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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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    GAPEX expects the production of the Iraqi Al-Gharraf field to rise to an unprecedented level

    Rocky
    Rocky
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    GAPEX expects the production of the Iraqi Al-Gharraf field to rise to an unprecedented level Empty GAPEX expects the production of the Iraqi Al-Gharraf field to rise to an unprecedented level

    Post by Rocky Wed 15 May 2024, 5:18 am

    GAPEX expects the production of the Iraqi Al-Gharraf field to rise to an unprecedented level

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    A well within the Gharraf oil field



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    Economy News - Baghdad
    The Japanese Oil Exploration Company (JAPEX) expected, on Tuesday, that the production of the Iraqi Al-Gharraf oil field will reach an unprecedented level of 200 thousand barrels per day during the current year.
    “Graf production currently amounts to about 150,000 barrels per day and is expected to grow to about 200,000 barrels per day this year,” Japex Executive Director Yutaka Nishimura said in a press conference to announce the financial results.
    In response to a question about Iraq’s ability to increase production in light of the OPEC+ cuts, he said, “It is difficult to ensure that things will go as we intend, given the presence of restrictions.”
    Oil Minister Hayan Abdul Ghani said, in a statement reported by the official news agency, earlier this month, that Iraq is committed to the voluntary oil production cuts approved by the Organization of the Petroleum Exporting Countries (OPEC) and is keen to cooperate with member states in efforts aimed at achieving more... stability in global oil markets.
    The minister's comments came in the wake of the announcement that Iraq had made enough voluntary cuts and would not agree to any additional cuts offered by the broader OPEC+ producer group at its meeting in early June.
    The Al-Gharraf oil field in southern Iraq, which is being developed by the Malaysian companies Petronas and JAPEX, began production in 2013.
    The ownership of the field is divided into 45 percent by Petronas, in addition to 30 percent by Japex Graf and 25 percent by the Iraqi National Oil Company.
    Japex has a 55 percent stake in Japex Graf, while the state-owned Japan Energy and Mineral Security Organization owns 35 percent and Mitsubishi Corporation holds 10 percent.



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