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Abdul-Mahdi: Iraq reserves makes oil topping countries for centuries to come
3/22/2015
{Baghdad: Euphrates News} Oil Minister Adel Abdul-Mahdi said Saturday that Iraq's reserves of oil and gas makes oil topping countries for centuries to come, explaining that "this reserve makes us think hard about how to invest for the benefit of the country and future generations." Said Abdul-Mahdi said in a statement the agency {Euphrates News} received a copy of it today, "Some say that the money has been spent in research and development and increase production and drilling more wells in the areas of oil and gas, is the effort is misplaced, because of the difficult economic conditions and the fight against" Daash, noting, "It is true that the collapse of oil prices led to the financial crisis, but Iraq is not a country poor and it was a must adopt a rational policy.
The already trimmed the budget and omitted billions of dollars of expenses, either unnecessary or that can be deferred, and are increasingly thinking activate Ahli and the private economy, which could opens new horizons towards the reform process and the seriousness of operations. "
He continued, "Everyone knows the extent of the Iraqi economy's dependence on oil, now and for the duration of an adversary. Oil will remain a key factor to provide the necessary funds, through an increase in production and exports, to be able to complete the infrastructure vital broadcast in other real sectors .. as well as to expand its position in the international markets." .
He said that "Iraq is capable of doing the job investor basic fact we know it and know Investors, which is the magnitude of its assets or the enormous stocks that provide a guarantee for any serious investment in the country., As the latest reports indicate that our stock oil original is 516.772 billion standard barrels .. and reserves of the original 181.400 Standard billion barrels, and the remaining reserve up to 01/01/2015 is 142.4 billion barrels record .. and reservists gaseous and free-associated residual up to 01.01.2015 is 130.966 trillion cubic feet, of which 32.695 trillion feet of free gas .. and 98.271 trillion cubic feet associated gas, all without the expense of Kurdistan fields and showed explorations Majara..hzh quantities make Iraq oil topping countries for centuries to come.
It has these precautions, he must think hard about how to invest for the benefit of the country and future generations .. which made Iraq - despite all conditions experienced or suffered Mnha- attractive to investors as we have seen and are seeing now. "
He noted that "one of the biggest problems in Iraq is not the difficulty of providing money to invest in the oil field, also refers to the size of the offers of investment projects, which are -llasef Cdid- more of our preparations and our ability to be absorbed .. Vqguanana and our legislation and investment environment, which is still hesitant, and sometimes aggressive, repellents and behaviors are the cause of the foundation, not the lack of money and the capabilities and opportunities. "
And seal Abdul-Mahdi said, "The drop in prices leads to lower costs in the oil field, and the exit of some producers receive high costs, it is, on the contrary, the right opportunity to invest in oil and gas Iraqis low-cost, which is in Iraq less than $ 8 per barrel of oil .. and this cost no longer exist in a lot of fields around the world. This could be a historic opportunity for Iraq to regain its position in the global market, and develop the capabilities and reduce the unnecessary expenses, and develops from economics consumed by wars and reckless policies. "
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3/22/2015
{Baghdad: Euphrates News} Oil Minister Adel Abdul-Mahdi said Saturday that Iraq's reserves of oil and gas makes oil topping countries for centuries to come, explaining that "this reserve makes us think hard about how to invest for the benefit of the country and future generations." Said Abdul-Mahdi said in a statement the agency {Euphrates News} received a copy of it today, "Some say that the money has been spent in research and development and increase production and drilling more wells in the areas of oil and gas, is the effort is misplaced, because of the difficult economic conditions and the fight against" Daash, noting, "It is true that the collapse of oil prices led to the financial crisis, but Iraq is not a country poor and it was a must adopt a rational policy.
The already trimmed the budget and omitted billions of dollars of expenses, either unnecessary or that can be deferred, and are increasingly thinking activate Ahli and the private economy, which could opens new horizons towards the reform process and the seriousness of operations. "
He continued, "Everyone knows the extent of the Iraqi economy's dependence on oil, now and for the duration of an adversary. Oil will remain a key factor to provide the necessary funds, through an increase in production and exports, to be able to complete the infrastructure vital broadcast in other real sectors .. as well as to expand its position in the international markets." .
He said that "Iraq is capable of doing the job investor basic fact we know it and know Investors, which is the magnitude of its assets or the enormous stocks that provide a guarantee for any serious investment in the country., As the latest reports indicate that our stock oil original is 516.772 billion standard barrels .. and reserves of the original 181.400 Standard billion barrels, and the remaining reserve up to 01/01/2015 is 142.4 billion barrels record .. and reservists gaseous and free-associated residual up to 01.01.2015 is 130.966 trillion cubic feet, of which 32.695 trillion feet of free gas .. and 98.271 trillion cubic feet associated gas, all without the expense of Kurdistan fields and showed explorations Majara..hzh quantities make Iraq oil topping countries for centuries to come.
It has these precautions, he must think hard about how to invest for the benefit of the country and future generations .. which made Iraq - despite all conditions experienced or suffered Mnha- attractive to investors as we have seen and are seeing now. "
He noted that "one of the biggest problems in Iraq is not the difficulty of providing money to invest in the oil field, also refers to the size of the offers of investment projects, which are -llasef Cdid- more of our preparations and our ability to be absorbed .. Vqguanana and our legislation and investment environment, which is still hesitant, and sometimes aggressive, repellents and behaviors are the cause of the foundation, not the lack of money and the capabilities and opportunities. "
And seal Abdul-Mahdi said, "The drop in prices leads to lower costs in the oil field, and the exit of some producers receive high costs, it is, on the contrary, the right opportunity to invest in oil and gas Iraqis low-cost, which is in Iraq less than $ 8 per barrel of oil .. and this cost no longer exist in a lot of fields around the world. This could be a historic opportunity for Iraq to regain its position in the global market, and develop the capabilities and reduce the unnecessary expenses, and develops from economics consumed by wars and reckless policies. "
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