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Licensing rounds.. Iraq succeeds in enhancing its oil production
Economical 05/14/2024
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Iraq has intensified its efforts to advance the energy sector and enhance its oil and gas production, especially after the referral of many blocks and fields during the fifth and sixth complementary licensing rounds, which ended yesterday with 13 companies winning to invest and explore new oil fields distributed among various governorates, while 16 blocks were not granted. He praised these steps that would enhance Iraq's oil production and achieve self-sufficiency in gas, stressing that these projects will contribute to achieving a large package of economic positives, enhance development rates and provide thousands of job opportunities.
According to the Minister of Oil, Hayyan Abdul-Ghani, during a press conference held yesterday at the conclusion of the activities of the two licensing rounds, which “Al-Sabah” attended, the total number of referrals reached 13 referrals for a plot and field distributed among the governorates of Baghdad, Mosul, Anbar, Maysan, Najaf Al-Ashraf, Wasit, Diwaniyah, Holy Karbala, Basra, and Babylon, pointing to The fields that were referred are: “Eastern Baghdad field - Al-Dima in Maysan - Middle Euphrates field shared between the governorates of Najaf Al-Ashraf and Holy Karbala - Al-Faw patch in Basra - Allan and Sasan in Nineveh - Al-Qarnain patch shared between the governorates of Najaf Al-Ashraf and Anbar - Zurbatiyah patch - Abu Khaimah In Basra - Patch No. 7, shared between Najaf Al-Ashraf, Diwaniyah, Al-Muthanna, Wasit, and Babylon - Al-Dhafriyah in Wasit - Sumer Patch in Muthanna - Jabal Sanam Exploratory Patch, which has extensions in neighboring countries, in Basra - Al-Khalisiya Patch, shared between Nineveh and Anbar.
The Minister of Oil indicated that the patches that were not referred are “Akashat - Al Anz - Tal Hajar - Balkana - Anah - Block 11 - Saleh Castle - Anbar - Al Dan - Al Shihabi - South Rutba and North Rutba - Al Shayban - Arabian Gulf patch - Al Walid - Tubal patch. ".
Abdul Ghani explained that the referral of this number of patches and fields represents a very good step for the Ministry of Oil, noting that the Contracts and Licensing Department is awaiting great efforts to prepare and sign contracts, and has been given a period of two months to finally resolve them, calling on the companies to which contracts have been referred to communicate with Contracts Department to complete all matters, indicating at the same time that this large demonstration came thanks to the great efforts made by all departments of the Ministry and extractive companies.
The Minister of Oil indicated, during his speech at the opening of the launching activities of the fifth supplementary and sixth licensing rounds, that “Iraqi oil reserves could rise in the future to reach more than 160 billion barrels, a number that specialists see as necessary for the Ministry of Oil to strengthen its efforts in offering more oil.” New patches and fields for exploration and development with the aim of optimally exploiting this wealth, while observers stress the importance of Iraq seeking to increase its oil exports in agreement with OPEC, in a step that would significantly enhance financial revenues.” According to the office of the Prime Minister, Muhammad Shiaa Al-Sudani, these two rounds can provide access to more than (3,459) million standard cubic feet per day of gas, and more than one million barrels of oil per day. Al-Sudani also indicated during his sponsorship of the ceremony announcing the two licensing rounds, that “The government program devoted a wide scope to the government’s vision of achieving the slogan (Towards optimal investment of oil and gas), by adopting a new policy in investing oil wealth, and stressed the importance of employing the expected returns to advance the rest of the economic fields, which our people are waiting for.
The Prime Minister also stressed, “Iraq is a difficult number in the equation of energy and oil wealth in the world, and our goal is to invest this wealth, starting with ending the burning of associated gas, which will stop within 3-5 years, and stopping the devastating environmental effects of this process, stressing the keenness to distribute projects in more areas.” From one governorate, to achieve the broadest development in all governorates of Iraq.
The last two licensing rounds were met with broad parliamentary welcome expressed by the Oil, Energy and Natural Resources Committee in the House of Representatives, when it expressed support for those two rounds through its Chairman, Haibat Al-Halbousi, and considered them an important step to raise production.
Al-Halbousi told the Iraqi News Agency (INA): “The fifth and sixth complementary licensing rounds are very important for Iraq and are part of the government program launched by the Prime Minister and voted on in the House of Representatives.”
He pointed out that “the sixth round includes gas rounds to invest in free gas, while the fifth comes to complete the oil and gas rounds,” indicating that “the committee supports the Ministry of Oil with licensing rounds and investment of associated and free gas, which will raise production levels.”
In turn, the economic expert, Dr. Nabil Al-Marsoumi, said during his speech to “Al-Sabah” that “the goal of the fifth and sixth licensing rounds is to raise the production capacity of Iraqi oil, according to a long-term strategy,” pointing out that the gas fields in the exploratory patches were not all accepted by the government. Foreign oil companies, noting that gas fields are very important in generating electrical energy and in achieving the government program for Iraq aimed at reducing the proportion of imported gas and achieving self-sufficiency.
Al-Marsoumi added that the criterion that was followed in selecting companies to work in oil fields was according to wage rates and profit margins, with the aim of increasing production outlets, and that what was observed in the fifth and sixth licensing rounds was that their geographical distribution was fair among the governorates.
For his part, the oil affairs specialist, Engineer Munadil Al-Ramahi, stated that the fifth and sixth supplementary licensing round, which witnessed the launch of 29 projects in all governorates, carried many advantages, most notably the diversity between the governorates, indicating during his talk to “Al-Sabah” that “the purpose of these rounds is Basically, it comes to reducing the burned quantities of emitted gas, and working to invest it optimally and prevent its waste by establishing surface facilities represented by isolation and gas compression stations, and then establishing complexes for gas manufacturing.”
Engineer Al-Ramahi also pointed out that this step represents a successful policy and a valuable gesture on the part of those in charge of the country’s oil affairs, stressing that this will make Iraq one of the important countries in oil production and the gas industry, in addition to the positive aspect of reducing the pollutants caused by burning associated gas. Its effects on the environment are serious.
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