"Oil Price" crack in Iraq oil industry due to delinquent oil dues to companies 10-23
"Oil Price" warns of a "crack" in the Iraqi oil industry in the event of non-receipt of dues oil companies
Editor: AT 10/23/2015 20:47
Long-Presse / Baghdad
He attributed the site "Oil Price" US economic, Friday, reasons for the high production ceiling of the Organization of Petroleum Exporting Countries to increase Iraq's oil exports, while the favored Iraq's failure to reach the ceilings set long-term production.
The site said Oil Price (Oil Price), US News for oil, in the published report, and followed (the long-Presse), "One of the main reasons for the increase in oil production in the OPEC in the past year, to rise in Iraqi oil production rates, which reached a rate of 3.2 million barrels per day. "
The report said, "The Iraq despite attacks by the organization (Daash), and the collapse of oil prices, succeeded in achieving steady gains in production exceeded 4.1 million barrels per day during the month of September," MP Lina "The increase Iraqi oil production as well as increased Saudi production at a rate of 600 000 barrels per day, causing the ceiling to go beyond the decree of Nizh OPEC at 30 million barrels a day, up to € 31.5 million barrels per day. "
The report, that "despite the success of Iraq to overcome the difficulties so far, the cracks in the success of the oil industry in the country, the story began to emerge," noting that "the delay in the non-payment of oil companies as well as the security and political situation in Iraq."
The report pointed out that "Giniel Aanerjee Company (Genel Energy British) oil excavations operating in the Kurdistan region had been forced into an amendment to its production this year due to the late receipt of financial dues of the Kurdistan Regional Government," noting that "the company will determine the output at the rate (85 to 90), thousand barrels per day this year, because of the delay the payment of financial dues, "noting that" the new strategy will contribute to the company's share price falling by 6.34% after announcing reduction in the rate of production. "
And showed (Genel Aanerjee), according to the report, "The company stopped investing in drilling other wells in the field, which will cause a decline of production rates, for non-payment of dues systematically by Iraq."
He (Oil-Price), in his report, said that "these problems are until now short-term problems, but if the situation of falling oil prices and concern the security and political instability to influence the conduct of investment today, Iraq continued may fail to reach the ceilings set long-term production ".
Iraq is facing, which is the second largest oil producer within OPEC slowdown in investment as a result of falling oil prices and costly battle waged against al (Daash).