Iraq is looking forward to more investment, production and exports

03/14/2017 (0:01 pm) - The number of readings: 126 - Issue (3876)

Baghdad / term

At a time when opportunities are available to foreign and local investment in the huge reserves of energy fields in Iraq in defiance of security threats, the daily oil production rate has reached in mid-2016 to nearly 4 million barrels.

But the country, according to statements by Iraqi Oil Minister Jabbar Luaibi, during the annual Saraoak energy gathered in the state of America Houston weekend, planning a production rate of up to 5 million barrels per day, during the second half of 2017.

This growth comes while trying to global oil and gas industry, including the Middle East, out of the recession caused by chronic excessive supplies in the market with falling demand. Despite the damage inflicted on Iraq in recent years due to the war against terrorism, with falling oil prices, it has not lost the hope to improve their economic status beyond this crisis.

Expressing optimism about the second half of 2017 Allaibi said, that Iraq will make progress establishing stability in the northern oil installations, which inflicted militants Daesh damage, and advance the development of the oil sector, and will continue to invest in infrastructure, adding new oil pipeline and reconstruction of refineries in the north of the country, as well as encourage investment in the sectors of production and export of oil.

He Allaibi saying, "There are a lot of huge investment opportunities in Iraq, especially foreign investment."

Allaibi said that, despite Iraq's possession of more than 70 oil fields, 30% of them only, has been developed in whole or in part by inviting international companies to submit their offers in the development of these fields, adding that Iraq will hold talks now, with Exxon Mobil Corp. American, to develop two giant standing in the country produce class and light oil-rich Balmktvat.

It confirms oil minister, that with the containment of Iraq's gas reserves exceeding 100 trillion cubic feet, it may achieve self-sufficiency of liquid gas by the end of 2018 with plans to export gas, liquid and dry gas and other types of gas.

He Allaibi saying, "Our plan is to export gas to Turkey and from Turkey to Europe or through Syria to the Mediterranean or through Jordan to the Mediterranean or across the Red Sea to the Mediterranean. Iraq is now preparing to enter a new era of gas production and export."