Iraqi Oil: the signing of a contract with the (Shell), the Dutch soon

15.10.2011 | (Voice of Iraq) - (Rn) Oil Minister of Iraq, near the signing of the Ministry for the final contract with Royal Dutch Shell, which is estimated to worth $ 17.2 billion U.S., which regards the development of natural gas fields in Basra, south of the country, by location Economic Norwegian "August Stream." The Web site published yesterday a story quoting the Iraqi Oil Minister Abdul Karim Luaibi, saying that "The ministry is about to sign the final contract with Royal Dutch Shell during the next few days after the approval of the Council of Ministers," adding that "the total value of the contract $ 17.2 billion which includes the value of the equipment that the company will setting up this for the extraction of gas from the fields referred to. " He Luaibi that "the contract to be signed for the development of natural gas fields in Basra, south of the country." The Shell has asked the Ministry of Oil signed a contract final after the conclusion of the initial contract in 2008. Iraq has been trying, since it signed the South Gas Company, Iraq, in 2008, an agreement in principle with the companies (Shell) and (Mitsubishi), the Japanese, to the collection and use of the largest proportion of gas from the southern oil fields in the Rumaila, Zubair, West Qurna. can these wells, three are within the limits of the province of Basra, the production amounted to 1.05 billion cubic feet of gas per day, but it is the exploitation of only 450 million cubic feet per day, while burning the other part of it. Iraq says that 60% of crude oil exports to Asian markets world favored by the U.S. that impose it with money transport system "transit." The country plans to increase its exports during the next six years to 12 million barrels per day after obtaining the approval of the world's oil, "OPEC." The Oil Ministry has declared the month of September / September last year that crude oil inventories in the country has 505 billion barrels of discovered fields that $ 66 oil fields, with total recoverable reserves of 143 billion barrels of oil. Iraq has stockpiled an estimated 112 trillion cubic feet of gas However, the 700 million cubic feet a day of it burning and wasting due to lack of infrastructure that contribute to the exploitation of gas wasted. see: dominated Hadi, see: Aso Haji