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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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    International institution: Iraq's gas production will reach 4.4 billion cubic feet per day by 2030

    Rocky
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    International institution: Iraq's gas production will reach 4.4 billion cubic feet per day by 2030 Empty International institution: Iraq's gas production will reach 4.4 billion cubic feet per day by 2030

    Post by Rocky Tue 27 Aug 2024, 5:02 am

    International institution: Iraq's gas production will reach 4.4 billion cubic feet per day by 2030

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    Economy News - Baghdad
     
     
    Wood Mackenzie announced that Iraq's gas production will reach 4.4 billion cubic feet per day by 2030.
    Iraq recently signed the contracts for the fifth and sixth licensing rounds to develop gas and oil blocks, and during the last four years it signed a series of contracts to invest in gas associated with oil production.  
    The director of the institution, Alexander Araman, said in a report entitled “A Review of the Opportunities for Developing Oil and Gas Production in Iraq,” that Iraq’s gas production is likely to double by 2030 to reach 4.4 billion cubic feet per day, and that oil production within the same time frame will reach an average of 5.5 million barrels per day.
    He added that the oil production sector in Iraq is going through a period of rapid dramatic change, and the country has sufficient reserves to significantly increase both oil and gas production.
    Araman commented on the withdrawal of international companies from Iraq, saying, “There are national oil companies from Southeast Asia and Chinese state-owned companies ready to buy shares in Iraqi fields.”
    According to the IMF report, most of the expected growth trends will appear in the giant oil fields in the south, such as Rumaila, West Qurna, Zubair and Majnoon.
    He stressed that the recent licensing rounds for 2024 showed great interest and enthusiasm from Chinese companies, and that many major international oil companies from different countries, especially from Asia, have begun to set their sights on investment opportunities in the Iraqi oil sector.
    “On the other hand, Iraq’s financial terms for its oil contracts are still among the least competitive in the Middle East and more needs to be done to increase interest in exploration,” said Araman. “If these issues are addressed, we are likely to see more activity from Asian companies in the Iraqi oil sector. With improvements in financial terms and vital infrastructure, there will be a window of opportunity for more production and exploration activity with future increases in production rates.”
    The Ministry of Oil has changed the contracting mechanisms by activating participation contracts instead of service contracts, whereby the company developing the field obtains a share agreed upon with the Ministry.
    “The country’s goal of doubling gas production, stopping gas flaring and ending its dependence on imports is supported by the country’s 100 trillion cubic feet of natural gas reserves, as well as political will, which also provides new investment opportunities in the sector. Due to the nature of the financial conditions, investment opportunities in the gas sector are in some cases more commercially attractive than oil field development investments. In this way, we now see a segment of major companies focusing more on investment opportunities in the gas sector,” he added.


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