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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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    Lukoil" get its debts from Iraq and expects to increase production to 8 million barrels per day

    Rocky
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    Lukoil" get its debts from Iraq and expects to increase production to 8 million barrels per day Empty Lukoil" get its debts from Iraq and expects to increase production to 8 million barrels per day

    Post by Rocky Wed 08 Jun 2016, 3:06 am

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    "Lukoil" get its debts from Iraq and expects to increase production to 8 million barrels per day


     Reuters / Vienna 

    CEO of "Lukoil" Russian said that Iraq had surprised the big oil companies positively as it quickly began to repay debts accumulated, vowing to increase the company 's investment in Iraq for the second - largest oil producer in OPEC to help maintain the strong output growth. 
    Became the Iraq Country oil - producing the fastest growing in the world with high production by 50 percent since signed contracts worth tens of billions of dollars , with major companies such as Lukoil Lukoil and BP BP and Exxon Mobil , Exxon Mobil and Royal Dutch Shell Royal Dutch Shell at the end of the last decade in order to develop its vast oil fields. 
    but the growth in production in Iraq to about 4.5 million barrels a day failed to accomplish the initial plans as oil companies complained repeatedly about the routine, the security situation and the weak, and rising debts.In addition, during the past two years, slowed down the debt owed ​​to investments in big oil companies pay off, with the sharp decline in oil prices. 
    However , the CEO of "Lukoil" and a major shareholder, Vagit Alekperov, said that the situation began tochange, and announced Alekperov in an interview with the news agency Reuters on the sidelines of a meeting of OPEC in Vienna , where he met many of the ministers and officials of the member states "Iraq is paid off its debts to companies are very active, the situation has changed a lot." 
    According to the IMF, Iraq is expected to pass this year with a deficit in the funding worth $ 17 billion , but if he gets more funding. It is worth noting that the cost of the fight against the organization of the Islamic State also pose a heavy burden on it. 
    In May / May, reached Iraq to reserve agreement with the International Monetary Fund worth $ 5.4 billion ,may allow him a chance to get other international aid worth $ 15 billion over the next three years . He explained Alekperov told Reuters, "We know that talks between Iraq and the Fund, and we also know that the latter requires the Iraq payments to contractors, and we hope that they pay the entire debt by November so that we can start a new investment cycle by the year lapse, and is still our goal and long - term private production (ie 1.2 million barrels per day) in place since the Iraqi fields tremendous potential. " 
    it should be noted that" Lukoil "produced daily in Iraq four million barrels, if increased production three times in the West Qurna oil field, Iraq will be able to produce more than 5 million barrels a day, what classify completely after Russia and Saudi Arabia , and the United Nations , which produces more than 10 million barrels a day. He hopes Iraq eventually bridge the gap and to extract about 8 million barrels a day of huge reserves which occupies the fifth place in the area after Venezuela, Saudi Arabia, Canada and Iran. On 
    the other hand expressed Alekperov expressed the hope that "declares Tehran, before the end of 2016, new contracts for exploration Details with the major companies that are waiting for this for over two years, in order to stimulate investment. " He added that "Lukoil was ready to invest billions and that on the other hand waited from Mexico tender in order to develop their deposits abroad and deposits of its own heavy oil." 
    Said Alekperov, said that " to expect continued high production growth in some countries such as Saudi Arabia, Iran and Iraq , while believes that OPEC members who bear the higher costs of production will find itdifficult because of the economic situation and cruel lack of affluence. " 
    He said Alekperov, said that" Nigeria and Venezuela is capable of increasing production at the moment note that the sharp decline in oil prices led to a severe drop in the ratio of investment around the world. this percentage almost 300 billion dollars last year, but it recorded $ 100 billion in the first quarter of this year. the consequences would be disastrous. and rising prices in the future may be very important. " 
    in Russia, where he benefited companies from lower double value , which came after the deterioration of theoil price, Todd "Lukoil" to raise the proportion of exploration this year by about 25 to 35 percent of production in order to keep the ratio constant. Alekperov is expected that the majority of Russian companies have thesame thing to make up for production which is constantly declining in the major fields in western Siberia. 
    She company "Lukoil" expressed interest in buying the company 's competition with Bachinvt Bashneft. The state would like to sell Bachinvt to fill budget holes in a move rare privatization by the Kremlin , who spent 15 years raising state control in the oil industry. 
    Finally, Alekperov said: "We have not in any bidding until now we did not find any documents about Bachinvt we studied. Does not concern us production volumes but good economics, and the execution of the sale process transparently and openly and under Ntsiq banks, is the primary key to be able to state sent a strong message to investors. this points to a new era for the development of the private sector in Russia. "
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