اخبار السعودية – وطن نيوز
عاجل اخبار السعودية – اخبار اليوم السعودية
W6nnews.com ==== وطن === تاريخ النشر – 2024-01-05 00:03:10
https://sputnikarabic.ae/20240104/An economic-expert explains-to-Sputnik-the-obstacles-that-stand-in-the-way-of-increasing-Iraqi-oil-production-1084713993.html
An economic expert explains to Sputnik the obstacles standing in the way of increasing Iraqi oil production
An economic expert explains to Sputnik the obstacles standing in the way of increasing Iraqi oil production
Omar Al-Halbousi, the Iraqi economic expert, confirmed that the Iraqi government’s ambition and plan to increase oil production to reach 8 million barrels by 2027 has declined due to obstacles… 01/04/2024, Sputnik Arabic
2024-01-04T21:03+0000
2024-01-04T21:03+0000
2024-01-04T21:03+0000
Exclusive
Oil market
Iraq
Iraq news today
Arab world
World News Now
/html/head/meta[@name=”og:title”]/@content
/html/head/meta[@name=”og:description”]/@content
https://cdn1.img.sputnikarabic.ae/img/07e7/08/10/1080142337_0:0:3072:1728_1920x0_80_0_0_3d89777bdf223538047a3885213d5094.jpg
Speaking to Sputnik, today, Thursday, he said that the ambitions announced by the Ministry of Oil were to reach 8 million barrels by 2027 compared to the current production of 4 million barrels, given that the large increase it wanted required important and necessary tools to increase production. Al-Halbousi continued that among those required tools is an increase in the number of refining units, as well as advanced infrastructure capable of achieving this amount of increase in light of the cessation of some strategic projects for oil extraction and refining, the work on which has not been completed, and the infrastructure The oil sector still lacks the advanced equipment and technologies necessary to increase production, in addition to building pipelines and expanding ports. The economic expert pointed out that there are obstacles facing this increase, some of which are internal and others external. As for the internal obstacles, they are represented by the weakness of the Iraqi oil infrastructure and its lack of For the necessary equipment and technology to achieve an increase in production, in addition to the necessity of expanding the oil transportation pipeline networks necessary to achieve the increase. He continues by saying: “In addition to the absence of reforms in oil policy, which constitute an obstacle to increasing oil production, the government’s conflicts with investors in the field of oil are large and most of them have not been resolved.” Financial and administrative corruption also constitutes an obstacle to increasing oil production and developing the Iraqi oil industry.” Al-Halbousi noted that there are other obstacles to Iraqi ambition represented by external obstacles, the most prominent of which is the OPEC+ agreement, which reduced oil production and the members adhered to it. Among them is Iraq for the purpose of achieving an increase in prices, and that the Iraqi Oil Ministry’s efforts to submit a request for the purpose of excluding Iraq from this reduction will not succeed. He also pointed out, in this regard, the outstanding problem between Iraq, Kurdistan and Turkey, which led to the cessation of the export of Iraqi oil via the Turkish Ceyhan pipeline, Which is one of the obstacles that have not been solved until now, and even if work is resumed, it remains limited because it depends on the Iraqi infrastructure, which is still far from keeping pace with development in the oil industry. The economic expert confirmed that one of the most important obstacles facing increasing Iraqi oil production is The challenge of water shortage, as Iraq suffers from a severe water shortage, especially since water is widely used in injection into oil fields to push the crude upwards and maintain the pressure of the oil reservoirs, which the higher it is compared to the external pressure, helps the oil rush from its reservoirs easily through the pipes to its collection places. Al-Halbousi recalled the Iraqi seawater transport project that was announced in 2011, and is still suspended and has not been implemented. The French company Total Energy tried to revive the project in 2022 with the initial agreement with the Iraqi government, but it was also suspended amid the dispute over the Iraqi government’s share of the project. He pointed out The economic expert pointed out that the oil companies operating in Iraq had previously promised to increase Iraq’s daily oil production to 7 million barrels, but they did not achieve this despite the passage of nearly 10 years since this announcement due to the withdrawal of some oil companies operating in Iraq, and these withdrawals are still ongoing. Repeatedly, one company after another. Although Chinese companies have entered the place of the withdrawing companies, they have not achieved the increase yet, and their plans are still murky and unachievable in light of the failure to solve the obstacles facing increasing oil production. Oil production in Iraq faces great challenges, in conjunction with… OPEC+ plans to reduce production to support market stability. A number of major oil companies announced their withdrawal from Baghdad, the latest of which was the American company Exxon Mobil, which left the West Qurna 1 field a few days ago. Oil Minister Hayan Abdul Ghani confirmed, during his presidency, yesterday, Wednesday, January 3: This January, the leadership meeting for operations emphasized the necessity of implementing what was stated in the government program, and accelerating the implementation of projects in the sectors of extraction, refinery, gas, distribution, export ports, renewable energy, infrastructure, and others. The research company Rystad Energy had expected that production would be limited. At 5.5 million barrels per day by 2027, as a result of growth restrictions in the middle of the road, especially since projects that are considered crucial to enhancing production are halted, according to the energy platform. On the other hand, Hayyan Abdul Ghani said that the Ministry of Oil achieved in 2023 an increase in financial revenues. Regarding the plan, “We hope to achieve more during the new year.” Iraqi oil export revenues decreased in 2023 by 15.56%, losing about $17.98 billion on an annual basis, according to recent data collected by the specialized energy platform. Government data indicated that Iraq’s revenues from the sale of oil It decreased to $97.56 billion in 2023, compared to $115.54 billion in 2022, but it was higher than the budget estimate of only $80 billion.
https://sputnikarabic.ae/20230808/Iraqi-politician-talking-about-a-new-law-for-oil-and-gas-is-a-government-game-for-the-purpose-of-escaping-responsibility-1079894745.html
https://sputnikarabic.ae/20230824/Iraq-announces-an-increase-in-releases-of-the-Tigris-River-and-the-solution-of-the-water-crisis-1080372959.html
https://sputnikarabic.ae/20231225/Iraq-oil-revenues-in-November-more-than-8-billion-dollars-1084434562.html
Iraq
2024
News
ar_EG
Exclusive, oil market, Iraq, Iraq news today, the Arab world, world news now
Exclusive, oil market, Iraq, Iraq news today, the Arab world, world news now
Omar Al-Halbousi, the Iraqi economic expert, confirmed that the Iraqi government’s ambition and plan to increase oil production to reach 8 million barrels by 2027 has declined due to the internal and external obstacles facing these plans.
Al-Halbousi continued that among those required tools is an increase in the number of refining units, as well as advanced infrastructure capable of achieving this amount of increase in light of the cessation of some strategic projects for oil extraction and refining, the work of which has not been completed, and the oil infrastructure is not It still lacks the advanced equipment and technologies necessary to increase production, in addition to building pipelines and expanding ports.
The economic expert pointed out that there are obstacles facing this increase, some of them internal and others external. The internal obstacles are the weakness of the Iraqi oil infrastructure and its lack of equipment and technology necessary to achieve the increase in production, in addition to the necessity of expanding the oil transport pipeline networks necessary to achieve the increase.
8 August 2023, 20:28 GMT
Al-Halbousi noted that there are other obstacles to the Iraqi ambition, represented by external obstacles, the most prominent of which is the (OPEC+) agreement, which reduced oil production and which members, including Iraq, adhered to for the purpose of achieving an increase in prices, and that the Iraqi Ministry of Oil sought to submit a request for the purpose of excluding Iraq from this. The reduction will not work.
24 August 2023, 07:56 GMT
Al-Halbousi recalled the Iraqi seawater transport project that was announced in 2011, and is still suspended and has not been implemented. The French company Total Energy tried to revive the project in 2022 with the initial agreement with the Iraqi government, but it was also suspended amid the dispute over the Iraqi government’s share of the project.
The economic expert pointed out that the oil companies operating in Iraq had previously promised to increase Iraq’s daily oil production to 7 million barrels, but they did not achieve this despite the passage of nearly 10 years since this announcement due to the withdrawal of some oil companies operating in Iraq, and this is still the case. Withdrawals are frequent, one company after another. Although Chinese companies have taken the place of the withdrawing companies, they have not achieved an increase yet, and their plans are still vague and unachievable in light of the failure to solve the obstacles facing increasing oil production.
December 25, 2023, 09:50 GMT
The Minister of Oil, Hayan Abdul Ghani, during his chairmanship yesterday, Wednesday, January 3, of the leadership meeting for operations, stressed the necessity of implementing what was stated in the government program, and accelerating the implementation of projects in the sectors of extraction, refinery, gas, distribution, export outlets, and renewable energy. Infrastructure, etc.
Research firm Rystad Energy had expected production to be limited to 5.5 million barrels per day by 2027, as a result of growth restrictions in the middle of the road, especially since projects that are crucial to boosting production are on hold, according to the energy platform.
On the other hand, Hayan Abdul Ghani said that the Ministry of Oil achieved an increase in financial revenues in 2023 over what was planned, “and we hope to achieve more during the new year.”
Government data showed that Iraq’s revenues from selling oil declined to $97.56 billion in 2023, compared to $115.54 billion in 2022, but it was higher than the budget estimates of only $80 billion.
