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Iraq raises its production of associated gas to 16 thousand tons per day


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World Bank gives Iraq a certificate to reduce associated gas flaring
economy

 Since 03/03/2016 14:04 pm (Baghdad time)

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BAGHDAD - balances News

The World Bank, on Thursday, and the Oil Ministry a certificate of appreciation for the efforts of Iraq to reduce the associated gas from the southern oil fields and received Undersecretary for gas flaring Hamid Younis.

He said reducing the burning of the world's gas Björn Hamso program director in a statement issued by the Ministry of Oil and received / balances News / copy of it, that "the certificate provided for Iraq to reduce a good amount of burning gas from oil fields," stressing "the need for continued support of Iraq for this project to get to the stop gas flaring once. "

For his part, Undersecretary for gas Hamid Younis "The certificate was awarded to efforts by Iraq to reduce gas flaring in 2015 in the southern oil fields."

He noted that "the reduction operations came after the completion of Iraq extraction facilities for processing operations," explaining that "the quantities that lowered from the burning of gas amounted to more than 400 million standard cubic feet."

He continued, "These quantities of gas, which has invested the (400) Mqmq been utilized to feed electric power stations with fuel and also make use of them in the petrochemical and fertilizer industries." It ended 29/4 e

 
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History of edits:: 03.03.2016 14:01 • 104 visits readable
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[Where - Baghdad] The 
World Bank granted the Oil Ministry, on Thursday, a certificate of appreciation for the efforts of Iraq to reduce the associated gas from the southern oil fields burning gas.
According to the oil ministry said in a statement received by all of Iraq [where] a copy of the "reduce global gas flaring program Björn Hamso director of the certificate provided for Iraq to reduce a good amount of burning gas from oil fields and emphasize the need for continued support of Iraq for this project to get to stop gas flaring final. " 
the statement stressed that" certificate awarded to efforts by Iraq to reduce gas flaring in 2015 in the southern oil fields, "adding that" the reduction operations came after Akmal Iraq installations extraction for processing operations. " 
He explained that" the quantities reduced burning gas amounted to more than 400 million standard cubic feet ", adding that" these amounts invested of gas, amounting to 400 Mqmq been utilized to feed electric power stations with fuel and also make use of them in the petrochemical and fertilizer industries. "
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History of edits:: 04.03.2016 11:34 • 404 visits readable
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{Baghdad: Euphrates News} suggested to the Committee on Energy and Natural Resources in the Kurdistan region's parliament, for the region $ 40 billion a year in revenue for the export of natural gas.
The Vice - Chairman of the Committee Dilshad Shaaban , in a press statement, that "it is expected to reach revenues of natural gas exported about $ 40 billion per year," adding that " the PKK hamper the project, and that the D pipeline requires Kurdistan Turkey 's approval." 
The adviser economic security in the Kurdistan region Bioar Khansa announced last December, that the provincial government plans to export natural gas to Turkey by the end of next year. Ended h
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PROJECT INFORMATION DOCUMENT (PID) IDENTIFICATION/CONCEPT STAGE I. Introduction and Context Country Context Iraq has seen its development thwarted by decades of conflict and economic decline, with twin crises of oil price declines and the ISIS insurgency being the latest expression of deep-rooted structural challenges and fragility. Today it is an Upper Middle-Income, resource-rich, yet conflict-riven country. Historically, Iraq has periodically witnessed, as it does today, internal and regional struggles seeking to align political institutions across the country with a diversity of socio-economic religious cross-cutting identities. Progress on the twin goals of ending extreme poverty and boosting shared prosperity is inevitably an uphill struggle in such a context. In 2014, the twin crises are estimated to have erased the reduction in poverty achieved between 2007 and 2012, raising the poverty headcount to 22.5 percent and pushing an additional three million people into poverty. More than 4 million Iraqis have been displaced by the country’s various conflicts. In recent times, oil prices have recovered to some extent and there has been progress in the fight against ISIS. However, Iraq’s multifaceted fragility leaves it vulnerable to shocks. Iraq’s undiversified economy remains under pressure owing to the ongoing conflict, and the sharp drop in oil revenues since mid-2014. After a strong growth at an average of 9 percent during 2010-13, Iraq’s economy decelerated to 0.1 percent in 2014, mainly driven by the conflict-led contraction in the non-oil sector. In 2015, the economy grew at 2.9 percent on the back of a 19.4 percent increase in oil production (this also includes KRG’s oil production share). Growth is expected to have reached 10 percent in 2016 sustained by continued strong oil production. The non-oil economy sharply contracted because of the disruption of trade, destruction of infrastructure, impeded access to fuel and electricity, and low business confidence Compounding the country’s fragility is the sharp and sustained drop in oil prices that has severely impacted Iraq’s non-diversified and oil-dependent economy. Iraq has the fifth largest proven crude oil reserves in the world with 141.4 billion barrels. With the rapid increase in production in 2015 and 2016, the country is now the world’s third largest and OPEC’s second largest oil exporter. With 112 trillion cubic feet of proven reserves, Iraq’s proven and largely untapped natural gas reserves are the twelfth largest in the world. The oil and gas sector dominates the economy, even by regional standards. The sector accounts for over 65 percent of GDP, more than 90 percent of central government revenue, and 98 percent of the country’s exports. The fall in oil prices, which have dropped to between one third and one half of their June 2014 level, has resulted in a sharp and large deterioration of the country’s public finances and external balance. Sectoral and Institutional Context Iraq is the second largest gas flaring country in the world, while at the same time it suffers from a shortage of natural gas for which it incurs large fiscal and balance of payments costs. Shortages of natural gas are especially acute in power generation. On November 1, 2016, Iraq endorsed the World Bank’s “Zero Routine Flaring by 2030” initiative, which is a welcome and positive development. To date, however, more than 60 percent of the country’s gas production continues to be flared in-field because of inadequate contractual and regulatory frameworks for investment in the gathering, treatment, processing, and transport of natural gas. Flaring of gas contributes to climate change and impacts the environment through emission of CO2, black carbon and other pollutants. It also wastes a valuable energy resource that could be used to advance the sustainable development of producing countries. Flaring generates significant air pollution and carbon release, the shortage of deliverable gas imposes significant economic and fiscal costs and precludes the introduction of efficient combined-cycle power plants and the development of industries that depend on gas feedstock and gas fuel. Reductions in flaring and the equivalent displacement of oil, heavy fuel oil (HFO), and diesel generation by natural gas would decrease Iraq’s CO2 emissions— which currently stand at around 140 million tons per year—by approximately 12 million tons per year, equivalent to Guatemala’s and slightly lower than Kenya’s total emissions in 2014. The amount of gas currently flared represents an annual economic loss approximately equivalent to US$2.5 billion and would be sufficient to meet most of Iraq’s unmet needs for gas-based power generation. Current production and gas flaring volumes amount to roughly 2.8 bscfd (billion cubic feet per day) and 1.7 bscfd, respectively. While installed gas-based generation capacity is close to 15,000 MW, gas-based peak load supply did not surpass 6,000 MW in 2015 due to restrictions in gas deliverability. It is estimated that currently flared gas volumes would be sufficient to support an incremental generation capacity of roughly 8.5 GW. This is particularly significant, given Iraq’s severe electricity shortages, whose cost is estimated to exceed US$40 billion annually (INES report, 2013). Shortages of natural gas have also led to the use of (expensive and for some parts imported) fuel, which costs the country an estimated US$6 billion to US$8 billion per year. The volume and the proportion of flared gas are expected to increase in the absence of effective measures to capture it and to support increased gas utilization. Iraq’s continued increases in oil production would result in further increases in flaring and waste unless measures are undertaken to capture, process and transport associated natural gas. The government needs to take action to help internalize the costs of currently flared gas and capture the economic and social benefits that can accrue from increased private investment in gas capture, processing, and transmission infrastructure, from reduced flaring and waste and from increased electricity generation. Iraq joined the Global Gas Flaring Reduction Initiative in 2011 (the second country after Qatar) and created the Basra Gas Company (BGC) in 2013 to capture, process, and monetize associated natural gas from its giant southern oil fields. BGC has recently attained a raw gas processing record of well above 600 MMscfd and an LPG production of 3,300 tons per day. Iraq’s natural gas has a significant LPG content, which, if properly processed, can be compressed and bottled for distribution for household use in cooking and heating. As a result of increased gas processing by the BGC, and having faced acute shortages of LPG until recently, Iraq reinitiated exports of gas condensates and LPG in March and July of 2016, respectively. Despite being an energy-rich country, Iraq continues to suffer from chronic and pervasive shortages of electricity, which during the summer of 2015 contributed to social unrest. Inadequate electricity supply has been persistently pointed to as a top concern among Iraqi households. Inefficiencies in the power sector also impose significant fiscal and balance of payments costs and an economic burden on Iraq. At the same time, Iraq is the second largest gas flaring country in the world. To date, more than 60 percent of the country’s gas production continues to be flared in-field because of inadequate contractual and regulatory frameworks for investment in the gathering, treatment, processing, and transport of natural gas. Flaring of gas contributes to climate change and impacts the environment through the emission of CO2, black carbon and other pollutants. It also wastes a valuable energy resource that could be used to support its energy needs and a sustainable economic development. Flaring generates significant air pollution and carbon release, the shortage of deliverable gas precludes the introduction of efficient combined-cycle power plants and the development of industries that depend on gas feedstock and gas fuel. Reductions in flaring and the equivalent displacement of oil, heavy fuel oil (HFO), and diesel generation by natural gas would decrease Iraq’s CO2 emissions—which currently stand at around 140 million tons per year—by approximately 12 million tons per year, equivalent to Guatemala’s and slightly lower than Kenya’s total emissions in 2014. The amount of gas currently flared represents an annual economic loss approximately equivalent to US$2.5 billion and would be sufficient to meet most of Iraq’s unmet needs for gas-based power generation. Current production and gas flaring volumes amount to roughly 2.8 Bscfd (billion cubic feet per day) and 1.7 Bscfd, respectively. While installed gas-based generation capacity is close to 15,000 MW, gas-based peak load supply did not surpass 6,000 MW in 2015 due to restrictions in gas deliverability. It is estimated that currently flared gas volumes would be sufficient to support an incremental generation capacity of roughly 8.5 GW. This is particularly significant, given Iraq’s severe electricity shortages, whose cost is estimated to exceed US$40 billion annually (INES report, 2013). Shortages of natural gas have also led to the use of (expensive and for some parts imported) fuel, which costs the country an estimated US$6 billion to US$8 billion per year. The volume and the proportion of flared gas are expected to increase in the absence of effective measures to capture it and to support increased gas utilization. Iraq’s continued increases in oil production would result in further increases in flaring and waste unless measures are undertaken to capture, process and transport associated natural gas. The government needs to take action to help internalize the costs of currently flared gas and capture the economic and social benefits that can accrue from increased private investment in gas capture, processing, and transmission infrastructure, from reduced flaring and waste and from increased electricity generation. Iraq joined the Global Gas Flaring Reduction Initiative in 2011 (the second country after Qatar) and created the Basra Gas Company (BGC) in 2013 to capture, process, and monetize associated natural gas from its giant southern oil fields. BGC has recently attained a raw gas processing record of well above 600 MMscfd and an LPG production of 3,300 tons per day. Iraq’s natural gas has a significant LPG content, which, if properly processed, can be compressed and bottled for distribution for household use in cooking and heating. As a result of increased gas processing by the BGC, and having faced acute shortages of LPG until recently, Iraq reinitiated exports of gas condensates and LPG in March and July of 2016, respectively. In October 2015, the Government assumed commitments to eliminate routine gas flaring by 2030 [per Council of Ministers’ Decision 370 in 2015] and, on November 1, 2016, endorsed the World Bank’s “Zero Routine Flaring by 2030” initiative. Meeting these targets will require establishment of a solid natural gas policy and supportive contractual and regulatory frameworks for investment. Iraq’s progress in reducing gas flaring has so far remained limited, however, and it is critically dependent on increasing processing capacity around the Basra petroleum hub in the south, where the largest five fields account for 65 percent of currently flared volumes. At present, no more than 750 MMscfd of natural gas are allocated to power generation because of supply, treatment, and logistical constraints. Because of the need to strictly prioritize cash allocations, the government has incurred large arrears to its suppliersof gas used for power generation. For the same reason, it made limited progress in 2016 in expanding gas capturing and processing capacity, which remains below the DPF I target of 1,070 MMscfd by Q1 2017. No specific legal, institutional or regulatory framework for exploration, production, gathering, processing, transport or marketing of natural gas exists in Iraq at present. Current Technical Service Contracts for oil production do not contain any provisions with respect to natural gas other than to establish the operator’s obligation to transfer control / ownership of raw, unprocessed gas to government/NOCs at no cost. Because of budget restrictions, NOCs have been unable to make necessary investments in gas gathering, processing and transport infrastructure. Oil and gas operators have expressed an interest in making the necessary investments to tackle flaring, but are prevented from moving forward by existing contractual limitations. Severe budget limitations and security demands will continue to be confronted by the GoI in the foreseeable future; this makes it unlikely that the expenses involved in the development of an integral contractual and regulatory framework for natural gas or that investments in needed gathering, processing and transport capacity will be prioritized among planned expenditures. If the targets and commitments assumed under the Iraq Emergency Fiscal Stabilization, Energy Sustainability, and SOE DPF (P155962, December 2015) and the gas sector component objectives of the Second Expenditure Rationalization, Energy Efficiency and State-Owned Enterprise Governance Program DPF (P161167, 20 December 2016) are to be fulfilled -including flaring reductions to zero by 2030 and increasing gas-to-power allocations-, investment flows into gas gathering, processing and transport capacity will need to come from the private sector. Technical Assistance to develop the appropriate framework to attract and sustain them will need to be quickly provided. The following World Bank interventions on gas sector reform are currently ongoing: I. IQ: RAS for the Structuring of the Gas Value Chain and Gas Marketing (P148220) The activity, initiated October 2015, has two main components and includes the following activities and outputs: 1. Baseline and forecast of the Iraq's gas industry. Carrying out an analysis of Iraq's gas industry with particular focus on institutional, legal, regulatory, policy, commercial and contractual frameworks. 2. Benchmarking and Gap Analysis. Carrying out a comparative review and assessment of different development models followed by other gas producing countries. 3. Recommendations. Develop a set of policy recommendations to strengthen Iraq's gas industry's institutional, legal, regulatory, commercial and contractual frameworks. 4. Capacity building. Carrying out a training program designed to build the capacity of Iraq's officials including staff of Iraq's institutions and marketing entities, II. Second Expenditure Rationalization, Energy Efficiency and State-Owned Enterprise Governance Program DPF (P161167) The DPF II established specific objectives and a timeline to (1) reduce natural gas flaring, (2) allocate captured natural gas for the urgently needed expansion of gas-based power generation, and (3) establish basic conditions and concrete guidance for private investment in natural gas gathering, processing and transport. The DPF II’s gas sector component aims to establish a core contractual and regulatory framework that enables private investment in those activities. The following were agreed with the GoI as DPF II prior actions and triggers: 1. Adoption of a contractual framework for private sector investment for the capture, processing, transport and commercialization of currently flared gas; 2. Operationalization of the Inter-Ministerial Gas-to-Power Committee (created under the 2015 DPF I); 3. Introduction of a core/basic set of regulations conducive to private sector investment in gas infrastructure. A request for TA from the Minister of Oil was submitted to the Bank on September 8, 2016 to support the Ministry in meeting the criteria for the DPF triggers, including the following: A. Introduction of a core/basic framework conducive to private sector investment in natural gas development, including an assessment of existing legal and regulatory conditions and recommendations on their future development. B. Operationalization of the Gas-to-Power Committee created by Council of Ministers’ decision of December 2015 by developing a Five Year (2017-2022) Gas-to-Power Action Plan for implementation of a flaring-reduction, gas-to-power program. Relationship to CAS/CPS/CPF The proposed TA responds to high level objectives in the Country Partnership Strategy (years 2013- 2016) . In particular: CPS Result Area 2: Supporting Economic Diversification for Broadly-Shared Prosperity: “enhancing the environment for private sector development”, “Investment Climate Assessment (ICA) identified several reform areas that should be undertaken to address the major concerns of firms in Iraq: Electricity is a top constraint”, “improve the quality and delivery of its core infrastructure services through a combination of investments and institutional development… In the energy sector, this includes support for the Iraq National Energy Strategy (INES) , as well as analytical work and technical assistance on policy, strategy, governance and institutional development in the power and gas sectors”. . II. Project Development Objective(s) Proposed Development Objective(s) support Government of Iraq in the preparation 5-yr Gas-to-Power Action Plan to plan Key Results i. Preparation of a 5-yr Gas-to-Power Action Plan to plan, prioritize and coordinate gas-to-power infrastructure investments between MoO, MoE and MoF. . III. Preliminary Description Concept Description The proposed activity consists of the preparation of a 5-Year Gas-to-Power Action Plan (2018-2022) to plan, prioritize, coordinate and fund gas-to-power infrastructure investment requirements between Ministry of Oil, Ministry of Electricity and Ministry of Finance. Essential coordination between the Ministry of Oil and the Ministry of Electricity is limited at present. The proposed Action Plan is expected to address the planning, coordination and funding of a phased transition from the current power generation mix of predominantly crude, heavy crude, and LFO to the increased use of natural gas as the lowest cost technology in both open-cycle (OCGTs) and combined-cycle gas turbines (CCGTs). The proposed Action Plan is expected to address the following: i. an identification and volume estimation of existing and expected gas flares and their location ii. a prioritization, initial economic assessment and location of required natural gas capture, gathering and processing infrastructure requirements including their indicative expected investment costs iii. a prioritization and initial economic assessment of projected gas-based power generation options, their location and indicative expected investment costs, including the re-conversion to natural gas of existing plants currently using alternative fuels and the incorporation of new gas-based facilities iv. an assessment of the condition of existing natural gas transport pipelines v. a prioritization and initial economic assessment of existing natural gas transport infrastructure refurbishment and projected new capacity needs in support of (ii) and (iii) above vi. an assessment of options to attract private interest and capital for natural gas capture, processing, transport and gas-to-power investments within the framework of the ongoing RAS and DPF II PSP-led conceptual approach, including the convenience/feasibility of conducting licensing international tenders in support of program investment goals 

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FRIDAY, MARCH 31, 2017

Iraq loses 3.65 billion dollars of gas burning

 
3:53 AM  ADMIN  

 

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Baghdad/ Iraq TradeLink: Iraqi economic sources expected that the Iraqi burnt gas is sufficient to build 10 hospitals, 250 schools and 15.000 housing units annually, with expected financial losses of 3.65 billion dollars.
 
According Iraqi Oil statistics, the reserves of the gas in the country will reach to 137 trillion cubic feet, mostly produced with the production of crude oil.
 
The sources added that Iraq needs to invest about 40 billion dollars to get benefited from the burnt gas in the southern part of the country.
 
"It is expected that these investments will provide Iraq with revenues that will reach to 500 billion dollars in the coming twenty years, in addition to another 50 billion dollars from the gas as fuel for electricity generating stations", the sources confirmed.
 
 
According to International Energy Agency estimates last year, Iraqi gas reserves will reach to 90 trillion cubic feet and one billion cubic feet are burnt daily in the southern part of the country.

 

 
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  • yota691 changed the title to The Minister of Oil sets out mechanisms to stop the burning of gas in 2021
 
Monday 17 April 2017

 

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Alsumaria News / Baghdad 
, Oil Minister Jabbar Allaibi, Monday, on the status of the program and the mechanics of gas investment and stop gas flaring in 2021, noting that production policy will ensure the provision of large quantities of dry gas plants produce electric power and as a source of important and vital national income. 

Al-Luaibi said in a statement received by Alsumaria News that he "put the implementation decisions of the policy of gas investment in the southern region as a practical model of the policy of the ministry," noting that "has been identified mechanisms and objectives clear and possible investigation to avoid any delay in understanding the challenges and achieve the goal of stopping the burning of gas in 2021 ".

 

He added Allaibi that " the mechanisms included the construction of three central complexes in phases and scalable to receive gas in Basra 1000 Mqmq / day, Nasiriyah200 Mqmq, Maysan 400 Mqmq through activation and development of the contractual obligations of foreign companies operating in Altaftyh fields for the production of dry gas, liquid and condensate." 

"The policy of production will ensure the provision of large quantities of dry gas to power plants to secure the provision of raw material for plans to build fertilizer plants and methanol supply of ethane in quantities needed for the project Nebras Petrochemicals one of the largest development opportunities in the country maximize the country's ability to export liquid gas and strengthen the role of the country In the global energy market to manage all quantities of condensates produced in all fields and prevent burning or mixing with crude oil and export them to the world markets at competitive prices as an important and vital source of national income. 

Al Luaibi said that "the objectives above will achieve the basic principles of sustainable development is to achieve higher stability in the energy industry and support the local industry by increasing hours of electricity availability and provide a more attractive environment for foreign investment, in addition to creating opportunities for multiple secondary industries through the provision of heavy industries, Create employment opportunities for national employment up to three thousand jobs during the project implementation phase, as well as the skills and expertise that will move during the direct deal with the implementation companies. " 

According to preliminary estimates that Iraq has stockpiled an estimated 112 trillion cubic feet of gas, but 700 million cubic feet a day of it was burning and wasted because of the lack of infrastructure to deal with it . Iraq ranks 11th among the world's richest natural gas countries after Russia, Iran, Qatar, Saudi Arabia, the United Arab Emirates, America, Nigeria, Venezuela and Algeria, with proven reserves of about 112 trillion cubic feet.
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IRAQ PLANS THREE GAS PROCESSING PLANTS TO REDUCE FLARING
Iraq, April 18, 2017

Iraq plans to build three new plants to process natural gas currently being flared at southern oil fields, and use the fuel for power generation and to increase the nation's income from energy exports, Oil Minister Jabar al-Luaibi said on Monday. Iraq is forced to flare some of the gas produced alongside crude oil as it lacks the facilities needed to capture and process it into usable fuel. The country has just one gas processing company, the Basrah Gas Company, a joint venture between Iraq state-run South Gas Co., Shell and Mitsubishi . "The ministry is seeking to end the flaring of associated gas in the next few years, despite the economic and financial challenges," Luaibi said in an emailed statement. Iraq's natural gas output will triple to 1,700 million cubic feet per day by 2018, as the nation implements projects to reduce flaring, Luaibi told an energy conference in Baghdad on April 2. [nL8N1HA09R] OPEC's second-largest crude producer after Saudi Arabia, Iraq is seeking to increase its oil and gas income which account for nearly all its public budget. The country has struggled to pay its bills since crude prices dropped in 2014, the same year Islamic State militants seized a third of its territory.

nasdaq

http://iraqdailyjournal.com/story-z15143379

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  • yota691 changed the title to Iraq announces its plans to stop the burning of associated gas in 2021
 
Monday 14 August

 

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Alsumaria News / Baghdad 
Oil Ministry announced on Monday, possession of plans to shut down in 2021 associated gas flaring, and while confirming its commitment to the agreement of the Organization of Petroleum Exporting judge to cut oil production, she hoped to expand cooperation between Iraq and Russia in the oil field in the future. 

"The development of the gas sector in Iraq is a priority, especially stopping the burning of gas associated with the extraction of oil, and benefit from it," Oil Minister Jabbar al-Allaibi said in an interview with the channel "Russia Today" and its follow-up Alsumaria News.

 

"Iraq is burning about 55 percent of the associated gas, while only about 45 percent of it invests," al-Allaibi said. "The oil ministry has plans to stop the burning of associated gas by 2020-2021." 

On the OPEC agreement to reduce oil production, al-Allaibi "Iraq's commitment to its commitments under the agreement to reduce crude oil production, aimed at supporting falling prices." 

On the other hand, added Allaibi that "Russian companies have enormous potential and modern technology necessary to extract oil and gas in Iraq," and expressed the hope to "expand cooperation between the two countries in the future."
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On March 31, 2017 at 11:23 AM, ezrapound said:

Hmmm...Japan pays high prices for gas? Sounds like I have to maybe think about opening a Taco Bell there...

 

I still enjoy enjoy a great big Taco Bell Bean Burrito with Extra Onions - EAT MAS / FART MAS & light 'em UP - Very good to have U back in the DV fold EP - I read your post (s) : sounds like a " Hairy Fur Ball " ( to use Army Slang ) of an ordeal.

 

:salute:

 

 

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On April 18, 2017 at 7:25 AM, Wiljor said:
IRAQ PLANS THREE GAS PROCESSING PLANTS TO REDUCE FLARING
Iraq, April 18, 2017

Iraq plans to build three new plants to process natural gas currently being flared at southern oil fields, and use the fuel for power generation and to increase the nation's income from energy exports, Oil Minister Jabar al-Luaibi said on Monday. Iraq is forced to flare some of the gas produced alongside crude oil as it lacks the facilities needed to capture and process it into usable fuel. The country has just one gas processing company, the Basrah Gas Company, a joint venture between Iraq state-run South Gas Co., Shell and Mitsubishi . "The ministry is seeking to end the flaring of associated gas in the next few years, despite the economic and financial challenges," Luaibi said in an emailed statement. Iraq's natural gas output will triple to 1,700 million cubic feet per day by 2018, as the nation implements projects to reduce flaring, Luaibi told an energy conference in Baghdad on April 2. [nL8N1HA09R] OPEC's second-largest crude producer after Saudi Arabia, Iraq is seeking to increase its oil and gas income which account for nearly all its public budget. The country has struggled to pay its bills since crude prices dropped in 2014, the same year Islamic State militants seized a third of its territory.

nasdaq

http://iraqdailyjournal.com/story-z15143379

 

INVESTMENT OPPORTUNITY  ! ! ! ! !  :bagofmoney:  :moneybag:

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  • yota691 changed the title to Oil Minister: We will stop burning gas in the middle of 2021
 
Sunday, September 24,

 

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Alsumaria News / Baghdad
, Oil Minister Ali Jabbar Allaibi, Sunday, that Iraq will stop gas flaring by mid-2021, pointing out that the ministry has drawn up plans to create five refineries in northern, central and southern Iraq. 

Allaibi said at a press conference held at the ministry 's headquarters and attended by Alsumaria News, he said that " the ministry has made leaps important in crude oil production, as well as the optimal investment for gas and by very high than it was," noting that " the ministry is working to conclude agreements with international companies to invest in gas "He said.

 

 


He added that "it is hoped that Iraq stop the burning of gas by mid - 2021 so as to achieve financial returns magnifies the federal treasury more than $ 6 billion annually, as well as environmental and health impact of the surrounding oil fields." 

He continued, " The ministry has drawn up plans strategy to increase production of oil products and reduce the proportion of imported, by introducing investment projects to create five refineries in central and south and north of the country." 

According to preliminary estimates of the Ministry of oil that Iraq has reserves estimated at 132 trillion cubic feet of gas, since about 70% of the Iraqi gas is a companion gas for the extraction of oil, the approximately 700 million cubic feet of it was burning and wasted because of the lack of infrastructure to treat and solve Iraq ranks 11th among the world's richest natural gas countries after Russia, Iran, Qatar, Saudi Arabia, UAE, America, Nigeria and VenezuelaAlgeria .

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Revision date: 2017/9/24 16:11 • 180 times read
Oil Minister announces re-operation of modern refinery
(Baghdad: Al-Furat News) Oil Minister Jabbar Ali Al-Allaibi announced the re-operation of a modern refinery with a capacity of 10 thousand barrels, which comes within the efforts of the National Ministry to increase production of oil derivatives.
Al-Luaibi said in a press conference held at the ministry's headquarters on Sunday that "the employees of the North Refinery Company were able to restart the refinery, which was suspended due to security incidents in Anbar province in order to compensate for the shortage of production of oil derivatives because of the interruption of work in Baiji refinery because of sabotage by Terrorist gangs ". 
He pointed out that "the re-operation of the refinery as a cornerstone in the process of reconstruction of areas liberated from terrorist gangs and urged, and has resulted in efforts to restore the refinery to provide fuel for a modern power station and provide services to the people of the region despite the difficulties facing the work of the teams concerned with the re-operation and rehabilitation of some facilities Oil fields in the recently liberated areas. "
"The ministry's staff at the North Refinery Company and other companies are currently working with great efforts to continue the day by day to restart the Chinese refineries, the refinery and the Saladin 1 unit at Baiji refinery," he said. "The engineering effort in the ministry is carrying out rehabilitation work to bring it back to work during a period of time and resumption. Production to equip and provide fuel to citizens. " 
He pointed out that "the ministry has developed strategic plans to increase production of oil derivatives and reduce the proportion of imports, through the introduction of investment projects to establish five refineries in the center, south and north of the country." 
He said Allaibi that "
He pointed out that "the ministry's efforts continue in the reconstruction of state fuel filling stations in the province of Niwa and liberated areas, including the cities of Tal Afar and Hawija and meet the needs of citizens and families and camps displaced." 
With regard to the production of crude oil, the Minister of Oil that "the ministry has made important leaps in the production of crude oil as well as the optimal investment of gas and a very high rate than it was, adding to work to conclude agreements with international companies to invest gas and it is hoped that Iraq will stop burning gas in mid-2021 To achieve financial returns that maximize the federal treasury by more than $ 6 billion annually as well as the environmental and health impact of the surrounding oil fields. "
Al-Luaibi said that "the Iraqi company for transport services and oil trade began processing the first global tanker fuel operational [Bunker] after the installation of a new processing system in the territorial waters for the processing of tankers fuel, which is a major achievement comes after a 30-year pause." He ended 
the minister said that the Iraqi company for transportation services and oil trade has become the main supplier today is the operational fuel (Alpennekr) for all ships and oil tankers and gas Taom Iraqi ports. 
And the relationship of Iraq to producers from OPEC and beyond .. Akzdir oil on Iraq's commitment to the agreement to reduce production and with the unity of the Organization of OPEC in the face of the challenges of the oil market and the measures taken by it to rebalance the world markets and to support oil prices.
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  • yota691 changed the title to Allaibi says the ministry plans to set up four gas plants in southern Iraq
 
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Economy News Baghdad:

Oil Minister Jabbar al-Allaibi said that among the plans of the ministry to set up four gas plants in the southern provinces, stressing that gas investment is a priority of the ministry.

Al-Luaibi said during his meeting with the Special Representative of the World Bank Mission in Iraq, Yara Salem, that "the Ministry of Oil is working according to strategic plans and projects to stop the burning of gas associated with production processes and has made great achievements in this regard."

"The ministry is seeking to reach a final halt to the burning of gas in mid-2021 and turn it into a useful energy to supply power plants and petrochemical plants and other industries and invest surplus in the achievement of financial revenues through export to international markets."

The minister pointed out that "several companies have submitted their bids in the field of gas investment and that these proposals are under study and research by the ministry," pointing out that "among the plans of the ministry to set up four gas plants in the southern provinces, stressing that gas investment priorities of the ministry.

For her part, the Special Representative of the World Bank Mission in Iraq, Yara Salem, praised the constructive cooperation between the Ministry and the World Bank and the mission of Transparency Initiative through the data provided by the Ministry, which shows the transparency of the work of the Iraqi Ministry of Oil, confirming the continued support of the Bank for strategic projects to invest gas, Other.

 

 

 

 

Views 213   Date Added 28/09/2017

 

 

 
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  • yota691 changed the title to Iraq raises its production of associated gas to 16 thousand tons per day

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