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A Statement From "Oil" On The Five-Year Plan For Production And Export
04/08/2022 51
Earth News/ The Executive Director of the National Oil Company confirmed, on Thursday, moving forward with the implementation of plans to maintain and increase production and export for the next five years.
The First Vice President and Executive Director of the National Oil Company, Hamid Younis, said during the meeting he chaired for officials of extractive companies to discuss and follow-up plans to implement projects to maintain and increase oil production and export, that
"the ministry and the company are continuing to implement the program prepared for this purpose, in cooperation with international contracting companies." Yunus indicated that
"Iraq has promising production capabilities that qualify it to be one of the most important producers during the next few years, and that the conditions that Iraq witnessed in 2014, the global economic crisis and the drop in oil prices have disrupted plans to increase national production." He stressed,
"the importance of financial support and funding to reach the planned goals according to accurate calculations, and production rates of 5-8 million barrels per day can be reached during the coming years,
taking into account the variables, requirements and needs of the global oil markets, and that
the plans for project implementation include intensifying drilling and exploration operations, and developing structures. Infrastructure, construction of pumping and processing stations, pipelines, gas investment, development of export outlet platforms, and others.
For his part, the Director-General of the Oil Exploration Company, Ali Jassim, said that
“the next stage will witness a remarkable activity for the exploration sector, as
these plans rely a lot on sustaining and increasing production of oil and gas, and that
the company is intensifying its efforts in this field through the efforts of research centers, interpretations and studies, and in the field the efforts of seismic teams,
especially the efforts of seismic teams, especially In the Western Desert and Nineveh Governorate, to transform the energies and expectations that lie underground into actual production that contributes to the realization of our promising plans.”
A Statement From "Oil" On The Five-Year Plan For Production And Export
04/08/2022 51
Earth News/ The Executive Director of the National Oil Company confirmed, on Thursday, moving forward with the implementation of plans to maintain and increase production and export for the next five years.
The First Vice President and Executive Director of the National Oil Company, Hamid Younis, said during the meeting he chaired for officials of extractive companies to discuss and follow-up plans to implement projects to maintain and increase oil production and export, that
"the ministry and the company are continuing to implement the program prepared for this purpose, in cooperation with international contracting companies." Yunus indicated that
"Iraq has promising production capabilities that qualify it to be one of the most important producers during the next few years, and that the conditions that Iraq witnessed in 2014, the global economic crisis and the drop in oil prices have disrupted plans to increase national production." He stressed,
"the importance of financial support and funding to reach the planned goals according to accurate calculations, and production rates of 5-8 million barrels per day can be reached during the coming years,
taking into account the variables, requirements and needs of the global oil markets, and that
the plans for project implementation include intensifying drilling and exploration operations, and developing structures. Infrastructure, construction of pumping and processing stations, pipelines, gas investment, development of export outlet platforms, and others.
For his part, the Director-General of the Oil Exploration Company, Ali Jassim, said that
“the next stage will witness a remarkable activity for the exploration sector, as
these plans rely a lot on sustaining and increasing production of oil and gas, and that
the company is intensifying its efforts in this field through the efforts of research centers, interpretations and studies, and in the field the efforts of seismic teams,
especially the efforts of seismic teams, especially In the Western Desert and Nineveh Governorate, to transform the energies and expectations that lie underground into actual production that contributes to the realization of our promising plans.”
