Iraq to Invest $130 Billion in Upstream Oil Sector Over 5 Years

[carlablum]

Iraq to Invest $130 Billion in Upstream Oil Sector Over 5 Years

By Kadhim Ajrash - Mar 16, 2013 2:50 AM PT 

 

Iraq, the Organization of the Petroleum Exporting Countries’ second-largest producer, is boosting output and upgrading energy facilities hobbled by decades of war and economic sanctions. Production swelled by 24 percent last year, and Iraq overtook Iran in June to become the biggest producer after Saudi Arabia in OPEC.

Iraqi output rose 6 percent to 3.14 million barrels a day in February, up from 2.97 million barrels the previous month, according to the the Paris-based International Energy Agency. This was the first time in two months that it exceeded 3 million barrels a day, mostly as a result of increased tanker exports from Basrah in southern Iraq, the agency said.

 

The nation’s oil exports in February reached 2.54 million barrels a day, al-Luaibi said. Production from Iraq’s Majnoon oilfield will reach 100,000 barrels a day in May and 200,000 daily by the end of the year, he said.

Iraq holds the world’s fifth-biggest crude reserves, according to BP Plc (BP/) statistics that include Canada’s oil sands.

 

To contact the reporter on this story: Kadhim Ajrash in Baghdad at kajrash@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

 

http://www.bloomberg.com/news/2013-03-16/iraq-to-invest-130-billion-in-upstream-oil-sector-over-5-years.html?cmpid=yhoo

[sandfly]

GET IT GOING

[tedro]

All things considered I believe the article means 130 billion Dollars not Dinars.......however, if they ever get around to an RV of 1 to1 then dollars and dinar will be easy to say, understand and relate to in one numeric number............."soon" ! 

[yota691]

Budget 2013: $ 260 billion to equip and develop oil fields

The time on Sunday, 17 March / March 2013 11:14 | |

 

 

 

Baghdad / Orr News

Iraq emphasized the need to invest $ 130 billion in the oil sector to be able to raise its production to 9 million barrels a day within five years.

With drawer Iraq to allocate about 20 percent of the balances are for the purposes of arms control and security measures over the past years, the Ministry of Defense estimated its need for 100 billion dollars to complete the processing of the army, and about another 30 billion for training.

And allocated Iraq $ 16.5 billion from the current year's budget by about $ 118 billion for military and security purposes, but to cover security efforts beyond these figures. And allocate various Iraqi ministries large parts of their budgets for security purposes, while other specialty provincial budgets for this purpose.

Government sources confirm that after deducting salaries, equipment and transportation costs and the remaining facilities, the amounts of the budget not clog the price of weapons in the country destroyed its potential military or looted the whole of 2003.

It is estimated commanders need weapons more than the $ 100 billion in the coming years to complete the construction of the Air Force and missile systems, surveillance and buy tanks, warships and radar systems and armored personnel carriers and medium and light weapons and ammunition.

Organized Baghdad just days before an exhibition with the participation of 54 companies from 13 countries, mostly provided weapons to U.S. forces and allies in the war in 2003.The government has sought in the past two years to open up to the arms markets across the world, after it was concluded deals aircraft "F-16" tank "Brahms" American, but did not so far Tcetktmlha.

In spite of the differences with Turkey, Ankara confirms that Iraq tops the list of countries importing weapons, mostly military equipment and ammunition and light weapons up to one and a half billion dollars annually. The economic releases on the markets of Iraq's weapons of among the world's most import, as he is a typical target and durable arms companies in the coming years.

He was a member of the security and defense committee parliamentary Hassan Sinead, who is close to Prime Minister Nuri al-Maliki, earlier called for the adoption of a special fund for arms outside the budget, stressing that Iraq is still in need of exchange of billions of dollars to build its military capabilities and security.

But a member of the Committee appearance Janabi said for "life" that "Iraq is allocated between 15 and 17 billion dollars annually for weapons purposes over the past six years. Yet the army commanders assert the need for major deals to secure defensive weapons, what validates suspicions exposure arms deals operations major corruption. "

Janabi explained that "deals Russian and Ukrainian aircraft was corrupt, not seen on U.S. transactions accurately, because of the uncertainty that the government is trying surrounded the pretext of the presence of the Minister of Defense."

Opinion is no different member of the security and defense committee MP opinion "Kurdish Alliance" Chuan Mohamed Taha, who said the "life" that "the amounts allocated to arms is not drained properly, which reflected negatively on the efficiency of the security services." He pointed out that "financial and administrative corruption of the most prominent factors weak military and security institution in the country, and the ministries of interior and defense of the most corrupt ministries.

The oil production is the backbone of the budget in Iraq, which seeks, on what he said Oil Minister Abdul Karim and coffee, to raise its exports to 9 million barrels a day after reaching the end of last month, 2.5 million barrels.

But Laibi stressed during a press conference yesterday that the achievement of this goal requires the exchange of $ 130 billion over five years to develop the sector, the equivalent of $ 26 billion annually.