Saturday, January 25, 2025

Reinaldo JC: The CBI needs to EXPOSE/CHANGE/INCREASE the Dinar rate! for approve the Budget! #iqd

Iraq revives oil production from 20 wells in Kirkuk: Source, 25 JAN

iraq revives oil production from 20 wells in Kirkuk: Source

Shafaq News/ Iraq's Jambur oil field in Kirkuk has resumed production from 20 wells, while an Angolan company signed a contract to drill 13 wells in the Qayyarah oil field of Nineveh Province, a source from the North Oil Company (NOC) reported on Friday.

The source told Shafaq News, “The NOC has launched field development projects to enhance production in its Kirkuk fields. Technical and engineering teams successfully restored 20 wells in the Jambur field that had been inactive for years, adding around 10,000 barrels per day (bpd) to output.”

“Currently, production ranges from 300,000 to 350,000 bpd, down from 500,000 to 750,000 bpd about 13 years ago.”

Notably, the Jambur oil field is located northeast of Kirkuk, parallel to the Kirkuk and Bai Hassan fields, and has been in production since August 1959.

In a related development, the source noted that “Sonangol, the Angolan operator of the Najmah and Qayyarah fields in Nineveh, has signed a contract with Iraq Drilling Company (IDC) to drill 10 development wells, along with three optional appraisal wells in the Qayyarah field. ”

The Arab Well Logging and Well Services Company (AWLCO) also participated in the turnkey contract. All parties are committed to completing the project within the set timeline, which is expected to increase Qayyarah's production to 15,000 bpd.

In December 2009, Iraq’s Ministry of Oil signed two preliminary agreements with Sonangol to develop the Qayyarah and Najmah fields. The company secured the contracts by proposing fees of $6 per barrel with a production target of 110,000 bpd for Najmah, and $5 per barrel with a target of 120,000 bpd for Qayyarah.

TIDBIT FROM MARKZ, 25 JAN

MarkZ

[via PDK]

Question: Do you think Trump knows when we'll RV?

MarkZ: I do know someone from inside the new administration who has absolutely every reason to be “up to speed” because of where they are at.

They are saying that the value change in currencies is on the absolute top of their list. It was reassuring to hear that from a political source that this is a priority. Also this person is a currency holder. This revaluation would fix a lot of problems. I cannot say more without getting into lots of trouble

MAJEED: Electronic payment in Baghdad became mandatory!! ‪@DINARREVALUATION‬ #iraqidinarinvestor

Iraq's Gulf power grid project: Over 75% complete, 25 JAN

Iraq's Gulf power grid project: Over 75% complete

Shafaq News/ On Friday, the Iraqi Ministry of Electricity announced that 75% of the Gulf power grid connection project, designed to supply the country with energy, has been completed.

A delegation headed by the Ministry's advisor, Abdul Hamza Aboud, met in Basra with Mohamed Shaikh, Deputy CEO of the Gulf Cooperation Council (GCC) Interconnection Authority, and representatives from the electricity and energy ministries of Gulf countries, the ministry stated.

"The draft energy exchange agreement with GCC countries has reached an advanced stage, with over 75% of it completed,” it confirmed.

The meeting followed up on discussions from the initial meeting in Dammam, Saudi Arabia, where the draft agreement was reviewed. "The agreement includes the construction of two 400KV high-voltage lines linking the Kuwaiti Al-Wafra station to the Al-Faw secondary station, as well as the addition of two transformers at the Al-Faw station," the ministry explained.

Notably, Iraq has long struggled with chronic power shortages, particularly during the scorching summer months when temperatures soar to 50°C. Decades of wars and sanctions severely damaged the nation's power infrastructure, leading to widespread blackouts.

In response, Baghdad is focusing on regional electricity interconnection projects to stabilize its grid. The Gulf interconnection is set to add 500 megawatts to Basra, while a separate link with Saudi Arabia will initially supply 1,000 megawatts. These efforts are crucial, but Iraq remains reliant on Iranian gas, which has been unstable.

IRAQ ECONOMIC & POLITICAL STATUS, 25 JAN

IRAQ ECONOMIC & POLITICAL STATUS

Highlights

🔍 : The Iceman’s interpreter’s information about new currency issuance reflects ongoing efforts within Iraq to enhance the dinar’s purchasing power. This move indicates a shift from reliance on older currency forms and aligns with efforts to modernize Iraq’s economy. The introduction of small denomination notes suggests a preparatory step for broader monetary reforms aimed at stabilizing the economy and restoring confidence among citizens and investors.
🤝 Strategic U.S.-Iraq Cooperation: Al Sadani’s communication highlights Iraq’s aspirations for a robust partnership with the United States, stressing mutual respect for sovereignty. This relationship is crucial for Iraq as it seeks to navigate regional instability and economic challenges. The strategic agreement framework indicates that both nations are focused on security, development, and regional stability, which could lead to more favorable conditions for investment and economic growth in Iraq.
⚠️ Iran’s Geopolitical Threat: Congressman Wilson’s remarks on Iran’s dominance in Iraq underscore the ongoing tensions in the region. The assertion that Iranian-backed militias pose a direct threat to U.S. interests suggests that Iraq’s political landscape is still heavily influenced by external forces. This dynamic complicates Iraq’s efforts to assert its sovereignty and could hinder potential economic reforms if not addressed adequately.
💰 Dollarization and Exchange Control: The transition to a controlled exchange rate by the CBI represents a significant milestone in Iraq’s monetary reform journey. By achieving Article 8 compliance, Iraq positions itself for greater economic independence and reduces vulnerabilities to external economic pressures. This shift is expected to stabilize the dinar and provide a more predictable economic environment, which is essential for attracting foreign investment.
🌐 WTO Membership as a Development Goal: Iraq’s renewed efforts to join the World Trade Organization after a lengthy hiatus mark a pivotal step toward integrating into the global trading system. This move could facilitate access to international markets, enhance trade relations, and promote economic development. It reflects Iraq’s commitment to modernizing its economy and aligning with global standards, which is crucial for long-term economic sustainability.
🛢️ Oil Reserves as Economic Leverage: The recent discovery of significant oil reserves could drastically alter Iraq’s economic trajectory. Analysts theorize that these reserves could bolster the value of the Iraqi dinar, providing a strong foundation for the country’s economic revival. This potential increase in valuation is essential for Iraq as it seeks to leverage its natural resources to gain financial stability and improve living standards for its citizens.
🎯 Political Landscape and Economic Stability: The video suggests that the political environment in Iraq is crucial for its economic recovery. The optimism surrounding potential changes in leadership and U.S. engagement indicates that the right political actions could lead to improved economic conditions. With a focus on addressing internal security issues and fostering international partnerships, Iraq could enhance its economic prospects and achieve greater stability in the region.

In conclusion, the updates reflect a complex interplay of economic aspirations, political dynamics, and regional relationships that shape Iraq’s current state and future potential. The focus on currency reform, U.S.-Iraq relations, and the impact of oil reserves highlights the multifaceted approach needed to navigate the challenges and opportunities that lie ahead for Iraq.

DINAR REVALUATION