Iraqi energy conference in Dubai estimated Iraq's oil reserves of 300 billion barrels and gives a new opportunity for Exxon

Author: HAA
Editor: BK, NK
2013/03/25 21:22


Term Press / Baghdad

Suggested to the Commission on oil and energy parliamentary Monday, to reach reserves of Iraq's oil to 300 billion barrels, more than double the figure previously announced, but reduced the considerable optimism Maliki's advisers access to rate oil production 4.5 million barrels per day by the year 2014 next, while the last draw in the last leg that Exxon Mobil will find opportunities in the next oil licensing round in Iraq.

The Chairman of the Commission on oil and energy parliamentary, Adnan al-Janabi, conference development of energy projects of Iraq, which was held in Dubai, today, said that "Iraq will not be able to achieve its target to reach production of an average of 4.5 million barrels oil per day, during the year 2014 next," likely " adjust the target production rates through next April. "

Janabi, in the conference, which quoted by the agency Bloom Berg economic, and seen by (long-Presse). The "bureaucratic hurdles and the lack of legislation is one of the factors that will prevent enable Iraq to achieve that goal."

The Chairman of the Commission on oil and energy parliamentary, according to the agency, "the draft law of oil and gas is still stuck due to political disputes can not be passed soon."

The senior adviser to Prime Minister Nuri al-Maliki Thamer Ghadban has revealed, on Monday, at the same conference for three scenarios to reach the maximum production capacity of oil during 2020, including the rate reaching 4.5 million barrels per day by the year 2014, while pointing out that in the process of development Iraq will be unable to export three types of crude oil include "Kirkuk and Basra Light and Basra Heavy"

In a related context likely Janabi "up Iraq's oil reserves estimates to 300 billion barrels," pointing out that "more than double the number of the advertiser is estimated at 143.1 billion barrels."

For his part, the head of the advisers in the Council of Ministers, Thamer Ghadban, during the conference itself, according to the Economic Agency, said that "Iraq's oil exports added product in the Kurdistan region will reach a rate of 2.9 million barrels per day during the current year 2013."

The angry, that "Exxon Mobil operating in the West Qurna -1 will have opportunities in the oil licensing round coming in Iraq," stressing that "Iraq is expected to put an end to the waste of associated gas that is flared now and that collecting and processing by the year 2015 next ".

The oil minister, Iraqi Abdul Karim and coffee, he said in (the 21 of March 2013 Current), on the sidelines of a conference industrial contract in the city of Ravenna Italian, The next few months will see the launch licensing round fifth private exploration of oil in ten patches exploratory in central Iraq and Western, pointing out that the companies that will come in the next round of presentations will take into account the risk of continued political instability in the country against the huge offers expected to be raised in the auction of the development projects the oil and gas industry.

Noteworthy that Exxon Mobil is one of the largest oil companies in the world, and invest in the giant West Qurna field in southern Iraq, has had run-ins with Baghdad after announcing the signing of contracts for exploration in six oil patches in the Kurdistan region of Iraq.

Agency showed Bloom Berg economic, that "Iraq has the fifth-largest gas reserves in the Middle East based on the index BP Annual International Energy."

And Iraq had signed 25-year-standing agreement with Shell and Mitsubishi in November of last year 2011 for the development of domestic gas resources.

It is noteworthy that a large adviser to Prime Minister Nuri al-Maliki, Thamer Ghadban, revealed earlier in the day, all three scenarios to reach the maximum production capacity of oil during 2020, including the rate reaching 4.5 million barrels per day by the year 2014, pointing out that in the process of development Iraq will be able to export three types of crude oil include "Kirkuk and Basra Light and Basra Heavy."

The head of the advisers in the Council of Ministers, at a conference on energy development of the eastern center in Dubai, that the committee headed by planning for three possible scenarios to reach the maximum production capacity during the year 2020 and beyond, pointing out that Iraq looks seriously at the best option for Iraq at production Almsagr.

And angry that the three scenarios take into account the level of production higher of 13 million barrels per day, as specified in the service contracts long-term accorded to foreign oil companies that reach it by 2017, along with production rate lowest up to six million barrels per day achieved by the year 2025 .

He angry that the third scenario is to reach between amending former any level of nine million barrels per day achieved in the year 2020, adding has been studying these scenarios and tested, as audited ceiling rates fixed, and we discussed ways to provide energy security and increase state revenue and provide opportunities to work with continuity progress.

Ghadban pointed out that the three scenarios studied well, but we have developed a number of strategic objectives to achieve rapid field development, and production rate that will reach beyond 4.5 million barrels a day, and then decide which scenario we take.

The Minister of Iraqi oil Abdul Karim and coffee, in (the 16 of March 2013 Current), that Iraq's oil exports amounted to 2.9 million barrels a day, as he emphasized that this rate can be raised to nine million barrels per day within five years, but he pointed out that it needs to be $ 130 billion for the development of the oil sector, while economists and accused the oil ministry to "deliberately marginalizing" national oil companies in favor of foreign companies.

The U.S. Agency for International Development announced, in (the 17 of March current), signed a memorandum of understanding with the Iraqi Oil Ministry aims to "improve the effectiveness and transparency" of the ministry, confirmed that the memorandum, signed at the headquarters of the U.S. Embassy in Baghdad will help the ministry to "modernize" Methods work and "fix" its administrative machinery.

Seeks oil ministry to develop its energy sector through licensing rounds oil and gas began granted to international companies, since 2009, and the number of those contracts 11 contracts went to companies worldwide most important (Exxon Mobil) and (BP) and (Shell).

The Oil Ministry signed last decades the fourth licensing round in (the twenty-seventh of January 2013), to explore the area in Basra and ninth decade went to a consortium of Kuwait Energy Kuwait, UAE and Drakoun Oil.

The Ministry of Oil that the current year will witness the signing of a lot of oil contracts, made it clear that there is a fifth round of licenses subsequently intends declaration.

The Iraqi Deputy Prime Minister for Energy Affairs Hussain al-Shahristani, in (the 18 of December 2012 the past), that Iraq is looking forward to the arrival in 2017 to the energy productivity College at 9 - 10 million barrels of oil a day, a report showed the International Atomic Energy Agency that Iraq will to produce six million barrels of oil a day by 2020, and that he would not reach the level of production of eight million barrels per day but by the year 2035.

The Ministry of Oil revealed, (18 January 2012 the past), a plan to increase oil production during the current year 2012 to reach more than three million and 400 thousand barrels per day and increase its oil exports to two million and 600 thousand barrels per day.

The survey prepared by the Organization of Petroleum Exporting Countries OPEC experts and officials in the international oil companies, in the second of this month, that exports Iraq and Saudi Arabia's oil raised the rate of oil exports monthly organization in the month of February, in what was described survey Iraq as "the fastest exporters growing in the world" .

Have been surveyed only 10% of the area of ​​Iraq for deposits of gas and oil in estimated reserves is installed in all parts of the country estimates ranging between 45 and 215 billion barrels of oil, which creates a great opportunity for international investors who seek to enter the market Iraqi oil and gas through the rounds tender announced by the Ministry of Oil

Iraq needs to investments worth 15-20 billion dollars in investments for the construction of four new refineries and expanding energy sector.

Iraq relies on financial Moisnath almost entirely on oil and up to more than 90%, as the Iraqi government announced the budget in 2013 and a budget of 138 trillion dinars, which adopted the exports by 2.9 million barrels at a rate of $ 90 per barrel.


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