
Economical 01/29/2024
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Baghdad: Ali Muwafaq
During the first oil and gas conference in the Arab world, which was organized by the Engineers Syndicate in cooperation with the Arab Engineers Union, specialists called for crude producing and exporting countries to initiate strategic steps and plans for a smooth transition to the stage of economic and energy diversification instead of relying on oil as a main source, especially in light of the recent agreements to dispense with Fossil fuels in the fight against climate change
The Prime Minister’s Advisor for Oil Economics, Dr. Falah Al-Amiri, said during the conference, which was held under the slogan (Hydrocarbon Wealth to Ensure a Smooth Transition to Renewable Energy and a Sustainable Economy) and attended by “Al-Sabah”: The pressure has already begun on the oil-producing countries, even if it is intangible, especially after the conference was held. Climate (COP 28), as the participants agreed to gradually dispense with fossil fuels, i.e. oil, during the next stage.
He continued that the impact of this on Iraq and OPEC countries at the present time may be intangible, but in the medium term the impact will increase and in the long term the impact will become broad and direct.
Al-Amiri explained that this matter requires developing strategic plans on how to deal with and smoothly transition to the stage of economic and energy diversification.
He stated that Iraq has reached advanced stages of gas investment. In 2010, the burning level reached 90 percent, and in 2017 the result reached 58 percent of burning and 42 percent of use. Under the current government and the Ministry of Oil, production reached 80 percent through the introduction of new energies. It is hoped to conclude a contract within a year to refine 150,000 barrels within a year in preparation for achieving self-sufficiency in petroleum products.
For his part, Undersecretary of the Minister of Oil for Extraction Affairs, Bassem Muhammad Khudair, said during the conference: The oil file is witnessing rapid and diligent movement in the fields of oil and gas in light of a government vision that aims to increase production capacities and reserves, end the flared gas file, stop importing this material, and then move to exporting it after achieving Self-sufficiency according to plans and strategies.
During the conference, Khudair called on international companies to apply for the fifth and sixth rounds of licensing, and the Ministry will work to grant support to these companies and provide an attractive and stable economic environment for participation and competition.
In turn, the head of the Iraqi Engineers Syndicate, Zulfiqar Hoshi al-Maksusi, said: The conference is being held in light of a number of challenges facing the oil industry worldwide, including the fluctuation of crude prices as a result of economic conditions, political transformations, and the increase or decrease in demand for energy, as well as the geopolitical conditions that result from it. Tensions and sometimes lead to wars and military conflicts that have a harmful impact on the economies of exporting countries, especially when the process of transporting and exporting oil is exposed to security threats, which leads to increased insurance costs and supplies not reaching the markets at the required time.
He added that the Arab world is located in the epicenter of global conflict and military tensions, which puts its oil wealth in a state of instability. The issue of climate change also emerges strongly as one of the main obstacles to the oil industry in a world where oil and gas constitute 65 percent of the energy necessary to sustain life, and the negative effects of this industry have been reflected. In the final agreement reached by the group of partners during the United Nations Climate Conference (COP28) held recently in the UAE, it was agreed to transition from the use of fossil fuels in energy systems in a fair and orderly manner and to accelerate work in this crucial decade in order to reduce carbon emissions in Year 2050.
Al-Maksousi stated that one of the expected results of this agreement is a decrease in demand for oil and a decline in its prices, which will reflect negatively on the economies of exporting countries, including the Arab countries whose economies depend heavily on the production and sale of oil and gas, and that the increase in alternative energy investments will inevitably lead to a decrease in demand for oil and gas. There is a lack of investments in exploration and production, so producing countries must confront this challenge by investing current oil prices in building a flexible and sustainable economy that does not depend on oil and gas directly, as well as developing renewable energy projects and gradually transitioning from oil to gas as a transitional stage.
As for Engineer Ali Faraj, head of the Petroleum Department at the Engineers Syndicate, he explained to “Al-Sabah” that the conference will discuss research and studies on the reality and future of Arab oil, the optimal exploitation of energy sources, the impact of shale fuel on the economy, the role of renewable energy in the coming years, and the rationalization of fossil energy by using renewable energies. In addition to manufacturing crude oil in the world with the aim of maximizing its value, with the participation of Arab experts in the field of oil and gas, specialists in the field of chemistry and crude oil, and a number of officials from the Ministry of Oil.
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