Oil: Revenues last September amounted to about nine billion dollars

[yota691]

Iraq plan to boost oil export capacity suffers setback, source says

 

By Rowena Edwards

2 minute read

A general view shows an oil rig used in drilling at the Zubair oilfield in Basra, Iraq, July 5, 2022. REUTERS/Essam Al-Sudani

 

July 13 (Reuters) - Iraq's bid to boost oil export capacity at its Gulf ports has suffered a setback due to delays in pumping station upgrades, an Iraqi oil source said.

OPEC's second-largest oil producer aims to raise operational export capacity in Basra to 3.45 million barrels per day (bpd) from 3.3 million bpd.

The delay means it could miss out on exporting an additional 150,000 bpd of oil exports for the third quarter.

 

While this is a relatively small level, the setback comes at a time of tight global oil supply, limited spare capacity from other OPEC+ producers, and little room to compensate for a major supply outage. read more

The delay to its original plan stems from a lag in obtaining necessary approvals and in finalising tenders for the upgrade work, an Iraqi oil representative said.

The Iraqi oil ministry did not respond to a request for comment.

 

State-owned Basra Oil Co (BOC) had planned to install new pumping stations at Iraq’s Gulf ports to reach export capacity of 3.45 million bpd in the second quarter. read more

BOC now expects to increase southern export capacity to 3.35 million bpd in August and reach 3.45 million bpd by September.

"I'm not sure if BOC can meet this deadline due to the delay in the [pumping stations] project," the source said, highlighting that without the upgrade work Iraq’s exports could remain around 3.3 million bpd.

 

Iraq’s crude exports from Basra averaged 3.27 million bpd in June, and 3.24 million bpd in the second quarter, according to Iraq's State Oil Marketing Organisation (SOMO).

Limited export capacity may strain Iraq’s ability to ramp up production at pace, as the country has few storage options.

Government figures show the country’s crude output has risen largely in line with its quota under the OPEC+ agreement among oil producing countries.

But its stocks have also increased every month this year, according to Reuters calculations based on SOMO data.

Secondary sources, which the OPEC secretariat uses to calculate compliance, placed Iraqi production at an average of 34,000 bpd below its quota in the second quarter and 75,000 bpd below its ceiling in June.

SOMO had exported as much as 3.7 million bpd from its southern ports in Basra, but aging export infrastructure forced Iraq to reduce southern exports and carry out upgrade work for most of 2021.

[yota691]

 

A “setback” in the export of Iraqi oil because of the old pumps

 

 2022-07-14 01:41

 

Shafaq News/ An Iraqi oil source said today, Thursday, that Iraq's effort to boost oil export capacity in its Gulf ports suffered a setback due to the delay in modernizing pumping stations.

The second largest oil producer in the Organization of the Petroleum Exporting Countries aims to increase Basra's operating export capacity to 3.45 million barrels per day from 3.3 million barrels per day.

The delay means he could miss out on an additional 150,000 barrels of oil exports in the third quarter.

Although this is a relatively small level, the setback comes at a time of tight global oil supply, limited spare capacity from other OPEC+ producers, and little room to offset a major supply disruption.

Reuters reported, quoting an Iraqi oil representative, as saying that the delay in its original plan stems from a delay in obtaining the necessary approvals and in finalizing bids for modernization work.

The state-owned Basra Oil Company had planned to install new pumping stations in the Iraqi Gulf ports to reach an export capacity of 3.45 million barrels per day in the second quarter.

The Basra Oil Company now expects southern export capacity to increase to 3.35 million bpd in August and reach 3.45 million bpd by September.

"I am not sure if the Basra Oil Company can meet this deadline due to the delay in the pumping stations project," the source said, noting that without the upgrade work, Iraq's exports could remain at around 3.3 million barrels per day.

Iraq's crude oil exports from Basra averaged 3.27 million barrels per day in June and 3.24 million barrels per day in the second quarter, according to the Iraqi State Oil Marketing Organization (SOMO).

The limited export capacity may strain Iraq's ability to increase production at an accelerated pace, as the country's storage options are few.

Government figures show that the country's crude oil production has risen largely in line with its quota under the OPEC+ agreement among oil-producing countries, but its stocks have also increased every month this year.

[DoD]

Well you would’ve thought the concept of maintenance would have crossed someone’s mind by now.

With the international oil companies pulling out of the country it could be a problem for Iraq to make 10 billion dollars a month…

[horsesoldier]

2 hours ago, DoD said:

Well you would’ve thought the concept of maintenance would have crossed someone’s mind by now.

With the international oil companies pulling out of the country it could be a problem for Iraq to make 10 billion dollars a month…

They just ain't too bright are they. . . and they prove it every single day.

The honest politicians and you know even in a country as corrupt as Iraq is, there are good ones, they must be pulling their hair out seeing what unchecked corruption is doing to their country.

[Theseus]

Here's a novel idea: Let's say someone wins the lottery and is paid monthly but that monthly amount could change at any time. Then we go into a Buggati La Voiture Noire dealership and tell them our monthly salary is the new amount we just started to receive and we want to finance the Buggati La Voiture Noire. 

 

We would be laughed out of the dealership for trying to finance a Buggati La Voiture Noire. Now if Iraq had a history of sustainable income equal to what they are receiving now, things may or may not be different. A good economist would tell Iraq this oil revenue is temporary and to spend the money wisely. Meaning continue with their long term vision as if there was no windfall and put aside the difference or invest that money back into their long and short term economic plans.

 

A steady breeze will always be better than short bursts of wind as it makes for better sailing.

[DoD]

Theseus, totally agree, you would think someone in that circus would call Dubai and use their strategy. 
The corruption in that country over shadows any logical reasoning unfortunately…

[yota691]

Determining the date for the start of pumping crude oil to the Karbala refinery

 

•  Today, 15:53

 

Today, Monday, the Minister of Oil, Ihsan Abdul- Jabbar
, set the date for the start of pumping crude oil to the Karbala refinery, noting that the refinery will reduce the import of oil derivatives by 60 percent.
The minister said in a statement received by the Iraqi News Agency (INA), that "the ministry and the government are keen to increase the national production of oil products and stop their import," noting "the importance of achieving this goal by starting production from the Karbala refinery before the end of this year, along with the achievement of The (FCC) project in the southern refineries, and a group of projects to rehabilitate the Al-Samoud refinery in Baiji during the next few years.
The minister added, during his visit to the Karbala oil refinery project, that "the refinery will cover the actual need for local consumption, in addition to reducing the import of oil derivatives by 60 percent. He
added, "The Karbala refinery project is the latest project in the refinery sector in Iraq with a capacity of 140,000 barrels per day, which includes modern and integrated refining systems and its production enjoys international specifications, so we are keen to speed up production operations from Karbala refinery despite the economic conditions and health challenges." .
He pointed out that "the refinery is an important step to meet the local need for consumption, followed by other steps when rehabilitating the Al-Samoud refinery in Baiji and the FCC project in the South Refineries Company in Basra, and the sum of these projects will lead to achieving self-sufficiency in the production of oil derivatives."
The Minister of Oil explained that "next October will witness the start of pumping crude oil to the refinery, expressing his hope that the total operation of the refinery will begin gradually."
The statement continued, "The minister held a meeting with the companies executing the project, during which he was accompanied by the Undersecretary for Liquidation Affairs Hamid Yunis, confirming the provision of all kinds of support to expedite the completion and operating procedures for the refinery."
"The refinery was established according to the latest specifications and advanced technology to produce high-quality oil derivatives, and the visit comes as part of field visits to follow up on the completion rates in the project," said the Undersecretary for Liquidation Affairs Hamid Younis.
He pointed out that "the first phase of operating the refinery will be before the end of this year, and the second phase will be at the beginning of next year to produce light products, which will have a positive impact to meet the needs of local consumption."
The General Manager of Al-Wasat Refineries Company, Ayed Jaber Omran, said that "the company has prepared the technical and engineering staff and included them in training courses to operate the refinery."

 

[yota691]

The Minister of Oil sets the date for the start of pumping crude oil to the Karbala refinery

 

energy
   

Economy News - Baghdad
Today, Monday, Oil Minister Ihsan Abdul-Jabbar set the date for the start of pumping crude oil to the Karbala refinery, noting that the refinery will reduce the import of oil derivatives by 60 percent.

Abdul-Jabbar said in a statement, "The ministry and the government are keen to increase the national production of petroleum products and stop their import," noting "the importance of achieving this goal by starting production from the Karbala refinery before the end of this year, in addition to the completion of the ( FCC ) project in refineries. The South, and a group of projects to rehabilitate the Al-Samoud refinery in Baiji during the next few years.”

The minister added, during his visit to the Karbala oil refinery project, that "the refinery will cover the actual need for local consumption, in addition to reducing the import of oil derivatives by 60 percent." Great because of the import of fuel.

He added, "The Karbala refinery project is the latest project in the refinery sector in Iraq with a capacity of 140,000 barrels per day, which includes modern and integrated refining systems and its production enjoys international specifications, so we are keen to speed up production operations from Karbala refinery despite the economic conditions and health challenges."

He pointed out that "the refinery is an important step to meet the local need for consumption, followed by other steps when rehabilitating the Al-Samoud refinery in Baiji and the FCC project in the South Refineries Company in Basra, and the sum of these projects will lead to achieving self-sufficiency in the production of oil derivatives."

The Minister of Oil explained that "next October will witness the start of pumping crude oil to the refinery, expressing his hope that the total operation of the refinery will begin gradually."

 

And the statement continued, "The minister held a meeting with the companies executing the project, during which he was accompanied by the Undersecretary for Liquidation Affairs Hamid Yunis, stressing the provision of all kinds of support to expedite the completion and operating procedures for the refinery."

 

For his part, the Undersecretary for Liquidation Affairs Hamid Younis said that "the refinery was established according to the latest specifications and advanced technology to produce high-quality oil derivatives, and the visit comes within the field visits to follow up on the completion rates in the project."

 

He pointed out that "the first phase of operating the refinery will be before the end of this year, and the second phase will be at the beginning of next year to produce light products, which will have a positive impact to meet the needs of local consumption."

The General Manager of Al-Wasat Refineries Company, Ayed Jaber Omran, said that "the company has prepared the technical and engineering staff and included them in training courses to operate the refinery."

 

 

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157 . views

Added 07/18/2022 - 4:26 PM

Update 07/18/2022 - 5:09 PM

[yota691]

 

"SOMO" expects that the oil export capacity across the Gulf will rise to 3.35 million barrels per day

 

 2022-07-23 05:47

 

 

Shafaq News/ The Iraqi Oil Marketing Company (SOMO) suggested on Saturday that the oil export capacity across the Gulf would rise to 3.35 million barrels per day, by next September.

“What is currently achievable is 3.3 million barrels per day taking into account not only the restrictions on export capacity, but also rehabilitation activities that may cause a halt,” the company’s deputy general manager, Ali Al Shatari, told S&P Global Commodity Insights Standard & Poor’s. Sometimes,” he said, adding that “this quantity may go up, of course, but I am a bit conservative until I see plans to develop export facilities go ahead.”

Iraq, "the second largest oil producer" in (OPEC), is pumping more crude in line with the (OPEC +) decision to cancel production cuts on July 21.

Al-Shatari explained, "SOMO expects Basra Heavy exports to reach about 1.1 million barrels per day in July, and Basra Medium, about 2.2 million barrels per day."

Iraq exported 1.120 million barrels per day of Basra heavy oil in June and 2.146 million barrels per day of Basra medium, and the total exports of southern oil amounted to 3.266 million barrels per day, according to SOMO figures.

Both grades are exported from Iraq's southern terminals on the Persian Gulf, which have been under expansion for several months but have faced many delays.

[yota691]

 

Iraq announces oil revenues of more than 11 billion dollars for the month of June 

 

 2022-07-25 04:37

 

 

 

Shafaq News/ The Iraqi Ministry of Oil announced, on Monday, the total oil exports and revenues achieved for the month of last June, according to the final statistics issued by the Iraqi Oil Marketing Company SOMO.

The ministry said in a statement received by Shafaq News Agency, that the amount of crude oil exports amounted to 101 million and 191 thousand and 236 barrels, with revenues of 11 billion and 354 million and 544 thousand dollars.

She added that "the total quantities of crude oil exported for the month of June from oil fields in central and southern Iraq amounted to 97 million and 980 thousand and 589 barrels, while the quantities exported from Kirkuk oil through Ceyhan port were 2 million and 910 thousand and 887 barrels."

And she indicated that "the average price per barrel amounted to 112.209 dollars, indicating that" additional revenues were achieved from selling quantities of shipments of crude oil exported at a price premium, as the total revenue amounted to 108,822,255.03 million dollars.

She pointed out that "the exported quantities were loaded by 36 international companies of different nationalities, from the ports of Basra, Khor al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan."

[yota691]

The price of a barrel exceeded 112 dollars

The final statistics of Iraq's oil exports and imports during last June

2022.07.25 - 11:35

 

  

Baghdad - people  

The Ministry of Oil announced, on Monday, the total oil exports and revenues generated for the month of June, according to the final statistics issued by the Iraqi Oil Marketing Company.  

  

  

  

According to a ministry statement received by “Nass” (July 25, 2022), “the amount of crude oil exports amounted to (101) million (191) thousand and (236) barrels (one hundred and one million, one hundred and ninety-one thousand two hundred and thirty-six barrels), with revenues It amounted to (11) billion and (354) million and (544) thousand dollars (eleven billion, three hundred and fifty-four million, five hundred and forty-four thousand dollars).  

The statistics indicated that "the total quantities of crude oil exported for the month of June from oil fields in central and southern Iraq amounted to (97) million (980) thousand and (589) barrels, while the quantities exported of Kirkuk oil through the port of Ceyhan were (2) million. And (910) thousand and (887) barrels, and the average price per barrel amounted to (112,209) dollars.  

Additional revenues were achieved by selling quantities of shipments of exported crude oil at a price premium, as the total revenue for them amounted to (108,822,255.03) million dollars.  

He pointed out that "the exported quantities were loaded by (36) international companies of different nationalities, from the ports of Basra, Khor Al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan."  

[yota691]

Oil Ministry: Revenues for the month of June amounted to more than 11 billion dollars

• Time: 07/25/2022 11:29:05
•  
• Reading: 585 times

  

{Economic: Al Furat News} The Ministry of Oil announced, on Monday, the final statistics of oil exports for the month of last June

The ministry stated in a statement received by {Euphrates News} that “the Ministry of Oil announced the total oil exports and revenues achieved for the month of last June, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), where the amount of exports of crude oil amounted to 101 million and (191) thousand and (236) barrels (one hundred and one million, one hundred and ninety-one thousand two hundred and thirty-six barrels), with revenues amounting to (11) billion and (354) million and (544) thousand dollars (eleven billion, three hundred and fifty-four million, five hundred and four forty thousand dollars). 

The statistics indicated that "the total quantities exported of crude oil for the month of June from oil fields in central and southern Iraq amounted to (97) million (980) thousand and (589) barrels, while the quantities exported of Kirkuk oil through the port of Ceyhan (2). One million (910) thousand and (887) barrels, and the average price per barrel amounted to (112,209) dollars. 

While additional revenues were achieved from selling quantities of shipments of exported crude oil at a price premium, the total revenue for them amounted to (108,822,255.03) million dollars. 

The statement indicated that "the exported quantities were loaded by (36) international companies of different nationalities, from the ports of Basra, Khor Al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan." 

[yota691]

Iraqi Oil: $11.35 billion, the value of crude exports during the month of June

Iraqi Oil - Archive

 25 July 2022 01:55 PM

Mubasher: The Iraqi Ministry of Oil announced, today, Monday, the final statistics of oil exports for the month of last June.

 

The ministry indicated in a statement that the amount of crude oil exports amounted to 101.191 million barrels, with revenues amounting to 11.35 billion dollars, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).

The statistics indicated that "the total quantities of crude oil exported for the month of June from the oil fields in central and southern Iraq amounted to 97.98 million barrels, while the quantities exported from Kirkuk oil through Ceyhan port were 2.910 million barrels, indicating that" the average price per barrel It amounted to $112,209.

It noted, "additional revenues were achieved from selling quantities of shipments of exported crude oil at a price premium, as the total revenue amounted to about 108,822 million dollars," noting that "the exported quantities were loaded by 36 international companies of different nationalities, from the ports of Basra, Khor Al-Amaya and buoys. unilateral on the Gulf and the Turkish port of Ceyhan.

[yota691]

Iraq plans to increase oil exports by about two million barrels per day

 

- 07-28-2022 02:17 PM - Number of readings: 2874

 

The Iraqi National Oil Marketing Company "SOMO" announced that it achieved the highest oil revenue in history during the past month, while confirming its quest to enhance export capabilities by about two million barrels of oil per day.

The director of the Market Research and Strategic Planning Authority at the "SOMO" company, Muhammad Saadoun, said in television statements, "Iraq achieved the highest oil revenue in production and export during the month of June," noting that "revenues were achieved by about 11 billion and 350 million dollars, and this is a number. history of Iraq.

He added, "The revenue generated is the result of high prices and an increase in export capabilities," stressing that "the export rate for the last month by the federal government was 3 million and 400 thousand barrels per day."

He pointed out that "the quantities exported from the region are estimated at 400,000 barrels per day during the past month," explaining that "

He continued, "There is a plan to enhance export capabilities by about two million barrels of oil per day, in addition to discussions with the Saudi side to re-work the oil pipeline with the Kingdom with an export capacity of one million and 200 thousand barrels per day."

[yota691]

SOMO: 850 thousand barrels per day will be added to Iraq's export capacity within 6 months

The headquarters of the oil marketing company "SOMO"

energy
   

Economy News - Baghdad

The Iraqi Oil Marketing Company "SOMO" revealed the intention of the Ministry of Oil to add 850,000 barrels per day to Iraq's export capacity within 6 months, adding that the Ministry of Oil is currently working on reactivating the Al-Amaya port in Basra in order to export one million barrels per day in the year 2024.

 

Iraq currently has two oil export outlets, the first from Basra through the ports, which constitutes 97% of the total exports, and the other is the Ceyhan port, which is a joint pipeline between Baghdad and Erbil, in which the region’s oil quantities are exported, amounting to 400,000 barrels per day.

 

The Director of the Market Research and Strategic Planning Authority at SOMO, Muhammad Saadoun, told the Duty of Frankness program broadcast by Al-Iraqiya channel, and reviewed by "Economy News", that "the Ministry of Oil is working to increase the export capacity within 6 months by 250 thousand barrels per day by replacing equipment in Floating platforms in the port of Basra.

 

He stressed that Iraq owns two pipelines for exporting oil with Turkey, but they stopped due to the events of ISIS, and now the pipeline that passes from Kirkuk to Baiji and then Turkey, the projects company in the Ministry of Oil is rehabilitating it and within 3 months it will enter service with a capacity of 600,000 barrels per day.

 

There are major differences between the federal government and Turkey as a result of Ankara allowing the Kurdistan region to export oil independently from Baghdad, and there is now a lawsuit in one of the international courts between the two countries.

And Iraq exported, during the last month, 3.37 million barrels per day, which brought in more than 11.3 billion dollars, thanks to the high oil prices, which exceeded the monthly average of 112.2 dollars per barrel.

 

He added that the Japanese loan project, which will contribute to the activation of the Al-Amaya port and the establishment of a floating platform, will enter service during the year 2024, and give us an additional export capacity of one million barrels per day.

He pointed out that in 2026, the rehabilitation of the export platforms at the Basra port will be completed, which will add 750,000 barrels per day.

 

 

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240 . views

Added 07/28/2022 - 12:31 PM

Update 07/28/2022 - 4:55 PM

[yota691]

POSTED ON 2022-08-01 BY SOTALIRAQ

With revenues exceeding 10 billion dollars, oil announces the proceeds of July exports

On Monday, the Iraqi Ministry of Oil announced that it had achieved revenues of more than $10.6 billion, as a preliminary statistic for the quantities of crude exported during the month of July.

According to the preliminary statistics issued by the Iraqi Oil Marketing Company “SOMO”, it stated in a statement, “The total amount of crude oil exports amounted to 102 million (385) thousand and (49) barrels, with revenues amounting to (10.608) billion dollars.”

The statistics added, "The total quantities of crude oil exported for the month of July from oil fields in central and southern Iraq amounted to (99) million and (965) thousand and (94) barrels, while from Kirkuk fields through the port of Ceyhan, the exported quantities amounted to two million and (94) million. (344) thousand (536) barrels.

She explained that "the average daily quantities amounted to (3) million and (303) thousand barrels per day," noting that "the average price of one barrel amounted to more than (103.60) dollars."

[yota691]

 

With revenues exceeding 10 billion dollars, oil announces the proceeds of July exports

 2022-08-01 10:38

 

 

Shafaq News/ The Iraqi Ministry of Oil announced, on Monday, achieving revenues worth more than 10.6 billion dollars, as a preliminary statistic for the quantities of crude exported during the month of July.

According to the preliminary statistics issued by the Iraqi Oil Marketing Company "SOMO", it stated in a statement received by Shafaq News Agency, "The total amount of crude oil exports amounted to 102 million (385) thousand and (49) barrels, with revenues amounting to (10.608) billion dollars." .

The statistics added, "The total quantities of crude oil exported for the month of July from oil fields in central and southern Iraq amounted to (99) million and (965) thousand and (94) barrels, while from Kirkuk fields through Ceyhan port, the exported quantities amounted to two million and (94) million. (344) thousand (536) barrels.

She explained that "the average daily quantities amounted to (3) million and (303) thousand barrels per day," noting that "the average price of one barrel amounted to more than (103.60) dollars."

[yota691]

Oil: Iraq is moving forward towards implementing the five-year plan to sustain and increase production and export

2022.08.04 - 22:49

 

Baghdad - people  

The Executive Director of the National Oil Company affirmed, on Thursday, moving forward with the implementation of plans to sustain and increase production and export for the next five years.  

 

  

The First Vice President of the National Oil Company and Executive Director Hamid Younis said during the meeting he chaired of extractive company officials to discuss and follow-up plans to implement projects to maintain and increase oil production and export, that "the ministry and the company are continuing to implement the program prepared for this purpose, in cooperation with international contracting companies."  

  

Yunus indicated that "Iraq has promising production capabilities that qualify it to be one of the most important producers during the next few years, and that the conditions that Iraq witnessed in 2014, the global economic crisis and the drop in oil prices have disrupted plans to increase national production."  

  

He stressed, "the importance of financial support and financing to reach the planned goals according to accurate calculations, and production rates of 5-8 million barrels per day can be reached during the coming years, taking into account the variables, requirements and needs of the global oil markets, and that project implementation plans include intensifying drilling and exploration operations, and developing structures. Infrastructure, establishing pumping and treatment stations, pipeline networks, investing gas, developing platforms for export outlets, and others.  

For his part, the Director-General of the Oil Exploration Company, Ali Jassim, said that "the next phase will witness a remarkable activity for the exploration sector, as these plans rely a lot on maintaining and increasing production of oil and gas, and that the company is intensifying its efforts in this field through the efforts of research centers, interpretations and studies, and in the field the efforts of seismic teams, especially In the Western Desert and Nineveh Governorate, to transform the energies and expectations that lie underground into actual production that contributes to the realization of our promising plans."  

[yota691]

 

SOMO: Iraq has capabilities that qualify it to be one of the most important oil producers

 

 2022-08-04 15:37

 

 

Shafaq News/ The Iraqi Oil Company (SOMO) confirmed on Thursday that the country possesses promising production capabilities that qualify it to be one of the most important producers, while noting that the global economic crisis and the drop in oil prices have disrupted plans to increase production.

This came during the company's First Vice President, Executive Director Hamid Younis, presiding over a meeting that included officials of extractive companies, to discuss and follow-up plans to implement projects to maintain and increase oil production and export, according to a statement received by Shafaq News Agency.

Younis said, according to the statement, that "the ministry and the company are proceeding with the implementation of the program designed to increase production and export, in cooperation with international contracting companies," noting that "Iraq has promising production capabilities that qualify it to be one of the most important producers during the next few years."

He added that "the circumstances that Iraq witnessed in 2014, the global economic crisis and the drop in oil prices, disrupted plans to increase national production," stressing the importance of "support and financial financing, to reach the planned goals according to accurate calculations that enable it to reach production rates of 5-8 million. barrels per day, for the coming years.

Yunus noted that the Iraqi Oil Company is observing "the variables, requirements and needs of the global oil markets," noting that "the plans for project implementation include intensifying drilling and exploration operations, developing infrastructure, establishing pumping and processing stations, pipeline networks, investing gas, developing platforms for export ports and others." .

For his part, the Director-General of the Oil Exploration Company in Iraq, Ali Jassim, said that "the next phase will witness a remarkable activity for the exploration sector, as these plans rely a lot on maintaining and increasing production of oil and gas."

Jassim explained, "The company is intensifying its efforts in this field through research, interpretation and studies centers, and in the field through seismic teams, especially in the Western Desert and Nineveh Governorate, to transform the energies and expectations that lie underground into actual production that contributes to achieving promising plans."

[yota691]

'We support the production boom'

Sumo: Our oil reserves are enough for 80 years

08.17.2022 - 09:13

 

Baghdad - people  

The head of the state-owned National Oil Marketing Company (SOMO), Alaa Al-Yasiri, confirmed, on Wednesday, the company's support to move towards a production boom and increase exports by raising the capacity of export ports through new projects.  

 

  

Al-Yasiri said in a press interview, which was followed by “Nass” (August 17, 2022): “The highest export capacity from the southern ports and the Turkish port of Ceyhan, and with tanker cars to Jordan, reached the limits of (3.7 million barrels per day), noting that “there are plans and vigorous efforts to increase exports in the near future.  

  

He added that "Iraq's reserves of crude oil are the fifth in the world and constitute (8.7%) of the global reserves and 17% of the reserves of the Middle East, and the proven oil reserves in Iraq, according to the statistical report of the Organization of Arab Petroleum Exporting Countries (OAPEC) for the years (2016-2020). ), (148.4) billion barrels, and according to OPEC estimates for the year 2021, it amounted to (145.019) billion barrels.  

  

He explained that "based on these data, the proven reserves of crude oil will suffice for nearly (80) years if we assume that Iraq's production rate is 5 million barrels per day, and of course this is without calculating the uncertain reserves."  

  

He pointed out that "the country is with the restoration of the Iraqi-Saudi pipeline to work, as it will give Iraq greater marketing flexibility from a geographical point of view, especially at the time of crises in the Arabian Gulf, and thus it will be very beneficial in economic terms, and approaching the Saudi side to rehabilitate the pipeline is entrusted with the position in the Ministry of Oil and through the parties concerned with this file.  

  

And on the differences between Iraq and Turkey, Al-Yasiri said that “due to the Kurdistan region’s use of the Iraqi-Turkish line for export outside the contexts of the agreement between the two countries and without the approval of the federal government represented by the Iraqi Oil Ministry,” explaining that “it is related to the issue of resolving the dispute in international arbitration, as it is followed up by the legal department.” The Ministry of Oil is the party concerned with this, and it announced its approach to a settlement, according to official data.  

  

Source: The New Arab   

[yota691]

 

Increasing Iraqi oil production... Ambitious numbers clash with "corruption and failure"

 

 2022-08-17 16:54

 

Shafaq News/ An economic analysis concluded that two obstacles are "corruption and failure" in the way of increasing Iraqi oil to millions, which the country's oil officials are seeking.

An economic report published on "Yahoo" and translated by Shafak News indicated that "Iraq plans to increase its oil production to achieve an interim goal of between 5 to 8 million barrels per day over time."

In this context, he recalled recent statements by the First Vice President of the Iraqi National Oil Company, Hamid Younis, and the Director General of the Iraqi Oil Exploration Company, Ali Jassem, about this planned increase and the significant activity expected in the next phase in the exploration sector, including in the Western Desert and Nineveh Governorate. .

The report considered that "given the current delicate balance between supply and demand in the global oil pricing equations, these large supplies may lead to mitigating the economic damage that has affected many countries due to the exorbitant oil and gas prices."

However, the report, after questioning the extent of the realism of these statements about high oil prices, added that "these statements are "completely realistic", given that Iraq possesses about 145 billion barrels of proven crude oil reserves (about 18% of the total Middle East, and about 9%). of global reserves, and it has the fifth largest reserves in the world).

Despite this, the report quoted data from the International Energy Agency from 2012 on Iraq, which considers that the volume of Iraqi recoverable oil resources is subject to a large degree of uncertainty,” noting that “the number of 145 billion barrels is sourced from the United States Geological Survey (USGS) from year 2000.

He explained that "through the use of these data, the International Energy Agency's 2012 analysis concluded that the volume of recoverable crude oil and natural gas liquids resources in Iraq is estimated at 232 billion barrels. However, at the end of 2011, only 35 billion barrels were produced. out of this figure of 232 billion barrels.

And the report continued that "also in 2012, and based on the figures of the US Geological Survey, Iraq produced only 15% of its recoverable resources, compared to 23% at the level of the Middle East as a whole, according to data from the International Energy Agency."

The report explained his idea, saying that "it is important to distinguish that having huge levels of reserves and recoverable resources is one thing, but drilling and exporting them is another matter entirely."

The report pointed out that "during the period in which the International Energy Agency report was issued in 2012 until now, crude oil production in Iraq rose from more than 3 million barrels per day to just above 4 million barrels per day."

Although this percentage is exciting and equivalent to 25% as an increase, the report considered that "in terms of its absolute value, it constitutes a weak return on the oil revenues owned by Iraq, especially if it takes into account the ease of recovering its oil, as it is clear that Iraq has the lowest extraction cost in The world is worth between 1-2 dollars per barrel, as oil from Saudi Arabia and Iran.”

The report mentioned that "Iraq launched in 2013 the "Integrated National Energy Strategy", which lays out three scenarios about oil production, the best of which is to increase production capacity to 13 million barrels per day (at that stage by the year 2017), with a peak until the year 2023. , while the medium scenario was set to reach 9 million barrels per day (at that stage by the year 2020), while the worst scenario was to reach the production of 6 million barrels per day (at that stage by 2020)."

However, the report asked, "Why was Iraq not able to achieve this despite the fact that the basis on which these expectations were based is very solid." The report identified two main reasons, the first is the rampant corruption that afflicted the oil sector, especially since the fall of Saddam Hussein in 2003, and the second reason, which is partly related to the first, is the failure to build the "Common Sea Water Supply Project (CSSP)".

The report pointed to the "culture of corruption in Iraq", recalling the data of the independent Transparency International on the "Corruption Perceptions Index", in which Iraq appears among the worst in the world out of 180 countries due to the extent and scope of corruption.

The report quotes Transparency International, speaking in this context about “massive embezzlement, fraud in the field of procurement, money laundering, oil smuggling and widespread bureaucratic bribery that led the country to the lowest international corruption ratings, provoked political violence and impeded building an effective state and providing services.”

As for the "Joint Sea Water Supply Project (CSSP)", the report considered that the extent of rampant corruption may be a main reason for not moving forward with its implementation, but it indicated that if Iraq manages to cordon off the project as much as possible to keep the corrupt elements away from it, It may be able to start achieving the envisaged huge increases in oil production, noting that the project includes plans to withdraw water from the Gulf and then treat it before transporting it through pipelines to the oil fields to be used to strengthen pressure and increase oil absorption, which is estimated to cost about 10 billion dollars, and aims to secure About 6 million barrels per day of water flow to at least five oil fields in the southern Basra region and another field in the Maysan region.

[yota691]

Oil expert: Corruption prevented Iraq from reaching 7 million barrels per day

The oil expert, Hamza Al-Jawahiri

energy
   

Economy News - Baghdad
The oil expert, Hamza Al-Jawahiri, ruled out that Iraq's production would reach 8 million barrels per day during the next few years.

On June 19, 2022, Oil Minister Ihsan Abdul-Jabbar Ismail confirmed that oil production will reach 8 million barrels per day during 2027.

Al-Jawahiri said that it is difficult for Iraq's production to reach 8 million barrels per day, due to the failure to implement the sea water project, which transports water from the sea into the fields.

He added that the implementation of this project needs 3 years with hard work, in addition to digging wells and building an electricity system.

He stressed that corruption and some parties were prevented from raising Iraq's oil production to 7 million barrels per day now, through their interventions in stopping some projects, adding that Exxon Mobil presented an offer in 2011 to implement the sea water project, but it was stopped by the hand of corruption.

He pointed out that Iraq's oil production is now supposed to reach 7 million barrels per day, but today it reaches 4.6 million barrels.

 

 

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Added 08/19/2022 - 10:52 AM

Update 08/19/2022 - 6:15 PM

[yota691]

Oil: July revenues exceeded 10 billion dollars

• Time: 08/25/2022 13:16:08
•  
• Reading: 520 times

  

{Economic: Al Furat News} The Ministry of Oil announced, on Thursday, the final statistics of oil exports for the month of last July

And the ministry’s media stated in a statement received by {Euphrates News} that “the ministry announced the total oil exports and revenues achieved for the month of last July, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), where the amount of exports of crude oil amounted to 102 million and (385) thousand and (49) barrels (one hundred and two million three hundred and eighty-five thousand and forty-nine barrels), with revenues amounting to (10) billion and (368) million and (352) thousand dollars (ten billion three hundred and sixty-eight million three hundred and fifty-two thousand). dollar)". 

The statistics indicated that "the total quantities exported of crude oil for the month of July from oil fields in central and southern Iraq amounted to (99) million (965) thousand and (94) barrels, while the quantities exported of Kirkuk oil through the port of Ceyhan (2). One million (344) thousand (536) barrels. 

The statement continued, "The average price per barrel amounted to (101,268) dollars, and that the exported quantities were loaded by (35) international companies of several nationalities, from the ports of Basra, Khor Al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan." 

[yota691]

 

More than $10 billion..Iraqi oil export revenues in July

 

 2022-08-25 08:50

 

 

Shafaq News/ The Iraqi Ministry of Oil announced, on Thursday, the total oil exports and revenues achieved for the month of last July, indicating that the revenues exceeded 10 billion dollars.

 

The Ministry's Oil Marketing Company SOMO said in a statement received by Shafaq News Agency, that according to the final statistics issued, the amount of crude oil exports for the month of July amounted to 102 million and 385 thousand and 49 barrels, with revenues of 10 billion and 368 million and 352 thousand dollars.

 

She added that "the total quantities exported of crude oil for the month of July from oil fields in central and southern Iraq amounted to 99,965,948 barrels, while the quantities exported from Kirkuk oil through Ceyhan port were 2,344,536 barrels, while the quantities exported from Baiji refinery to Jordan 75,419 barrels of oil," noting that "the average price per barrel amounted to 101,268 dollars." 

 

And it indicated that "the exported quantities were loaded by 35 international companies of different nationalities, from the ports of Basra, Khor al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan."

[yota691]

 

"Shameful"... Iraq's total exports increased by 112.7% for the year 2021

 

 2022-08-29 07:41

 

 

Shafaq News/ The Iraqi Ministry of Planning announced, on Monday, an increase in the country's total exports by 112.7% for the year 2021, while a financial expert described those non-oil exports as "shameful."

The Ministry's Central Statistics Agency said in a report seen by Shafak News Agency, "The total exports of crude oil, petroleum products and commodity materials amounted to 121.6 trillion dinars for the year 2021, equivalent to 83.8 billion US dollars, an increase of 112.7% over the year 2020, when it amounted to 57.1 trillion dinars. The equivalent of 47.9 billion US dollars.

He added that "the value of crude oil exports amounted to 109.7 trillion dinars for the year 2021, equivalent to 75.7 billion dollars, an increase of 120.8 percent over the year 2020, which amounted to 49.7 trillion dinars, equivalent to 41.8 billion dollars."

He pointed out that "the value of exports of oil products amounted to 5.8 trillion dinars for the year 2021, equivalent to 4 billion dollars, recording an increase of 105.5% from the year 2020, where the value of exports of oil products reached 2.8 trillion dinars, equivalent to 2.4 billion."

She explained that "the value of merchandise exports amounted to 6.1 trillion dinars for the year 2021, equivalent to 4.2 billion dollars, recording an increase of 31% over the year 2020, which amounted to 4.6 trillion dinars, or the equivalent of 3.8 billion dollars."

For his part, the financial expert, Muhammad Al-Hasani, confirmed to Shafaq News Agency, "The rise in Iraqi exports for the past year came as a result of the rise in global oil prices to exceed $100, in addition to the increase in Iraq's production of crude oil."

He added that "Iraq's non-oil exports are very few, which means that the country's economy is rentier," describing it as "shameful", given the lack of these exports, which amounted to only 4 billion dollars.

He pointed out that "any of the neighboring countries that lack natural resources, its exports amount to several times what Iraq exports," noting that "Iraq has an opportunity now to restore the infrastructure of its suspended factories and factories, taking advantage of the financial abundance resulting from the high oil prices that may not be available to us." This abundance in the coming period, given that oil prices are subject to global economic fluctuations."