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Expectations of high oil production in Kurdistan
yota691 posted a topic in Iraq & Dinar Related News
Iraq moves to cancel the oil licensing illegal April 5, 2017 Although Iraq is the second largest oil producer in OPEC after Saudi Arabia, but he was unable to take advantage of this wealth because of the wars and political divisions and corruption, as well as lower oil prices worldwide, according to experts. Iraqi officials are demanding the need for a review has begun oil policies in Iraq in the absence of the role of national companies, and in order to increase revenue after the decline in crude prices by more than two - thirds of its value over two years and a half, causing a doubling of the deficit 's annual budget, also called for a review of oil licensing illegal which concluded in times of political and security unrest. The officials said, in remarks to the agency "Anatolia", to re - review of oil policy must include oil reserves and gaseous estimates, and the issue of the development of joint oil fields between Iraq and Kuwait, with a focus on not waive the rights of Iraq 's oil. The oil reserves of Iraq is certain about 112 billion barrels, making it the second largest oil reservoir known in the world, with estimated proven reserves and the potential of about 150 billion barrels. Iraq occupies ninth place among the world 's rich natural gas after Russia, Iran, Qatar, Saudi Arabia, UAE, America, Nigeria and Venezuela. The proven reserves in which 143 trillion cubic feet of natural gas, with total reserves of gas associated with oil 98.3 trillion cubic feet. Iraq and wasting more than ten million dollars a day, because of the associated oil fields ,natural gas investment, as a result of the lack of strategic plans by the Iraqi government to invest, despite the fact that Iraq is still buying natural from neighboring countries of a raid. Oil reserves , said Mehdi al - Hafez, a member of the Committee on Oil and Energy in the Iraqi parliament, and former Minister of Planning, said that there is a need to conduct a review of oil policy in the country, which relate to estimates of oil and gas reserves, and the issue of the development of joint oil fields between Iraq and Kuwait, that there be a focus on not to waive the rights of the Iraqi oil. He said Hafiz: "Alnaftyon experts believe that the service contracts Iraq signed with international oil companies through the oil licensing rounds, illegal, because they do not differ from production - sharing contracts, which allow investors by making their views about the development of oil projects that fall within their fields." An oil facility in Iraq (Muhannad Falah / getty) Oil share his part, Adnan al - Janabi, head of the Oil and Energy Committee in the Iraqi parliament , said that there is a need to re - work the national oil company. The company "National Oil" was founded in the sixties of the last century , the decision of the former Iraqi regime during the Iran - Iraq war, and the responsible management of oil wealth across the country. Al - Janabi added: " the oil industry in the country need amendments , particularly with regard to the restoration of the national oil company to be independent in their work, stressing that talk about the granting of some oil - producing provinces share oil is not unfounded." The Minister of Iraqi oil , Jabbar Luaibi, said days ago that Iraq plans to increase crude production capacity to five million barrels per day before the end of this year. Allaibi said, during the conference, said that Iraq will continue to parallel exploration plans in order to increase its reserves equivalent to 15 billion barrels in 2018, to reach 178 billion barrels. It is noteworthy that Iraq is mainly dependent on financial revenues on the export of crude oil by 97%, while currently working on activating the industrial, agricultural and commercial side to provide additional revenue. Iraq is suffering a financial crisis, after the decline in oil prices in global markets, and rising financial expenses related to the war against the "Islamic State" (Daesh) in the north and west of the country. (Anatolia, the Arab new)
