Oil Minister visits London

[yota691]

Oil Minister visits London

 

Oil Minister Jabbar al-Allaibi     energy Economy News Baghdad: The British embassy in Baghdad announced on Saturday that Iraqi Oil Minister Jabbar al-Allaibi visited the capital London. "The Iraqi Minister of Oil Allaibi visited London to hold high-level meetings with British commercial envoy to Iraq Baroness Nicholson, and to address the energy sector in Iraq," the embassy said in a statement. The Angolan state oil company Sonangol said in a statement on Friday that it resumed operations in Iraq after the improvement of the security situation and the receipt of assets from the Iraqi authorities. Views 0   Date Added 03/02/2018

[currenzcraze]

"...receipt of assets from the Iraqi authorities."

This is a weird statement ro make.  Thing that make you go hmmm.

 

[yota691]

1 (21:01 PM)   -   Number of readings: 104   -   Number (4126)

 

 

Al-Allaibi calls on British companies to invest in the Iraqi oil sector

 Baghdad - Washington / Range - Reuters 
 

Oil Minister Jabbar al-Luaibi called on British companies to participate and invest in the oil and gas projects proposed by Iraq. Al-Luaibi said during his meeting with the Secretary of State for Middle East Affairs at the Ministry of Foreign Affairs and the British Department for International Development, Alistair Burt, that Iraq is working on perfect cooperation with international companies operating in the oil sector in order to promote this industry and the optimal investment of this national wealth, In addition to increasing infrastructure development projects across the country. During the past period, despite economic and security challenges, we have made significant progress in implementing projects and increasing oil and gas production. "

He added that the ministry announced several oil projects in the sectors of extraction and liquidation, gas investment and pipeline networks, and invited international companies, including British companies to participate in them. 
On the other hand, the deputy director of the development of the Majnoon oil field in Basra, Muhannad Abdul Zahra, Wednesday, the direct completion of 10 wells in the field of Majnoon and preparation for production, pointing out that there is a plan to complete the drilling of other production wells. 
"The completion of 10 oil wells in the Majnoon oil field in Basra and its preparation for production have been completed," Abdel-Zahra said in a statement received by Al-Mada.
He added that it is hoped that these wells will be linked early next year, in order to maintain the current production capacity of the field on the one hand, and reduce the decline in reservoir pressures in other wells on the other hand. Abdul Zahra pointed out that "there is a plan to complete the drilling of other production wells of the 30 wells during the current decade, and achieve the ambition in tenders to increase production capacity to reach 400 thousand barrels per day." 
He explained that "the number of wells produced in the field of 46 wells, while the total number of wells that have been dug 67 wells."
On the other hand, oil prices fell for a third day yesterday after data showed that US crude stocks rose more-than-expected last week, as investor sentiment fell further as other commodities, stocks and bonds fell. Global Brent crude <LCOc1> fell 22 cents, or 0.3 percent, to $ 68.80 a barrel by 7:35 GMT after falling earlier to a two-week low. 
US West Texas Intermediate crude futures were 31 cents, or 0.5 percent, at $ 64.19 a barrel after crude fell to a one-week low. 
US crude was down 1.6 percent at around $ 64.50 a barrel, compared to only a 0.6 percent drop in Brent crude. The two decades are still on track for fifth-month gains.
A report from the US Petroleum Institute late on Tuesday showed that US crude inventories rose by 3.2 million barrels last week. US Department of Energy data is likely to show an increase in stockpiles for the first time in 11 weeks. Analysts polled predicted a 100,000 bpd increase in crude stocks. 
Oil speculators continue to hold on to optimism, as speculators appear to be speculating that oil prices could rise to $ 80, while others are still expected to be at $ 70 a barrel. In any case, those who buy options worth $ 70 for March or April can sell the contract at any time when prices rise above $ 70 or $ 80 before the end of the contract and make gains.
Prices remain heading towards their fifth monthly gain, respectively. US production is on par with Saudi Arabia, the largest producer of the Organization of the Petroleum Exporting Countries (OPEC). Russia alone produces more than the US or Saudi Arabia, averaging 10.98 million bpd in 2017. 
US production has jumped more than 17 percent since mid-2016. It is expected to exceed 10 million bpd soon. The dollar's decline over the past 6 consecutive weeks fueled the recent surge in oil prices. The US currency has fallen 3 percent since the beginning of this month. Oil is denominated in dollars, and then, a dollar drop may boost demand for crude from buyers using other currencies.

[10 YEARS LATER]

ONCE AGAIN - GET YOUR CURRENCY INTERNATIONALLY RECOGNIZED - then it ain't nuthin' but a thang.

[Laid Back]

Al-Luaibi and Abadi are on a mission to welcomed all Arab and foreign companies wishing to invest and execute development projects in the Iraqi oil sector, which has become a promising investment environment attracting investments and international companies.

 

 

Go Iraq

Go investment 

Go Oil production 

Go RV

 

 

[ChuckFinley]

You would think that this would be a no brainer.