Economist: Basra is qualified to be the most important oil city in the world during the coming years
24/12/2011 11:58

Basra, 24 December / December (Rn) - The Economist saw, Saturday, Basra province is eligible to be the most important oil city in the world during the coming years, explaining that there are several indicators on the evolution of the oil industry in the province.

Dr. Nabil Jaffar, a professor of economics at the University of Basra, told the Kurdish news agency (Rn), announced today that "the province of Basra will see great importance in the petroleum industry in all rings which leads her to be the most important oil city in the world at all in the coming years."

He explained that "the city of Basra, live on a lake of oil which Tmmeltk oil infrastructure of great quality and a network of export pipelines for crude oil and natural gas by sea as well as strategic line linking northern Iraq."
He added that "these factors indicate the possibility of the province of Basra in the development of industry in the oil and gas is expected to increase the volume of oil exports during the next ten years between (6-8) million barrels a day."
Working on the land of the province of Basra ten international oil companies in the forefront of Russia's Lukoil, Shell, Exxon Mobil, the Dutch-American and Italian ENI, as well as five companies to invest in the gas licensing rounds three granted by the Iraqi government to the companies earlier.

He added that "the process of increasing crude oil production, the accompanying increase in the proportion of gas associated with the fact that each barrel of oil is accompanied by (600 cubic meters) of gas, and this requires attention to the oil refining industry to take advantage of the added value to him."

Jaafar said that "the development of the oil industry will lead to the existence of architectural intricacies and grow with a range of industries both in retaining petroleum products or instructive raw materials and thus the economic life cycle will be activated in Basra, in all its forms."

The province of Basra (550 km) south of Baghdad's oil industry in Iraq, holding two-thirds of oil reserves in the country's 143 billion barrels of oil exports and (1.9) million barrels per day of total crude oil exports (2.9 million) The group also includes four giant fields to extract the gas from six fields of Iraq.