Sunday, May 12, 2024
Oil: Iraq Achieved Self-Sufficiency In Liquid Gas And Began Exporting The Surplus, 13 MAY
Oil: Iraq Achieved Self-Sufficiency In Liquid Gas And Began Exporting The Surplus
Energy Economy News _ Baghdad The Ministry of Oil announced today, Sunday, that Iraq's oil reserves have risen to more than 160 billion barrels, while indicating that 22 international companies are competing for gas field development projects, stressing that Iraq has achieved self-sufficiency in liquid gas and has begun exporting the surplus.
The ministry’s spokesman, Asim Jihad, said in an interview with the Iraqi News Agency, followed by Al-Iqtisad News, that “the fifth and sixth round of supplementary licenses come in line with the government program that aims to optimize the investment of oil and gas wealth.”
He added, "The Ministry aims to maximize national production, especially of hydrocarbon and gaseous compounds found in the ground," noting that "there are 22 international companies competing for projects to develop these fields."
He pointed out, "Most of the exploration blocks nominated for competition are gas exploration blocks, and therefore this will support the energy sector in Iraq."
Jihad confirmed, "The Ministry of Oil has achieved important steps in optimal gas investment projects in Maysan Governorate, at a rate of 300 cubic feet, and in Dhi Qar / Nasiriyah and Al-Gharraf Governorates, at a rate of 200 million standard cubic feet per day."
He continued, "The contracts concluded by the Ministry regarding the Nahran Omar field will provide 300 million standard cubic feet in two stages, while the contract with Total will provide 600 million standard cubic feet per day."
He pointed out, "The fifth licensing round will achieve more than 800 million standard cubic feet of gas, in addition to the efforts of the Basra Gas Company, where gas investment has reached 1,200 million standard cubic feet per day."
He went on to say: "It is hoped that 200 million standard cubic feet will be added this year, so in total Iraq aims to achieve self-sufficiency to support the energy sector and reach the stage of self-sufficiency."
He stressed, "Iraq has achieved self-sufficiency in liquid gas, and the surplus was exported outside the country," noting that "this step is important in strengthening the Iraqi national economy."
According to him, “the government effort focused during the last period on intensifying exploratory operations, and therefore this will lead to maximizing the Iraqi oil reserve,” adding, “It is hoped that during the coming period it will be announced that the Iraqi oil reserve will increase to more than 160 billion barrels, which will enhance the role of Iraq in the global oil market.
Regarding the activities of the fifth supplementary and sixth licensing round for the second day, Jihad explained, “The activities of the second day included competition for 11 fields and exploration plots, and these patches and fields began with the Abu Khaimah field in Al-Muthanna Governorate, which was transferred to the Chinese company Zenoa.”
Jihad added: “Now there is competition for the goat patch in Anbar Governorate. Competition will also take place today for patch No. 7 in Diwaniyah Governorate, Al-Dhafriyah field in Wasit Governorate, Sumer patch in Al-Muthanna Governorate, Tal Hajar in Nineveh Governorate, Al-Khanah in Salah al-Din Governorate, and Anah in Anbar.” Plot No. 11 in Najaf Al-Ashraf, Al-Anbar Plot in Anbar Governorate, and Qalat Saleh Field in Maysan.
He expressed his hope that “these projects will be referred to competing international companies, in a way that will achieve a major transition in this context,” and tomorrow “the competition will be for another group of fields and exploratory patches.”
Yesterday, Saturday, Prime Minister Muhammad Shiaa Al-Sudani sponsored the ceremony to announce licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and patches, distributed among 12 governorates.
Views 52 05/12/2024 - https://economy-news.net/content.php?id=43338
"RV UPDATE" BY MNT GOAT, 13 MAY
MNT GOAT
Can you see just how close Iraq is to fulling Al-Sudani’s promise of making the dinar a proud national currency once again. Also remember too that he did say it “was” valued over a dollar already...
Article: IRAQ TALKS ABOUT PRODUCING ONE MILLION LITERS OF GASOLINE DAILY
Quote: “increase refining capacity production rates and improve production in national refineries to reach self-sufficiency and gradually shift to exporting them to global markets..." Well…well…it's about time that Iraq got these refineries up and running. Lots of articles about this effort over the last ten years. Did I hear of another export product here?
I feel we have been in a critical period of the currency reform program since January of last year 2023.
Now we are in a “vital” period. Like a game of chess, we are now in a waiting mode for the Central Bank to make their next move and rollout the second-rate change in-country to just over a dollar, that we were told is coming. Since they told us they now control the parallel “black” market, and that negotiations were successful in lifting sanctions on many Iraqi banks.
https://dinarevaluation.blogspot.com/2024/05/rv-update-by-mnt-goat-7-may.html
I feel we have been in a critical period of the currency reform program since January of last year 2023. Now we are in a “vital” period. Like a game of chess, we are now in a waiting mode for the Central Bank to make their next move and rollout the second-rate change in-country to just over a dollar, that we were told is coming. Since they told us they now control the parallel “black” market, and that negotiations were successful in lifting sanctions on many Iraqi banks.
In what they have already accomplished just in the last 16 months, it would be silly to turn back now. Amazing progress in such a short period of time compared to 30 years.
They have come further than ever before. I say this not for hype or for the sake of being overzealous. Instead, I stick to the FACTS of what the news has been telling us recently and what my CBI contact has been telling us...Iraq has kicked the proverbial can down the road long enough and it is time...time to go global...Iraq will not survive unless they do something BIG with their currency soon and I mean very soon!
https://dinarevaluation.blogspot.com/2024/05/rv-update-by-mnt-goat-6-may.html
The Discovery Of 10 New Oil And Gas Fields In The Anbar Desert , 13 MAY
The Discovery Of 10 New Oil And Gas Fields In The Anbar Desert
Economy Information / Anbar.. Anbar Governor’s Advisor for Energy Affairs, Aziz Khalaf Al-Tarmouz, announced today, Sunday, the discovery of 10 new oil and gas fields in the Anbar desert in western Iraq.
Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..
Al-Tarmouz told Al-Maalouma, “The Oil Exploration Company affiliated with the Ministry of Oil conducted exploration operations in the desert of Al-Nukhayb district towards the Arar border crossing with Saudi Arabia and the areas south of Tharthar, which resulted in the discovery of 10 new oil and gas fields that were not registered with the Ministry of Oil.”
He explained, “These fields contain large quantities of petroleum derivatives, minerals, and phosphates,” noting that “expectations indicate that these areas float on lakes of oil.”
He denied that “exploration operations for oil and gas fields have stopped for security reasons,” indicating that search and exploration operations will continue. According to a plan drawn up by the concerned authorities. Ended / 12A LINK
"RV UPDATE" BY FRANK26, 13 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.
Article: "Iraq Discusses Financial and Technical Support with IMF, World Bank" Do you realize who these two powerful entities are? Do you realize what they want? A new exchange rate and nothing else.
Who's forcing this monetary reform to come out/this new exchange rate? The citizens of Iraq? Sudani the prime minister? The US Treasury?
They sure want a windfall don't they for the Federal reserves. The CBI? You and I? The answer is all of the above is forcing it.
That's what's wonderful about it. We are all on the same page. We are all in cahoots. We all agree.
It's going to float. It's just that there's no basket, that's all.
I just don't see that it's going to be in a basket. I think it'll be a fixed rate...What would it be?
Well they want 1 to 1. IMO maybe $1.50 to 1 or $1.30 to 1.
That's a fixed rate. But that fixed rate is going to be put in the international markets - Forex. Because of supply and demand, using, buying and trading with it, the value internationally is going to go up...The CBI seeks what's called a REER, Real Effective Exchange Rate.
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