Potential Growth Of Iraqi Dinar On Screen Today 2024 | iraqi dinar news ...

New licenses in Iraq to extract ‘huge’ oil and gas, 12 MAY

New licenses in Iraq to extract ‘huge’ oil and gas

Shafaq News / Prime Minister Mohammed Shiaa Al-Sudani, on Saturday, launched the licenses of the supplementary fifth round and the entire sixth round, which includes a total of 29 projects for oil and gas exploration fields and patches, distributed among 12 governorates.

The Iraqi government says these strategic projects will contribute to increasing investments in those provinces, helping to improve their economic and service reality.

Iraq expects to obtain more than (3459) million record cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.

The last time Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, held a licensing round in 2018 was the fifth round.

Meanwhile, Oil Minister Hayyan Abdul Ghani oversaw the opening of bids by advanced companies to invest in the East Baghdad – Northern Extensions field, and announced that one of the Chinese companies won the contract.

Iraq hopes to announce an increase in oil reserves of more than 160 billion barrels, Ghani said.

According to official estimates internationally, Iraq has the fourth largest proven crude oil reserves in the world at 145.019 billion barrels after Venezuela, Saudi Arabia and Iran respectively, according to the annual report of OPEC, while it has a proven reserves of natural gas of 132 trillion cubic feet.

Iraq relies on exporting crude oil by up to about 95% in preparing the country’s general budget.

For his part, economist Nabil Al-Marsami said that the Chinese “Chungman” company (ZPEC) won the investment in the development of the “East Baghdad – Northern Extensions” oil field, as part of a government bid held after a competition with “KAR”.

He said that this comes as Iraq continues to head to China after the exit of American and European companies.

The field east of Baghdad is located in the area that extends from the east of the city of Essaouira in the southeast to the Nabai area in the northwest, categorically east of the center of Baghdad, and the length of the field is more than (120) km wide (5-7) km. The number of wells dug in the field reached (97) wells, while the main reservoirs in this field are the fertile and fertile reservoirs from the upper era and the composition of the lower Cretaceous era and that these oil Cretaceous clusters are distributed over the field.

https://www.shafaq.com/ar/اقتصـاد/تراخيص-جديدة-في-العراق-لاستخراج-كميات-ضخمة-من-النفط-والغاز

"RV UPDATE" BY FNU LNU , 12 MAY

 Fnu Lnu 

   Question:   "What type of paperwork has to be created with the exchange...Not every teller can open a savings or checking account." 

 There is always an account manager or membership manager and all Bank managers and assistant managers can open accounts. If you want to make an exchange then you can also use your existing bank account no matter who it is. Just supply the routing number and account number...In my case, my bank has its SWIFT management apparatus through Wells Fargo so although I don't have, nor do I want a Wells account, my deposit will be just as fast. My SWIFT number is a WFXXXX number even [though] my bank is not a Wells bank.

The United States will NOT... repeat WILL NOT....be leaving Iraq now or in the future. The power vacuum WILL be filled by Iran and only a fool would want the US to leave IRAQ!

Iraq is worth far more than 16 trillion dollars and there is far less than 80 trillion in circulation...To espouse such inciting commentary [against this]...negates everything Dr. Shabibi has stated and everything the CBI and GOI have stated. The Dinar was worth $3.22 pre-sanctions and at that time all they had was oil at $32 dollars a barrel...

Fnu Lnu 

   Article quote: "Al-Kadhimi indicated that increasing the budget’s overall amount, from 199 trillion Iraqi dinars (nearly $152 billion) to 228 trillion Iraqi dinars (approximately $174.04 billion), resulted in a rise in the deficit, revealing that the budget is still being discussed in the Council of Ministers and would likely be presented to the Iraqi Parliament next month."   It would logically follow that a revaluation would be likely before next month's USA confab.

 [Response to Pimpy's HCL non-revenue sharing post from 3-31-2024 below]  

The notion of revenue-sharing is nothing new in the Middle East.  Bruni and Kuwait both do it...Revenue Watch Middle East Director Yahia Said recently returned from several months in Iraq working on the International Compact with the UN...This USIPeace Briefing summarizes the discussion.  Many Iraqi citizens look to the law for what it can contribute to reconciliation, security, and welfare. The three parts of the agreement will deal with the issues of 1) revenue sharing; 2) restructuring of the ministry of oil; and 3) establishing the Iraqi National Oil Company (INOC). 

  It is quite clear that the HCL has intentions to codify the issue of welfare (not for government) and the number 1 issue is REVENUE SHARING.  To be more specific; Section 1314 of the FY2007 Supplemental Appropriations Act [P.L.110-28] specifically identified the enactment and implementation of legislation  “to ensure the equitabledistribution of hydrocarbon resources of the people of Iraq without regard to the sect or ethnicity of recipients” and “to ensure that the energy resources of Iraq benefit Sunni Arabs, Shia Arabs, Kurds, and other Iraqi citizens in an equitable manner” as benchmarks . 

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-fnu-lnu-2-april.html

Iraqi Dinar Historical Floating Today 2024🔥iraqi dinar news🔥RV update iq...

Oil Minister: We hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels,, 12 MAY

Oil Minister: We hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels

Economy News – Baghdad

Oil Minister Hayan Abdul Ghani on Saturday expressed hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels.

Abdul Ghani said, in his speech during the activities of the launch ceremony of the fifth and sixth supplementary licensing rounds, under the patronage and presence of Prime Minister Mohammed Shia Al-Sudani: “The Ministry is launching today 29 promising projects within the fifth and sixth supplementary licensing rounds, to start a new phase towards the advancement of industry and oil and gas wealth after the experience of five licensing rounds launched in 2008.”

He added that “the Ministry of Oil achieved through licensing rounds the referral of 27 contracts for oil and oil and gas fields to international companies that had a significant impact on production levels and government financial revenues by adding more than 2 million barrels per day of crude oil to national production.”

He pointed out that “the fifth supplementary and sixth rounds of licenses will include 12 governorates that include investment opportunities, in addition to the maritime areas in the Arabian Gulf. These projects will contribute to economic expansion and the growth of the governorates in terms of providing jobs and gradually activating economic activity in the surrounding areas, which in turn will increase stability and the employment of labor and achieve the maximum use of gas reserves to meet the increasing needs of gas in electric power generation and other industries.”

He stressed “providing support, support and possible facilities to the winning companies in the development of oil and gas fields,” noting “the success in the liquidation sector by adding more than 360 thousand barrels per day to national production.”
He expressed his hope that “Iraq’s oil reserves will rise in the future to more than 160 billion barrels.”

https://economy-news.net/content.php?id=43310

 

"RV UPDATE" BY FRANK26, 12 MAY

 Frank26 

 On the CBI website back in January of this year...the CBI started the monetary reform campaign to the Iraqi citizens...It was on January 1, 2024 that the Central Bank of Iraq displayed this green looking currency...You'll notice three zeros.  What this is a 1000 but it is not what you think it is.  What is the color of the 1000 note that's out there right now?  Yellow/gold...What's this 1000 note that's green? 

 ...It is a fil...They are not going to release a 1000 lower note...They're not only going to release coins made out of precious metals but they're also going to release fils in paper.

 Don't you dare let your dinars out of your sight.  Don't trust anybody.  Especially the banks. 

 Don't you have to have a high exchange rate to be part of the WTO?  No.  What do you have to have?  

 A sanction free currency.  Are there any sanctions on the dinar?  No more...99.9% are gone.  Sanction free currency.  Sanction free country.  Sanction free bank of that country.  That's why they're members of the WTO.  They already told you that they are and that's the end of that subject...You need to see  something that tells you it's official today?  They already told you.

Peter Schiff and Steve Hanke Debate Inflation, Debt Crisis, Dedollorization