Iraq turns against OPEC…no reduction in production after today

EconomyIraqIraqi Ministry Of OilOPECOPEC+ AgreementHayyan Abdul Ghani

2024-05-11 13:44ShareFont

Shafaq News/ Oil Minister Hayan Abdul Ghani said on Saturday that Iraq has made enough voluntary cuts in crude production, and will not agree to any future cuts taken by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, at its next meeting, scheduled to be held. On June 1 of next year.

Reuters reported that Abdul Ghani told reporters on the sidelines of the oil and gas licensing conference in Baghdad, that “Iraq will not agree to any renewals of production cuts at the next OPEC+ meeting.”

Iraq has repeatedly confirmed that it is committed to the voluntary cuts announced by OPEC+ since 2023, but it pumped its production quota by a cumulative amount of 602,000 barrels per day in the first three months of 2024, according to what OPEC+ said in a statement yesterday, Friday.

Iraq is looking forward to increasing its oil reserves to 160 billion barrels, with the launch of the fifth and sixth licenses, amid optimism that the issue of importing gas through its production locally will be resolved in the next five years, according to officials and economic analysts.

Iraq produces more than 4.5 million barrels of oil per day, and the sector’s imports represent more than 94% of the country’s domestic product, at a time when Iraq is the second largest country in burning natural gas in the world after Russia, with losses estimated by the government at about 6 billion dollars annually.

On Saturday morning, Prime Minister Muhammad Shiaa Al-Sudani launched the licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and patches, distributed among 12 governorates.

It is hoped that these licensing rounds will add two million barrels of oil to national production, according to Iraqi Oil Minister Hayyan Abdul Ghani.

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Oil Minister: We hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels

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Economy News – Baghdad

Oil Minister Hayan Abdul Ghani on Saturday expressed hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels.

Abdul Ghani said, in his speech during the activities of the launch ceremony of the fifth and sixth supplementary licensing rounds, under the patronage and presence of Prime Minister Mohammed Shia Al-Sudani: “The Ministry is launching today 29 promising projects within the fifth and sixth supplementary licensing rounds, to start a new phase towards the advancement of industry and oil and gas wealth after the experience of five licensing rounds launched in 2008.”

He added that “the Ministry of Oil achieved through licensing rounds the referral of 27 contracts for oil and oil and gas fields to international companies that had a significant impact on production levels and government financial revenues by adding more than 2 million barrels per day of crude oil to national production.”

He pointed out that “the fifth supplementary and sixth rounds of licenses will include 12 governorates that include investment opportunities, in addition to the maritime areas in the Arabian Gulf. These projects will contribute to economic expansion and the growth of the governorates in terms of providing jobs and gradually activating economic activity in the surrounding areas, which in turn will increase stability and the employment of labor and achieve the maximum use of gas reserves to meet the increasing needs of gas in electric power generation and other industries.”

He stressed “providing support, support and possible facilities to the winning companies in the development of oil and gas fields,” noting “the success in the liquidation sector by adding more than 360 thousand barrels per day to national production.”
He expressed his hope that “Iraq’s oil reserves will rise in the future to more than 160 billion barrels.”

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Added 2024/05/11 – 11:35 AM

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Pictures.. New licenses in Iraq to extract ‘huge’ oil and gas

EconomyBreakingIraq’s OilLicenses TourIraq Gas

2024-05-11 04:40Font

Shafaq News / Prime Minister Mohammed Shiaa Al-Sudani, on Saturday, launched the licenses of the supplementary fifth round and the entire sixth round, which includes a total of 29 projects for oil and gas exploration fields and patches, distributed among 12 governorates.

The Iraqi government says these strategic projects will contribute to increasing investments in those provinces, helping to improve their economic and service reality.

Iraq expects to obtain more than (3459) million record cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.

The last time Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, held a licensing round in 2018 was the fifth round.

Meanwhile, Oil Minister Hayyan Abdul Ghani oversaw the opening of bids by advanced companies to invest in the East Baghdad – Northern Extensions field, and announced that one of the Chinese companies won the contract.

Iraq hopes to announce an increase in oil reserves of more than 160 billion barrels, Ghani said.

According to official estimates internationally, Iraq has the fourth largest proven crude oil reserves in the world at 145.019 billion barrels after Venezuela, Saudi Arabia and Iran respectively, according to the annual report of OPEC, while it has a proven reserves of natural gas of 132 trillion cubic feet.

Iraq relies on exporting crude oil by up to about 95% in preparing the country’s general budget.

For his part, economist Nabil Al-Marsami said that the Chinese “Chungman” company (ZPEC) won the investment in the development of the “East Baghdad – Northern Extensions” oil field, as part of a government bid held after a competition with “KAR”.

He said that this comes as Iraq continues to head to China after the exit of American and European companies.

The field east of Baghdad is located in the area that extends from the east of the city of Essaouira in the southeast to the Nabai area in the northwest, categorically east of the center of Baghdad, and the length of the field is more than (120) km wide (5-7) km. The number of wells dug in the field reached (97) wells, while the main reservoirs in this field are the fertile and fertile reservoirs from the upper era and the composition of the lower Cretaceous era and that these oil Cretaceous clusters are distributed over the field.

https://www.shafaq.com/ar/اقتصـاد/تراخيص-جديدة-في-العراق-لاستخراج-كميات-ضخمة-من-النفط-والغاز