Minister Of Oil: Economic Motives Are Behind The Withdrawal Of Some Companies, And We Will Stop Importing Gasoline This Year
Economy Baghdad – IA Today, Saturday, Oil Minister Hayan Abdul Ghani revealed a plan to increase oil production in the southern fields, while stressing that the withdrawal of some investment companies has economic motives.
Abdul-Ghani said in his speech during the (Sixth Baghdad Dialogue Conference / Regional Communication), which was attended by the Iraqi News Agency (INA):
“The Ministry of Oil has developed an ambitious plan to increase production, but Iraq is a major part of OPEC, and is committed to the organization’s production ceilings, and
Iraq’s share reached Four million and (600,000) barrels per day, and there was a reduction two years ago and production became four million and (400,000) barrels per day.
There are two voluntary reductions, and Iraq implemented them, and production reached (4) million barrels per day,” pointing out that “the goal of that is to maintain stability.” Prices and achieving a balance between supply and demand.
"Most oil fields are managed by international companies, and there are ambitious plans to increase production in the Rumaila field in Basra Governorate, which is the largest field, where production currently reaches one million and 300 thousand barrels per day, and production will reach one million and 800 thousand barrels, in addition to developing the Zubair and Western fields."
Qurna and West Qurna 2,” noting that “development plans and increased production will be consistent with global requirements for crude oil and without flooding the market with surplus oil.”
The Minister of Oil continued, "OPEC has a plan to increase crude oil production to 16 percent in the coming years," explaining that "the organization's production currently amounts to about 100 million barrels, and production will reach 116 million barrels per day, according to the market's need."
He stressed that "Iraq has made plans to use clean energy, especially in the field of gas, and plans have been drawn up to invest in gas, and contracts have been signed in this regard and to stop burning gas," noting that "Iraq has launched two licensing rounds in the field of gas, targeting more than 33 fields in order to increase gas and transform Iraq."
From an importing country to a producing country, Iraq is likely to be a gas exporter.” He stated that "gas investment will be in exploratory patches in Nineveh, Anbar, Diwaniyah and Muthanna because they contain large quantities of gas."
Regarding oil refineries, the Minister of Oil indicated that “the oil products produced by the Karbala refinery are all environmentally friendly,” noting that “the ministry opened a refining unit in the Basra refineries, as well as the opening of the Baiji refinery,” stressing that “the ministry proposed investment refineries in many From the governorates, there are companies that have expressed a desire to invest in these refineries, and the offers will be discussed by the ministry.”
He stressed that "the Ministry of Oil is keen to transform Iraq from an importer to an exporter in the field of petroleum products, especially gas oil and kerosene.
The Ministry was able to stop many petroleum products, and the import of gasoline was reduced from 16 thousand cubic meters per day to 6 or 7 thousand cubic meters and within In the coming months, these quantities will be reduced and imports will be stopped in the second half of this year.”
Abdul-Ghani explained, “Foreign companies are still operating freely in Iraq and are expanding and growing, whether in oil or gas investment.
As for the companies that withdrew, they withdrew of their own volition and for purely economic motives, especially ExxonMobil.
This company was informed not to agree to the withdrawal, but it insisted.” To withdraw due to the creation of investment opportunities in Africa.” He continued,
"These companies aim to achieve profits and are looking for profitable opportunities wherever they are.
As for foreign companies, especially European ones, they have a desire to invest in gas fields in Iraq."
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