Baghdad is making progress in its negotiations with Tehran to resolve common fields file


The oil Ministry has revealed, progress in negotiations with the Iranian side to resolve file joint oil fields, and noted that those fields are invested in accordance with the agreement between the parties, with expected increase in oil production rates next year 2017 outweighed us institution specializing on record exports of crude oil from Basra by next September, a rise of 13% of exported last August.

Ministry spokesman Assem Jihad said "Iraq has more oil field jointly with neighboring countries", stating that "the Joint Committee with Iran had made progress in resolving files on the subject of common fields. Jihad added that the parties ' right to invest common fields but according to their agreement, "adding that" international laws stipulate invest common fields by the third party gives both parties the natural right and by extension every field. " The Ministry spokesman, said "Iraq has invested through border Pedra field foreign companies, in addition to Bazargan field and change so the Iraq touching response to this file", pointing out that "the Japanese loan has been approved worth 2 billion and 700 million dollars to develop a field."

Jihad said the Ministry hopes "hauling barrels 300 card Nasiriyah refinery into one global companies, as is the case for 150, 000 barrels card Meyssan filter, in addition to continuing work on the project to establish the federal budget funding Karbala refinery and the implementation of a Korean company," adding that "the Ministry continues to promote investment in refineries and continuing to develop existing refineries." In the same context, said in a statement, Platts learner, "" the term "high rates of production of light and heavy crude in Basra, paid for the possibility of rising crude exports during the month of September next, to 3.257 million barrels a day, with a total 97.715 million barrels per month," adding that "those figures indicate a rise of 13% over August to immigrant communities."

Platts noted that "based on the shipping dates for the month of September, will export about 2.324 million barrels of Basra light crude, and 933.333 thousand barrels a day of heavy crude item Basra."

Platts said that "export rates August will stand at the borders of 2.788 million barrels by 2.078 million barrels of Basra light crude item and 710.000 thousand barrels of heavy crude item Basra," saying that "the overall oil exports for the month would limit 86.415 million barrels.

The Iraqi oil Ministry, announced (August 1st 2016) export more than 99 million barrels of oil during the month of July, the value of 3.74 billion dollars, with export rate revealed daily from the ports of southern Iraq more than 3.2 million barrels higher on the month of June, indicated that the average price per barrel reached $ 37.7.

Director of operations said in SOC named Abdul Karim, told Reuters news agency journalist, I followed the "range", that "global oil companies including British Petroleum (BP) and the British Lukoil (Lukoil) Russian and Royal Dutch Shell company (Royal Dutch Shell) Dutch resume investments in developing Iraqi oil fields projects starting from the second half of the year 2016 and continuously." Kareem said that "corporate investment will reappear again in oil projects previously stopped due to the financial crisis and lack of funds to cover expenses for projects", noting that "a lot of companies will resume vital oil projects that had to stop earlier because of falling oil prices and the Government's cuts in the budget for these projects."

"Abdul Karim confirmed companies obtain the budgets required to implement these projects," expected "to increase oil production rates next year."

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

British Petroleum agreed to spend $ 1.8 billion to run the Rumaila during the year 2016, had agreed last year 2015 initially to spend 3.5 billion dollars on the project and had to reduce the amount to $ 2.5 billion.

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

The Iraqi oil Ministry announced Thursday, (2 June 2016) talks and discussions with international oil companies to maintain levels of oil production and increase rates.

Iraq is the second largest oil producer in OPEC, with the other members of the Organization, such as Saudi Arabia, Kuwait and the United Arab Emirates and Iran to increase oil exports in the third quarter of the current year 2016, where Iraq tries to skip the standard rate for current exports to three million and 370 million barrels, during June, feel in the footsteps of other oil producers in the Middle East to increase their shares in the market shortly before the meeting of the members of the Organization of petroleum exporting countries (OPEC) early this month.