Iraqi Drilling: Drilling And Rehabilitating 15 Oil Wells In October To Boost Production, 6 NOV

 Iraqi Drilling: Drilling And Rehabilitating 15 Oil Wells In October To Boost Production

Posted on 2024-11-06 by sotaliraq   The Iraqi Drilling Company, affiliated with the Ministry of Oil, has achieved remarkable progress in its operational projects in the Iraqi oil fields, as it announced its success in drilling and reclaiming 15 oil wells during last October.

These achievements come as part of the Ministry’s strategy to enhance oil production and increase the capacity of Iraqi fields, which contributes to supporting the national economy and meeting the growing needs of the local and international market.

Economic expert, Mohammed Samir Al-Kubaisi, explained “the importance of this progress in drilling and reclaiming oil wells,” noting that “it reflects Iraq’s commitment to developing its oil infrastructure and increasing its production to enhance its financial returns.”

He stressed that "these steps support economic stability and contribute to reducing dependence on imports, which strengthens Iraq's position as a major source in the global energy market."

He added that “increasing production would improve public revenues, which could be directed to development projects that contribute to improving services and strengthening the local economy.”

The Deputy Director General of the Iraqi Drilling Company, Kazem Habash Khalif, said in a statement that “the technical and engineering staff in the company were able to drill 4 new oil wells and reclaim 11 other wells, distributed across several oil fields in the country.

He added, "These achievements come within the framework of the company's commitment to enhancing oil production and adhering to the specified timetables."

He stressed that "the company is continuing to implement its ambitious plans to enhance the oil sector in Iraq in cooperation with national and international oil companies."

On the other hand, the Undersecretary of the Ministry for Gas Affairs, Ezzat Saber Ismail, confirmed that “the gas sector is receiving the attention of the government and the ministry,” noting that “the ministry’s strategy and plans aim to stop gas flaring within the next few years.”

The Undersecretary pointed out that “the ministry has contracted with specialized companies to invest in associated gas and convert it into energy that can be used to secure fuel for the electricity sector and develop industries in the field of petrochemicals and other industries,” explaining that “the ministry has achieved an investment rate of (67%) of gas, reaching (70%) by the end of this year.”

It is hoped, as part of future plans, that “new quantities will be added during the coming year.” LINK