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Oil unveils super-sized projects to develop production
5/30/2016 0:00
Baghdad , Saad al - Sammak ,
revealed the Ministry of Oil for Iraq 's possession of productive capacities backed by a huge oil future contracts to international companies in the licenses for the development of the national economy fields.While predicted that the price of a barrel of crude rises to $ 76 the end of this year, discussed theimplementation of the project options (Integrated Iraq) with an international consulting firm, to develop two oil fields, in addition to storage and export warehouses in southern areas, as well as a huge oil project Than.taqat productivity future
revealed the Ministry of Oil for Iraq 's possession of productive capacities backed by a huge oil future contracts to international companies in the licenses for the development of the national economy fields.While predicted that the price of a barrel of crude rises to $ 76 the end of this year, discussed theimplementation of the project options (Integrated Iraq) with an international consulting firm, to develop two oil fields, in addition to storage and export warehouses in southern areas, as well as a huge oil project Than.taqat productivity future
Senior agent of the Ministry of Fayyad's blessing, said in an interview with «morning»: that Iraq has the potential for future productivity of subsidized oil contracts a huge global companies within the licenses fields, in addition to the ministry's plans to invest in energy (hydrocarbons), which would increase Iraq's international status to meet future demand and promote sustainable economic growth which, in order to compensate for the shortfall of supplies to feed the international oil market needs in the future.
$ 76 a barrel
He noted that the decline in high - oil investment cost , similar to Backa deep water, is threatening the economies of producing countries, the prospects for the emergence of another cycle of shortage of supply, and expected that the rising price of a barrel of crude by the end ofthis year and down to the limit of $ 76, as will cause rising prices and increased global demand, inaddition to landing the high production cost, a substantial leap at the rate of the year the price ofcrude per barrel in 2018 to great levels, to continue its price to rise gradually next year and up to the price of just over two years, which he attributed to the accelerated pace of global economic growth in the major industrialized countries , especially China, increasing consumption demand in the market
international.
international.
Iraq Integrated Project
Furthermore, the grace Search ministry in Amman recently announced, study theimplementation of its choice (Iraq Integrated) with an international consulting firm, which aims to develop the fields (Omar) River and (Artawi) in addition to the warehouse storage and export southern oil regions, as well as water project Sea eight million barrels per day, which noted that the average equivalent projected energies of the country's crude production planned for the year 2020 in the fields of Basra, stressing the need to concentrate producing countries on the added value produced by the raw processing and metals, amounting to six times the price of crude, which goes to states manufactured in the case of manufactured out of bounds, to the
producing countries.
He continued by saying: officials companies and relevant departments discussed with theinternational Advisory proposed details of the contracts for the development of a package of projects in southern areas within the investment ministry 's budget for the coming years, adding that the plan aims to escalate the production processes, as well as the use of technology modern used in the extraction of crude oil and the isolation of associated gas for industrial and domestic use. He
also stressed that the Amman meeting will be followed by other meetings with the consultant out an integrated study of the envisaged results of the Iraq project for the development of thenational economy. It is said that the cost price of producing a barrel of crude to the Member States in the (OPEC), up at the top within Nigeria valued at $ 31.6 a barrel, while the amount in Libya , to $ 23.80, while the lowest cost of production is the Kuwaiti oil and amounting to US $ 8.5 per barrel.
producing countries.
He continued by saying: officials companies and relevant departments discussed with theinternational Advisory proposed details of the contracts for the development of a package of projects in southern areas within the investment ministry 's budget for the coming years, adding that the plan aims to escalate the production processes, as well as the use of technology modern used in the extraction of crude oil and the isolation of associated gas for industrial and domestic use. He
also stressed that the Amman meeting will be followed by other meetings with the consultant out an integrated study of the envisaged results of the Iraq project for the development of thenational economy. It is said that the cost price of producing a barrel of crude to the Member States in the (OPEC), up at the top within Nigeria valued at $ 31.6 a barrel, while the amount in Libya , to $ 23.80, while the lowest cost of production is the Kuwaiti oil and amounting to US $ 8.5 per barrel.
Organization meeting (OPEC)
Senior deputy said that the Oil Ministry to head the delegation, will attend the meeting of theOrganization (OPEC) , scheduled for next Thursday, to discuss several topics, including thepositions of the oil policies of the governments of the Member States and abroad, referring to thesupport of Iraq 's endeavors to freeze production at the intervals specified period of time inagreement with the producing countries , both in OPEC and outside.
He added that the move will support the improvement of prices fairly and gradually down to ensure the stability of the economies of oil producing countries , the budget with theindustrialized nations and reduce the effects of low prices from their levels acceptable to levels exposing markets larger than the fluctuations of degree , especially that Iraq from countries that are currently dependent on oil Bmoisnth
crude.
He added that the move will support the improvement of prices fairly and gradually down to ensure the stability of the economies of oil producing countries , the budget with theindustrialized nations and reduce the effects of low prices from their levels acceptable to levels exposing markets larger than the fluctuations of degree , especially that Iraq from countries that are currently dependent on oil Bmoisnth
crude.
Formulate oil policy
He revealed the grace of the efforts of senior other producing countries within the (OPEC), to formulate oil policy to ensure recovery of the oil market in order to ensure optimal use of the entrances of oil, through the adoption of a comprehensive development plans, as well as the adoption of key production base will be the oil sector is an integral part of them, especially Iraq is dependent countries in its budget on crude. He pointed out that the most important event endeavors, is sitting «the Russians and the Venezuelans and Saudis» on the table and one negotiations on the one hand, in addition to the Russians continue and Venezuelans with Iraq and Iran on the other hand, he returned that support in line to absorb the excess supply in the joint face each producing and consuming countries risk index, such as China and Japan in Asia, and industrial countries in Europe and the United States, what united the claim to treat oil market conditions between producers and Almsthlkin.alokel senior oil ministry's efforts, counting the Russian proposals and the new Venezuelan hopes menu added to the recovery of major economies indicators industrialized countries and the decline of oil investments by the producers, which noted that it will encourage demand and contribute to absorb surplus also would impose a state of relative balance between supply and consumer globally.
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