US report: Iraqi approach to extend an oil pipeline towards Syria

[nannab]

Thanks Yota and good morning DV  

[6ly410]

http://www.kurdistan24.net/en/news/c06a58df-defa-41b7-a615-a72532ec81f4

 

World

Iraq’s largest oilfield Rumaila reaches 1.5 million bpd in production

Kurdistan 24 |

32 minutes ago

 

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Workers at an oilfield in Iraq. (Photo: Archive)

 

Iraq Britain China BP CNPC Crude Rumaila

 

 

ERBIL (Kurdistan 24) – Iraq’s largest oilfield in Rumaila has reached a substantial increase in crude production to 1.5 million barrels of oil per day (bpd), a project manager at one of the site’s developers said on Monday.

The previous production at the Rumaila oilfield was 1.45 million bpd but after the installation of new crude facilities, the drilling of new wells, and water injection operations the field experienced a boost, Nick White, a project manager at BP in Iraq, was quoted as saying by Reuters.

According to White, water injection is crucial to developing southern fields in Iraq as it pushes oil to the surface. He also noted that drilling is required.

“We have eight drilling rigs at the moment and 11 workover rigs,” he stated.

The Rumaila oilfield, located in the southern Iraqi province of Basra, was developed by Britain’s Beyond Petroleum (BP) and its Chinese partner China National Petroleum Corporation (CNPC).

The oilfield produces a majority of Iraq’s total crude output and is estimated to have reserves of about 17 million barrels.

White said BP wants to hit production levels of 2.1 million bpd and plans to install four new production facilities south of the field and others in the north.

Iraq is the Organization of the Petroleum Exporting Countries’ (OPEC) second-largest producer just after Saudi Arabia and currently has an output below its maximum capacity of nearly five million bpd.

In early January, Baghdad reaffirmed its commitment to cut annual oil production as per an agreement between OPEC and additional non-member states such as Russia – known together as OPEC+ – to curtail global supply and bolster prices.

[Donziman]

Mis-print on 17 million barrels in reserve. At 2 million per day the reserve wouldn't

last very long

[yota691]

Iraq: The rate of oil exports during April amounted to 3.466 barrels per day

Archive photo

 01 May 2019 08:41 PM

Mubasher: The Iraqi Oil Ministry said that the total daily rate of exports during the month of April reached 3.466 barrels per day .

The ministry said in a statement issued on Wednesday that the rate of daily export from the ports of Basra during April recorded 3.354 barrels per day, and the ports of Ceyhan 86 thousand barrels per day, and the field Qayara 26 thousand barrels per day .

According to the preliminary statistics issued by the Iraqi oil marketing company "Sumo", the amount of exports of crude oil 103.988 million barrels during the last month .

She added that the revenues recorded about 7 billion and 10 million and 871 thousand dollars .

The spokesman for the Ministry of Oil, Assem Jihad, said the average price per barrel reached during the last month 67,419 dollars.

[yota691]

Iraq: $ 7 billion revenues from oil exports during April

Political | 03:06 - 02/05/2019

 

 

 

Baghdad - Mawazin News 
The Iraqi Ministry of Oil, the total of exports and revenues achieved for the month of April, according to preliminary statistics issued by the Iraqi oil marketing company "Sumo". 
The ministry revealed in a statement that oil export revenues last month amounted to 7.01 billion dollars. 
It said that 103.99 million barrels of crude oil were exported during April 2019. 
Oil Ministry spokesman Assem Jihad said that the total quantity of crude oil exported last April from oil fields in central and southern Iraq amounted to 100.64 million barrels. 
The quantities exported from the fields of Kirkuk 2.57 million barrels, while the quantities of the field Qayyarah 783.84 thousand barrels.
The total daily rate of exports amounted to 3.47 thousand barrels per day, the daily rate of export from the ports of Basra 3.35 million barrels, and Ceyhan was the daily average 86 thousand barrels, while the daily rate of the field Qayara 26 thousand barrels per day. 
Jihad pointed out that the average price per barrel amounted to 67.42 dollars per barrel

[Pitcher]

Iraq rakes in $7 bn in oil revenues in April, highest in 2019

 

Iraq made more than $7 billion in April from its crude exports, the highest monthly revenues yet this year, according to figures released by the oil ministry on Wednesday.

Federal authorities exported just under 104 million barrels last month, averaging at 3.47 million bpd. It had exported over 104 million barrels in March.

But a spike in its oil price to $67 per barrel meant Iraq raked in just over $7 billion in April, around $300 million more than the previous month.

Iraq is currently the fifth-largest oil producer and exporter worldwide, and the second-largest producer from among the Organization of the Petroleum Exporting Countries (OPEC).

It has the capacity to produce 4.6 million bpd, but has trimmed back in recent months in agreement with other producers in order to boost prices.

Brent crude has indeed enjoyed a strong recovery, jumping to a nearly six-month high last week before settling at $72.28 per barrel on Wednesday.

The United States is set to end sanctions relief this month for eight countries importing Iranian crude, sparking concerns of a possible shortfall in world supply.

Iraq has said it could boost its production to meet a potential gap but would do so only in coordination with fellow OPEC members.

Oil Minister Thamer al-Ghadban said OPEC countries would meet in Saudi Arabia on May 19.

According to a report released last week by the International Energy Agency, Iraq is on track to be the world's third-largest crude producer by 2030.

 

https://www.thebaghdadpost.com/en/Story/39073/Iraq-rakes-in-7-bn-in-oil-revenues-in-April-highest-in-2019

[10 YEARS LATER]

Azz holes 

[Pitcher]

Greedy azz holes.  Not sharing the wealth. Come on Iraq push the damn button!!

 

Here’s an idea.  Let’s put sanctions on Iraq until they do their people right by giving their money some value.

[dinarin]

47 minutes ago, Pitcher said:

Greedy azz holes.  Not sharing the wealth. Come on Iraq push the damn button!!

 

Here’s an idea.  Let’s put sanctions on Iraq until they do their people right by giving their money some value.

That's really good idea Pitcher¡¡ ..first a warning ..if they don't understand then let's say a nice remainder ...LOL¡¡  

[yota691]

Oil Minister: We will raise the production of Kirkuk fields to one million barrels per day

Thursday, May 09, 31

 

 

Baghdad / Tareq al-Araji          

 

The Minister of Oil reiterated Iraq's keenness to stabilize the world crude prices and be fair to the producing countries, stressing the commitment to what has been agreed with the members of the (OPEC) and countries from outside, and while revealing the participation in the Jeddah conference next, said a plan to raise the production of Kirkuk fields to one million Barrel per day.

 The Deputy Prime Minister for Energy and Oil Minister Thamer Ghadhban said in a statement to the "morning": Iraq is keen to provide oil supplies to consuming countries, and the stability of the global market, provided there is a fair price for the producing countries, the prices are now in a better position Than they were.

He pointed to the commitment of his ministry to what has been agreed upon with the members of the (OPEC) and outside, while at the same time Iraq has great capabilities to increase this energy, but aware of the importance of stability of the market and remove the surplus of oil in it, will not resort to change its oil policy and its commitment to ).

Al-Ghadhban stressed that Iraq has no intention to change its production and export policy now, and if there is a need to increase production or export, for every recent incident, noting that on the 19th of this month, will witness the convening of the Ministerial Committee to monitor production in Jeddah and the extent of commitment of members, The reduction and the quantities of crude pumped to the world markets, stressing that Iraq will not take a stand alone without coordination with (OPEC) and beyond.

The promise of oil prices in world markets, a much better situation than it was, indicating that from now until 19 of this month, there will be plenty of time to assess the reactions in the market, will prices continue to increase or stabilize?

The oil minister denied that there is currently a severe shortage of oil supplies to the world markets, noting that the quantities of crude oil to consumer countries, enough, noting that all countries in the (OPEC) or outside have the potential to provide the required supplies, and therefore there is no fear on this side.

He said his ministry prepared a plan to promote the production of Kirkuk fields from 400 thousand to one million barrels per day of crude, noting that Iraq currently exports through the port of Ceyhan, about 90 thousand barrels of oil produced there, and the remaining goes to domestic production. 

Al-Ghadhban said that his ministry has the capacity to raise the capacity of these fields to higher levels and increase by not less than 50 percent and reach to one million barrels per day, up from the current level of 400 thousand, which exports between (80 - 90) thousand barrels per day through the export pipeline in The Kurdistan region, which is connected to the area of (Fisch Khabur) Bnnobob (Iraqi - Turkish) and reaches the port of Ceyhan, and receive these oil and deposited in a dedicated tank and sold at international prices by the oil marketing company (Sumo).  

[yota691]

Oil reveals plan to raise production from Kirkuk fields to 1 million b / d

 

energy Economy News _ Baghdad The oil ministry on Thursday unveiled a plan to raise oil production from the Kirkuk fields to 1 million bpd.  The Minister of Oil, Thamer Ghadhban, in an interview with the newspaper "morning" and the official read "Economy News", his ministry "is preparing a plan to promote the production of Kirkuk fields from 400 thousand b / to 1 million b / d."  He pointed out that "Iraq is currently exporting through the Turkish port of Jahan 900 thousand barrels of oil produced there and the remaining goes to domestic production."  Ghadhban added that his ministry " Views 42   Date Added 05/09/2019

[6ly410]

Oil reveals plan to raise production from Kirkuk fields to 1 million b / d

http://economy-news.net/content.php?id=16570

Economy News _ Baghdad The oil ministry on Thursday unveiled a plan to raise oil production from the Kirkuk fields to 1 million bpd. The Minister of Oil, Thamer Ghadhban, in an interview with the newspaper "morning" and the official read "Economy News", his ministry "is preparing a plan to promote the production of Kirkuk fields from 400 thousand b / to 1 million b / d." He pointed out that "Iraq is currently exporting through the Turkish port of Jahan 900 thousand barrels of oil produced there and the remaining goes to domestic production." Al-Ghadhban added that his ministry "has the capacity to raise the capacity of these fields to higher levels and increase by not less than 50% and reach to 1 million b / d, more than the current level of 400 b / d, which exports between 80 - 90 thousand barrels through the export pipeline In the province of Kurdistan and linked to the region Vishkhabor Bnnbob (Iraqi - Turkish) and reach the port of Ceyhan, and receive these oils and deposited in a reservoir dedicated to them and sold in the global markets by the oil marketing company (Sumo).

Views Date Added Date 09/05/2019

Edited May 9, 2019 by 6ly410

[6ly410]

 

2019/05/09 09:12

 

Oil minister reveals plan to raise the production of Kirkuk fields to one million barrels

http://almasalah.com/ar/news/170573/وزير-النفط-يكشف-عن-خطة-لرفع-انتاج-حقول-كركوك-الى-مليون-برميل

 

BAGHDAD - Oil Minister Thamir al-Ghadhban reiterated on Thursday (May 9th, 2019) Iraq's keenness to stabilize international crude prices and to be fair to the producing countries, stressing the commitment to what was agreed upon with the members of OPEC and the countries outside it. Next Jeddah, said a plan to raise the production of Kirkuk fields to one million barrels per day.

"Iraq is keen to provide oil supplies to consumer countries and to stabilize the world market, provided there is a fair price for the producing countries," the newspaper quoted al-Ghadhban, who is also deputy prime minister for energy, as saying. "Prices are now in a better position than they were on him".

He added that "Iraq has great capabilities to increase this energy, but aware of the importance of the stability of the market and the removal of surplus oil, it will not resort to changing its oil policy and its commitment to ( OPEC ").

Al-Ghadhban stressed that "Iraq has no intention to change its production and export policy now, and if there is a need to increase production or export, for every recent incident, noting that on the 19th of this month will witness the convening of the Ministerial Committee to monitor production in Jeddah, And outside the reduction and the quantities of crude pumped to the world markets, stressing that Iraq will not take a stand alone without coordination with (OPEC) and beyond. "

"The price of oil in world markets is much better than it was," he said, noting that "from now until 19 this month, there will be time to assess the reactions in the market and will prices continue to increase or stabilize?"

"All the countries in (or outside) OPEC have the potential to supply the required supplies, so there is no fear on this side," he said.

He said that "Iraq is currently exporting through the port of Ceyhan, about 90 thousand barrels of oil produced there, and the remaining goes to domestic production"

Al-Ghadhban said that "his ministry has the capacity to upgrade these fields to higher levels and increase by not less than 50 percent and reach to one million barrels per day, up from the current level of 400 thousand, which exports between (80 - 90) thousand barrels per day through the export pipeline In the province of Kurdistan and linked to the area (Fisch Khabur) Bnabob (Iraqi - Turkish) and reach the port of Ceyhan, and receive these oil and deposited in a reservoir dedicated to them and sold at international prices by the oil marketing company (Sumo)

Edited May 9, 2019 by 6ly410

[6ly410]

Thursday، 09 May 2019 12:58 PM

Iraq's oil minister expects deal with Exxon Mobil, PetroChina ‘very soon’

https://www.thebaghdadpost.com/en/Story/39324/Iraq-s-oil-minister-expects-deal-with-Exxon-Mobil-PetroChina-very-soon

 

Iraq oil minister Thamer Ghadhban said on Wednesday he expects his ministry to sign an initial deal with Exxon Mobil and PetroChina “very soon,” but did not give a specific date.

“We have managed to take a step forward in resolving some lingering issues in the deal,” Ghadhban said at an oil ministry event.

Once the talks end, the initial deal will be studied by the ministerial energy committee before referring it to cabinet for approval, Ghadhban added.

[6ly410]

Iraq plans to increase Kirkuk oil production to one million barrels and announce its position on prices

http://www.nahrainnews.net/content.php?id=22915

Iraq plans to increase Kirkuk oil production to one million barrels and announce its position on prices

 

The Minister of Oil reiterated Iraq's keenness on the stability of international crude prices and be fair to the producing countries, stressing the commitment to what was agreed with members of the (OPEC) and countries from outside, Thamer al-Ghadhban revealed in a press statement about participating in the upcoming Jeddah conference, pointing out "a plan to raise the production of fields in the province of Kirkuk to one million barrels per day." "Iraq is keen to provide oil supplies to consuming countries, and stability of the global market, provided there is a fair price for the producing countries, prices are now in a better position than it was," Ghadhban said. "The ministry's commitment to what has been agreed with the members of the [OPEC] and abroad, and at the same time, Iraq has the capacity to increase this large energy, but aware of the importance of stability of the market and the removal of surplus oil, it will not resort to change its oil policy and its commitment to ( OPEC "). Al-Ghadhban stressed that "Iraq has no intention to change its production and export policy now, and if there is a need to increase production or export, for every modern incident, noting that on the 19th of this month will witness the convening of the Ministerial Committee to monitor production in Jeddah, And outside the reduction and the quantities of crude pumped to the world markets, stressing that Iraq will not take a stand alone without coordination with (OPEC) and beyond. " "Oil prices in world markets are much better than they were," he said. "From now until 19 this month, there will be plenty of time to assess market reactions and will prices continue to rise or stabilize?" He denied that "there is currently a severe shortage of oil supplies to world markets, noting that the quantities of crude oil to consumer countries, enough, noting that all countries in the (OPEC) or outside have the potential to provide the required supplies, and therefore there is no fear on this side." He said that "Iraq is currently exporting through the port of Ceyhan, about 90 thousand barrels of oil produced there, and the remaining goes to domestic production." Al-Ghadhban said that the Ministry of Oil "has the capacity to advance the capacity of these fields to higher levels and increase by not less than 50% and reach to one million barrels per day, up from the current level of 400 thousand, which exports between 80 - 90 thousand barrels per day through the export pipeline in The Kurdistan region, which is connected to the area of (Fisch Khabur) Bnnobob (Iraqi - Turkish) and reaches the port of Ceyhan, and receive these oil and deposited in a reservoir dedicated to it and sold at international prices by the oil marketing company (Sumo).

Views Date Added 09/05/2019 Content number

 

 

Edited May 9, 2019 by 6ly410

[6ly410]

Can Iraq rebuild its economy?

10 May 2019 19:14 GMT

 

https://www.aljazeera.com/programmes/talktojazeera/2019/05/iraq-rebuild-economy-190510124906515.html

 

Iraq's oil minister discusses plans to strengthen its oil industry, diversify its economy and attract foreign investors.

 

Iraq is looking to strengthen its economy after decades of war, sanctions, sectarian division and the rise of the Islamic State of Iraq and the Levant (ISIL or ISIS).

It has achieved some progress in recent years thanks to its oil industry; Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) and oil provides roughly 85 percent of the government's revenue.

As the country enters a period of relative calm, Iraq's oil minister, Thamer Ghadhban, says the government is working to expand its oil industries and improve infrastructure, which includes building more refineries and investing in southern gas fields and export routes.

It is also looking to increase production in nationally controlled oil fields while continuing to work with international companies.

"We have now contracts with at least 10 major international oil companies," he told Al Jazeera. "And if we move forward with them to the plateaus that they have committed themselves to, there will be at least a two million barrel per day increase on top of what we are now."

But as Iraq expands its oil industry, it also hopes to rely less on it. According to Ghadhban, the government plans to diversify its economy, invest in the private sector and attract more foreign investors.

For him, it is important that Iraq is less oil-dependent.

"It is an unhealthy situation, we don't like it, I don't like it personally. We've been trying to break this situation and keep away from total dependence on oil but it is not an easy task," he says, explaining that a country that has faced devastating wars, years of sanctions, and the presence of ISIL has had little time to develop its economy.

The government also plans to become more self-reliant in resources such as electricity and gas. Regional politics and US sanctions against Iran, one of its major partners, are impacting its economy.

But making Iraq more business-friendly comes with its own challenges. A slow bureaucracy and corruption hamper the country, which ranks 168th out of 180 countries on Transparency International's corruption perceptions index.

"We make sure that all the procedures and all the requirements for engaging with contractors are to be clean and to be away from corruption," Ghadhban says. "I verbally inform all contractors when they come and see me whether they are ... IOCs [international oil companies] or Iraqi private sector or Arab investors, that you don't have to deal with corrupt people whether within the ministry or outside."

Ghadhban believes the world will depend on oil for years to come but says Iraq is still planning for a time when it can no longer rely on it.

"Definitely we have to think about this seriously because it's not only us, this is also the future generation of Iraq we have to care about and there are now, of course, talks within the government to not only diversify the economy but also to think seriously about a sovereign fund and also bring in with time other sources of energy," he says.

"As an example, we are now seriously taking measures about the renewable [energy], especially the solar power to provide electricity within the term of this government."

Source: Al Jazeera

Edited May 11, 2019 by 6ly410

[6ly410]

 

Iraq's $53bn energy deal to boost finances and support economic growth, Moody's says

https://www.thenational.ae/business/energy/iraq-s-53bn-energy-deal-to-boost-finances-and-support-economic-growth-moody-s-says-1.861703

 

The deal signed earlier this month will ramp up the country's oil production

 

Iraq’s $53 billion (Dh194.5bn) energy deal to boost the oil production of Opec’s second-biggest producer will strengthen the Iraqi government's fiscal position as it looks to revive the economy in the aftermath of a devastating war against militants, Moody’s Investors Service said.

Earlier this month, Iraq's oil minister said an agreement was reached with global energy major Exxon Mobil and PetroChina to raise production at southern oilfields of Nahr Bin Umar and Ar-Ratawi to 500,000 barrels per day (bpd) from the current 125,000 bpd. The agreement will generate $400bn in additional revenue for the government over a 30-year time horizon, according to Iraqi officials.

“We expect the deal to support economic growth and government finances,” Moody’s said in its latest note on Iraq. “When the extra oil production is fully online, it will add around 4 per cent of GDP annually to government revenue and export receipts, strengthening the country's foreign-exchange reserves position.”

During the construction phase, the project will “also boost non-oil growth and employment in the country”, which needs to create more jobs to contain social discontent, Moody’s said.

As part of the deal, Exxon Mobil and PetroChina will also build storage tanks, pumps, pipelines and offshore terminals that will simultaneously increase Iraq's oil export capacity, which is currently limited to around 3.8 million bpd and is the key constraint on the country's ability to increase production. The companies also plan to capture and process 100 million cubic feet of associated natural gas per day (cfpd), a 10 per cent increase over the present production level and a step towards the government's target of 3 billion cfpd by 2022, according to Moody’s.

Iraq has the world's fifth-largest stock of oil reserves with its hydrocarbon wealth concentrated in the southern Basra province and in the north of the country near Kirkuk and Mosul. However, little investment and infrastructure constraints following decades of armed conflict and security challenges have left a significant portion of the country's hydrocarbon potential unexploited.

Large fiscal and current account imbalances since the three-year oil price decline in 2014 and the costly military conflict with ISIS nearly doubled Iraq’s government debt burden to 66 per cent of GDP by 2016, from 32 per cent in 2013. The country’s foreign-exchange reserves nearly halved to $42bn from $74bn. However, higher oil prices since mid-2017 subsequently have improved its finances and Moody’s estimated the government posted a budget surplus of around 6.5 per cent of GDP in 2018.

“In an environment of moderate oil prices, averaging $60 to $65 per barrel over the next two years, we expect Iraq's fiscal balance to return to deficit in 2019 and 2020, and government debt to increase again to around 55 per cent of GDP in 2020 from 51.5 per cent in 2018,” the rating agency said.

“We also expect foreign-exchange reserves to decline over the next two years from a peak of around $60bn at the end of 2018.”

Beyond 2020, Moody’s estimated the signed deal could accelerate Iraq's oil production, pushing the budget and the current account closer to balance, even in a moderate oil price environment.

Updated: May 15, 2019 11:35 AM

Edited May 16, 2019 by 6ly410

[Laid Back]

Good news.... thanks for the post.

Economic growth creates more profit for businesses. As a result, stock prices rise. That gives companies capital to invest and hire more employees. As more jobs are created, incomes rise. Consumers have more money to buy additional products and services. Purchases drive higher economic growth. For this reason, all countries want positive economic growth.

 

Go economic growth 

Go RV

Go $1:1

 

[6ly410]

Oil: There is no truth to the evacuation of Exxon Mobil employees from Iraq

Economy 08:22 - 16/05/2019

https://www.mawazin.net/Details.aspx?jimare=47007

 

Baghdad - Mawazine News
The Iraqi Ministry of Oil denied the evacuation or departure of employees of the company "Exxon Mobil" America for their work sites in Iraqi territory.
The deputy minister for extraction, Fayad Hassan Nima, said: "Exxon Mobil officials in the US confirmed the absence of their staff from the field of West Qurna in Basra, as reported and transmitted by some media and media."
"The employees work side by side with their fellow Iraqis and foreigners in the consortium of companies developed for West Qurna field according to the planned program."
For his part, spokesman for the Ministry of Oil Assem Jihad that: "The ministry is keen to provide the appropriate security environment for the work of international companies and maintain the safety of workers."
Jihad said that: "The ministry and in coordination with the security authorities always strive to achieve this goal."
He also stressed that "employees in security companies do not face any security problems or threats, and they continue to work to develop oil fields in Iraq."

Edited May 16, 2019 by 6ly410

[6ly410]

Iraq issues 4 million b / d and talks about the challenges it may face when closing the Strait of Hormuz

Economy 08:37 - 16/05/2019

https://www.mawazin.net/Details.aspx?jimare=47010

 

Baghdad - Mawazine News
The Undersecretary of the Ministry of Oil, the oldest Fayad Hassan al-Naama, on Thursday, the export of Iraq from oil settled at 4 million barrels per day. While talking about the challenges that may face in the event of closure of the Strait of Hormuz.
"The rate of export of Iraq stabilized at 4 million and 400 thousand barrels per day, including the quantities produced from the fields of Kirkuk and Kurdistan," he said, adding that "stability will give more."
He added that "the ministry plans to increase confidence in Iraq's policy of oil production and export capacity in the coming years with a focus on the southern fields," adding that "the increase coincides with the conclusion of an agreement with international companies to invest in the South Integrated Project, aimed at developing fields and infrastructure For oil fields and the development of export facilities. "
"The Council of Ministers voted last week on the South Integrated Iraq Project and briefed it on the ongoing negotiations between the Ministry of Oil and ExxonMobil and PetroJaina on this project," the ministry's senior deputy said. "The briefing of the cabinet gave the ministry the green light to continue negotiations and sign preliminary principles. For international investment soon. "
However, the blessing that "the terms of the agreement is still in the discussion, especially on some commercial matters of sharing the final profits," pointing out that "Iraq is not obliged to sign contracts when no agreement with the companies mentioned and will look for another international alternative at the same level."
On the impact of international tensions on the aspirations of Iraq to invest in the joint fields, said the blessing: "The ministry is moving forward to closer economic relations with neighboring countries," stressing "the ministry's efforts to accelerate the pace of its plans to sign agreements to invest in the common fields."
On the challenges facing Iraq in the event of closure of the Strait of Hormuz, the senior Undersecretary of the Ministry of Oil, said that "any country avoids the closure of its impact on the world's economies, while expressing the hope not to close the strait."
"There are some alternatives for marketing oil," he said.
For his part, said the Director General of the Basra Oil Company Ihsan Abdul-Jabbar: "The rate of export capacity of crude oil amounted to 3 million and 550 thousand barrels per day through the ports of Basra, while maintaining the ceiling of production of Basra as it is at the rate of three million barrels per day to improve oil prices in the market And to maintain the economies of producing countries. "

Edited May 16, 2019 by 6ly410

[Butifldrm]

Iraq calculates the closure of Hormuz and talks about alternatives to marketing its oil

08:57 - 16/05/2019

0

 

  

Information / Baghdad ..

The Ministry of Oil announced on Thursday that there are alternatives to marketing Iraqi oil if the Strait of Hormuz was closed under regional tensions, stressing that the ministry is moving forward to strengthen its economic relations with neighboring countries.

"Any country avoids the closure of the Strait of Hormuz because of its great influence in the world's economies," said senior oil ministry undersecretary Fayyad Hasan al-Namaa in a statement published by the official newspaper Al-Sabah.

 He said he hoped "not to close the Strait of Hormuz," pointing to "the existence of some alternatives to market oil."

On the impact of international tensions on Iraq's aspirations to invest in the joint fields, he said that "the ministry is moving forward to closer economic relations with neighboring countries," pointing to "the ministry's efforts to accelerate the pace of its plans to sign agreements to invest in the common fields." Ending / 25

https://www.almaalomah.com/2019/05/16/406570/

[yota691]

Russian oil Gazprom: oil production in the field of Kurdistan 35 thousand b / d

 

energy Economy News _ Baghdad 30 - Gazprom Oil, a producer of Russian crude on Thursday that the daily production in the field of Garmian oil of its in the Kurdistan region of Iraq amounted to 35 thousand barrels per day. Views 17   Date Added 05/16/2019

[yota691]

Iraq issues 4 million b / d and talks about the challenges it may face when closing the Strait of Hormuz

 

energy Economy News _ Baghdad The Undersecretary of the Ministry of Oil, the oldest Fayad Hassan al-Naama, on Thursday, the export of Iraq from oil settled at 4 million barrels per day. While talking about the challenges that may face in the event of closure of the Strait of Hormuz.  "The rate of export of Iraq settled on 4 million and 400 thousand barrels per day, including the quantities produced from the fields of Kirkuk and Kurdistan," said the blessing, according to the newspaper "morning" semi-official and viewed by " Stability will give more. "  He added that "the ministry plans to increase confidence in Iraq's policy of oil production and export capacity in the coming years with a focus on the southern fields," adding that "the increase coincides with the conclusion of an agreement with international companies to invest in the South Integrated Project, aimed at developing fields and infrastructure For oil fields and the development of export facilities. " "The Council of Ministers voted last week on the South Integrated Iraq Project and briefed it on the ongoing negotiations between the Ministry of Oil and ExxonMobil and PetroJaina on this project," the ministry's senior deputy said. "The briefing of the cabinet gave the ministry the green light to continue negotiations and sign preliminary principles. For international investment soon. "  However, the blessing that "the terms of the agreement is still in the discussion, especially on some commercial matters of sharing the final profits," pointing out that "Iraq is not obliged to sign contracts when no agreement with the companies mentioned and will look for another international alternative at the same level." On the impact of international tensions on the aspirations of Iraq to invest in the joint fields, said the blessing: "The ministry is moving forward to closer economic relations with neighboring countries," stressing "the ministry's efforts to accelerate the pace of its plans to sign agreements to invest in the common fields."  On the challenges facing Iraq in the event of closure of the Strait of Hormuz, the senior Undersecretary of the Ministry of Oil, said that "any country avoids the closure of its impact on the world's economies, while expressing the hope not to close the strait."  "There are some alternatives for marketing oil," he said. Views 115   Date Added 05/16/2019

[6ly410]

Middle East

Iraqi minister says alternative plans in place should Iran gas imports stop

Kurdistan 24 |

2 hours ago

 

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Flames emerge from flare stacks at the oil fields in Basra, southeast of Baghdad, Iraq Jan,17, 2017. (Photo: Reuters/Essam Al-Sudani)

http://www.kurdistan24.net/en/news/796ba826-2c92-47cb-ac5c-1f6d49fff75caz

 

 

ERBIL (Kurdistan 24) – Iraq has contingency plans for any interruption to its Iranian gas imports, but hopes no such disruption would take place in the future, Oil Minister Thamer Ghadhban said on Thursday.

His comments came during a press conference with reporters taking place in Baghdad.

Iran and Iraq maintain robust political and economic relations. Over the past decade and a half, Baghdad has relied considerably on Tehran to fulfill its economic needs by importing food products and other goods.

The current level of trade between Iraq and Iran stands at about $12 billion annually, according to Iranian media.

After the US in November last year re-imposed sanctions targeting Iran’s financial and energy sectors, Iraq found itself in a difficult position. Iraq maintains strong relations with Washington and Tehran but imports a lot of gas from Iran to run its power grids.

Iraqi local media reported that the oil giant company, ExxonMobil, had evacuated its staff from Iraq due to increasing tensions between the US and Iran.

However, Ghadhban said that international oil companies were operating as normal and assured them that oilfields in the south and north of the country were safe and secure despite increased regional tensions between the United States and Iran, Reuters reported.

Iraq has one of the world’s largest oil reserves and is the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC).

Editing by Nadia Riva

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Al-Ghubban: We have contingency plans and Turkey has asked to buy more Iraqi oil

Editor's note: • 190 times written

http://alforatnews.com/modules/news/article.php?storyid=198100

 

(Baghdad: Al-Furat News) Deputy Prime Minister for Energy and Oil Minister Thamer Abbas Ghadhban revealed Turkey's request to increase the purchase of crude oil from Iraq.

Al-Ghadhban said that Iraq has contingency plans in anticipation of any interruption in Iranian gas imports to the country's electricity grid, but he hopes there will be no disruption.
He added that the next meeting of the OPEC Ministerial Control Committee in Saudi Arabia would assess the commitment of Member States to current production cuts, and that current oil prices and markets are stable.
Ghadban told reporters in Baghdad that Turkey had asked Iraq to buy more of its crude.
He added that the international oil companies are working normally and reassured that oil fields in the north and south of the country safe and secure in light of the escalation of regional tensions between the United States and Iran.