Shafaq News/ The Iraqi Oil Company (SOMO) confirmed on Thursday that the country possesses promising production capabilities that qualify it to be one of the most important producers, while noting that the global economic crisis and the drop in oil prices have disrupted plans to increase production.
This came during the company’s First Vice President, Executive Director Hamid Younis, presiding over a meeting that included officials of extractive companies, to discuss and follow-up plans to implement projects to maintain and increase oil production and export, according to a statement received by Shafaq News Agency.
Younis said, according to the statement, that “the ministry and the company are proceeding with the implementation of the program designed to increase production and export, in cooperation with international contracting companies,” noting that “Iraq has promising production capabilities that qualify it to be one of the most important producers during the next few years.”
He added that “the circumstances that Iraq witnessed in 2014, the global economic crisis and the decline in oil prices, disrupted plans to increase national production,” stressing the importance of “support and financial financing, to reach the planned goals according to accurate calculations that enable it to reach production rates of 5-8 million barrels per day, for the coming years.
Yunus noted that the Iraqi Oil Company is observing “the variables, requirements and needs of the global oil markets,” noting that “the plans for project implementation include intensifying drilling and exploration operations, developing infrastructure, establishing pumping and processing stations, pipeline networks, investing gas, developing platforms for export ports and others.” .
For his part, the Director-General of the Oil Exploration Company in Iraq, Ali Jassim, said that “the next phase will witness a remarkable activity for the exploration sector, as these plans rely a lot on maintaining and increasing production of oil and gas.”
Jassim explained, “The company is intensifying its efforts in this field through research, interpretation and studies centers, and in the field through seismic teams, especially in the Western Desert and Nineveh Governorate, to transform the energies and expectations that lie underground into actual production that contributes to achieving promising plans.”