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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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    Global companies facing Iraq's desire to increase its oil production less expenses and terms modifie

    Rocky
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    Global companies facing Iraq's desire to increase its oil production less expenses and terms modifie Empty Global companies facing Iraq's desire to increase its oil production less expenses and terms modifie

    Post by Rocky Fri 23 Sep 2016, 2:47 am

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    Global oil companies, Iraq is facing the problem of increasing production
    Global companies facing Iraq's desire to increase its oil production less expenses and terms modified


    Author: HAA 
    Editor: BK 9.22.2016 18:43 Number of Views: 1062 



     
    Long-Presse / Baghdad
    Global spread American newspaper, confirmed on Thursday that the international oil companies operating in Iraq is facing the problem of lack of funds to spend on development and increase production operations, indicating that the Iraqi government wants to pump more oil investment expenses less under modified conditions, due to the financial crisis being experienced.
    The Wall Street Journal The Wall Street Journal in a report today, I followed (range Press), "The world likes of BP BP British oil companies, Lukoil Lukoil Russian, or Royal Dutch Shell Royal Dutch Shell Dutch, trying hard not to decrease rates production in the fields overseen by the result of reducing allocated to cover the expenses of the investment in the development of Iraqi fields projects amounts. "
    The newspaper quoted, director of operations for British Petroleum (BP) for the Rumaila oil field, Ariel Flores, saying that "the company will play a difficult months where Sabto validity of work in the field has been taken to postpone the investment decisions of the steps."
    He said Flores, that "the Rumaila field now includes my pits workers to extract new quantities of oil after she worked six-year drilling sites in 2015 the past," noting that "the company still aims to increase production to focus more on my drill current, despite expectations that the rate of production in the field continue at the level of 1.0004 million barrels per day, during the current year 2016 ".
    According to the Wall Street Journal, that "the position of the Dutch Shell oil company is similar in the Majnoon field, where production stopped at the rate of 200 thousand barrels per day."
    The director of operations of Shell in the Majnoon field, Ahmad Atallah said in an interview to Wall Street, "The company plans to double production this year, although it seeks to maintain its current rates."
    While Russia's LUKOIL said, they "need to invest more in the West Qurna - 2 to maintain a constant rate of production."
    The analyst said geopolitical Richard Mallinson, of Aanerjee Aspakedz Institute of Energy Aspects Advisory energy in England, that "Iraq is disappointed the international oil companies, which came to the country, carrying great expectations," returned to "What is happening now is not within the expectations of those companies."
    And confirmed Wall Street, that "the oil companies interjecting in a difficult financial negotiations with the Iraqi government, which wants to pump more oil, less investment expenses under modified conditions, due to the financial crisis being experienced as a result of falling oil prices and the expenses of the war against Daesh."
    And chief financial officer for the company Lukoil, Russian, Pavel Ashidanov, "The company is ready to resume the second phase of the development of the West Qurna field pending the outcome of its negotiations with Iraq on some changes in the financial terms of the contract."
    She explained the Wall Street Journal, that "oil production in Iraq began to escalate gradually over the past few years, where the daily production rates increased now by 40 percent from levels during the last year 2014, which amounted to about four million and 400 thousand barrels per day in August 2016," arguing that "based on the international energy agency, there is a need to spend huge amounts of money to invest in the oil sector to achieve other leaps in production."
    Said CEO of the Waffen Canadian Engineering Group, which carried out work for oil companies in Iraq, Neil Bruce, said that the "Iraqi government that the oil companies as contractors to pay the expenses, but no longer have the money."
    According to the Wall Street Journal, that "most of the major oil producing fields in Iraq are old and need to invest a continuous process for the development of extraction processes such precautions."
    The Iraqi oil minister, Jabbar Luaibi, announced, (15 August 2016), its intention to review the oil licensing rounds with international companies and increase oil production, confirming the presence of significant challenges to the development of the oil sector in Iraq.
    It is noteworthy that Iraq signed investment contracts worth billions of dollars with international companies through the so-called licensing rounds during the years 2007, 2011 and 2012 years.

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