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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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    "Promising" economic opportunities in central Iraq open doors to investment, trade and unemployment

    Rocky
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    "Promising" economic opportunities in central Iraq open doors to investment, trade and unemployment Empty "Promising" economic opportunities in central Iraq open doors to investment, trade and unemployment

    Post by Rocky Thu 14 Nov 2024, 4:55 am

    "Promising" economic opportunities in central Iraq open doors to investment, trade and unemployment


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    2024-11-13 14:26
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    Shafaq News/ Experts in economics, oil and gas stressed the importance of establishing the "Middle Gas" company in Wasit Governorate, as it will have a positive impact on further expansion in gas fields and modernization of the sector. The company will also have the opportunity to supervise and control the central geographical region of Iraq, which means that this region will have more investment, job creation, and commercial activities.
    The head of the Oil, Gas and Natural Resources Committee in the Iraqi Parliament, Haibat al-Halbousi, announced today, Wednesday, the approval of the Prime Minister of the Federal Council, Mohammed Shia al-Sudani, to establish the "Middle Gas" company to enhance investment in gas resources in the central governorates.
    The MP's office stated in a statement received by Shafaq News Agency, "Al-Halbousi obtained official approval from the Prime Minister, in addition to the approval of the Deputy Prime Minister for Energy Affairs and Minister of Oil, as well as the Undersecretary of the Ministry of Oil for Gas Affairs, to establish the (Middle Gas) Company."
    Wasit, Diyala and Anbar
    He added, "This decision comes in response to the increasing growth in gas activities and the geographic areas rich in gas in the provinces of Anbar, Diyala, and Wasit."
    He stressed that "the new company seeks to develop investment in gas resources and meet the needs of the central governorates for energy resources, which enhances Iraq's role in producing natural gas and supports the government's efforts to develop the national economy by improving the management and development of local resources."
    The hunchback and Badra
    From the same committee, MP Basem Al-Gharibawi explains that “the establishment of the Central Oil Company was a priority in the work of the Oil, Gas and Natural Resources Committee, but in order to open a company independent of the Central Oil Company, the production of the Al-Ahdab and Badra fields must reach 100 thousand barrels per day, and it was agreed to proceed with it even if the production was 90 thousand barrels per day.”
    Al-Gharibawi confirmed to Shafaq News Agency, "The establishment of the Middle Oil Company will reflect on Wasit Governorate by investing its oil resources, fields and existing structures, as there are 14 fields and structures and two fields have been added (Al-Dhafriya and Zurbatiya), thus it will reflect on the development of the governorate and on employing the largest possible number of its people."
    "It has a positive effect"
    In turn, the expert in oil and gas management, Kozin Ahmed, explains that “the establishment of the Central Gas Company under the supervision of the Iraqi state and the Ministry of Oil will have a positive impact on further expansion in gas fields and modernization of the sector, and will shed light on the Iraqi gas sector, which has a bright future if it is managed well.”
    Ahmed continued his talk to Shafaq News Agency, "The Central Gas Company will also have supervision and control over the central geographical region of Iraq, which means that this region will have more investment, more job creation, and more commercial activities in that region."
    Ahmed expressed his hope that “this time the Ministry of Oil will follow modern international standards in establishing the organizational structure and administrative team of the Central Gas Company so that it can adhere to and respond to progress and modernity in the world.”
    He pointed out that "the company may face some challenges, namely reducing flares and using new technologies in gas production fields to reduce the negative impact of flares on the environment and the health of surrounding villages and cities."
    Great economic opportunity
    For his part, economic expert Mustafa Farag says, “Establishing the Central Gas Company has great economic importance in achieving self-sufficiency through developing local gas resources and reducing dependence on imports, and may provide opportunities for exporting gas.”
    Faraj added to Shafaq News Agency, "The establishment of the Central Gas Company will also contribute to creating job opportunities for young people at different levels of specialization, starting from extraction and refining to distribution, in addition to supporting the industry."
    He stressed that "establishing the Central Gas Company represents a great economic opportunity, but it requires strategic planning and good management to reduce potential risks and ensure the economic sustainability of the project, as the success of the project is achieved by developing a feasibility study for it and establishing it according to the required high international specifications."
    The time is not right
    But in contrast, researcher and writer on economics and energy, Bilal Al-Khalifa, believes that “the important oil sectors in Iraq are the extractive sectors represented by the Basra Oil Company, the North and Central Oil Company, Maysan Oil Company, and Dhi Qar Oil Company, and the greatest interest in them during the past years was after 2003, and this interest was represented by concluding the oil licensing rounds in 2009, which included the referral of many fields in technical service contracts.”
    Al-Khalifa added to Shafaq News Agency, "The gas sector in Iraq consists of two companies, the North Gas Company and the South Gas Company, and there was no company for central gas previously, due to the lack of oil and gas fields previously."
    He points out that "the important point is that most of the Iraqi gas is associated gas and not free gas, and it constitutes 70% of the free gas, and that in the middle there are several oil fields such as the East Baghdad and Al-Ahdab fields and others, as for the gas fields such as the Akkas field, which can produce more than 300-350 million standard cubic feet."
    Al-Khalifa believes that “establishing the Central Gas Company now is not the right time because production is still small, and that the Akkas field is still in its early stages as a result of its previous stumbling blocks, as the field is in hot security areas, which led to the withdrawal of the operator at that time. The progress of work and the start of commercial production will be the beginning of the formation of the Central Gas Company, and thus facilitate the process of managing and sustaining the project and reduce administrative bureaucracy.”
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