Iraq is consistent with international companies to resume investment in oil projects

2016/08/11 16:06

Long-Presse / Baghdad

The Iraqi Oil Ministry, on Thursday, for the approval of international oil companies to resume their investments in the development of Iraqi oil fields projects during the second half of the year 2016, while the expected increase in oil production rates over the next year in 2017.

The body of operations in the Southern Oil Company on behalf of the Director Abdul Karim, in a press statement quoted by the agency (Reuters) American, and I followed (range Press), "The international oil companies, including British Petroleum (BP British) and Lukoil (Lukoil) and Russian company Royal Dutch Shell (Royal Dutch Shell) Dutch to resume their investments in the development of Iraqi oil fields projects from the second half of 2016 and on an ongoing basis. "

He said Abdul Karim, that "companies will resume investment seconds in oil projects after a break earlier for reasons dating back to the financial crisis and the failure to allocate funds to cover project expenses," noting that "companies will return a lot of bio-oil projects, which was forced to stop earlier because of falling oil prices and cuts conducted by the government in the allocated budget for these projects. "

Abdul Karim stressed that "companies by obtaining the required budgets for the implementation of these projects," expected "to increase oil production rates over the next year."

It is said that the three oil companies agreed to spend half the budget they proposed for 2015 to Asttmroha during the second half of 2016.

BP agreed to spend $ 1.8 billion to the project Rumaila field, which run through the year 2016, and had agreed last year in 2015, initially to spend $ 3.5 billion on the project, and was forced to reduce the amount allocated to $ 2.5 billion.

The Shell has agreed to spend 742 million dollars after it promised to spend $ 1.5 billion last year, while Lukoil will allocate $ 1.08 billion for its oil after it had been allocated $ 2.1 billion last year.

The Iraqi Oil Ministry announced on Thursday (2 June 2016), talks and discussions with international oil companies to keep Iraqi oil production levels and increase rate

Iraq is the second largest oil producer in OPEC, and is working with other members of the organization, such as Saudi Arabia, Kuwait, the UAE and Iran, to increase their oil exports during the third quarter of the current 2016, as Iraq is trying to overcome the standard rate of current exports amounting to up to three million and 370 thousand barrels per day, through next June, so Havea footsteps of other oil producers in the Middle East to increase their shares in the market ahead of the meeting of the Organization of petroleum exporting countries members (OPEC) early this month.