Iraq is preparing to produce two billion cubic feet of gas per day in a joint venture with Shell and Mitsubishi

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<table id="table245" style=";text-align:left;direction:ltr" bgcolor="#FFFFFF" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td><table id="table250" style=";text-align:left;direction:ltr" align="center" border="0" cellpadding="0" cellspacing="2" width="100%"><tr><td class="tdPOSTED" align="center">Iraq is preparing to produce two billion cubic feet of gas per day in a joint venture with Shell and Mitsubishi </td></tr><tr><td align="right"><table id="table251" style=";text-align:left;direction:ltr" border="0" cellpadding="2" cellspacing="0" width="100%"><tr><td width="11">
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</td><td> Posted 17/08/2011 03:05 PM

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<table id="table252" style=";text-align:left;direction:ltr" border="0" width="95%"><tr><td> BAGHDAD:
Showed
an agreement signed a joint venture between two companies (Shell) Dutch
and (Mitsubishi), the Japanese and the Iraqi Oil Ministry, and
presented to the Iraqi parliament, a few days ago, Iraq's production of
natural gas will rise to two billion cubic feet per day, while profits
would be that they would gain about 31.1 billion dollars over the term
of the contract, which provides gas to invest in three oil fields in
southern Iraq.

Indicates
summary venture agreement which will be called (Basrah Gas Company) and
received the Commission on oil and energy parliamentary days before a
copy of it in English that the duration of the investment in the joint
venture for up to 25 years, with a value of approximately $ 17.2 billion
after the value is set in the earlier 12 billion dollars, according to
the contract, the Iraqi government will own 51% of the shares of the
project, and (Shell) 44% and (Mitsubishi) 5% of the shares.

The
Convention stipulates that (Basrah Gas Company) will work on the
collection and processing of natural gas associated with oil extracted
from three fields of southern massive a Rumaila, West Qurna - Phase I,
and Zubair, and is expected to reap Iraq almost from 31.1 billion
dollars in taxes, fees, and sales of raw gas during the contract period.

And
draws the Convention to the project (Basra Gas Company) will provide
natural gas to the Iraqi market to feed the power plants and to meet
local needs, and then heading towards the export surplus of it, is
expected to be about 600 million cubic feet per day.

Remember,
the Convention that the funding of the project needs to contribute to
Iraq with 5.236 billion dollars in the company 0.1524000000 dollars to
rehabilitate the infrastructure, and (Shell) and (Mitsubishi) Vstsihaman
about $ 7 billion, while funding the remaining amount through the
revenues of the project, The contract included an optional loan worth
one billion dollars from two companies to the Iraqi side to finance the
project.

Convention,
and explains that about $ 12.8 billion from the funds of the project
funding will be spent on rehabilitation of existing oil infrastructure
and build new ones, while the remaining amount will be spent on a
project to build a liquid natural gas is implemented (Shell) and
(Mitsubishi).

The
summary that the project may sell the gas produced by (the South Gas
Company) of the Iraqi government price-based world, while indicating
pricing associated with crude oil and gas that, when the price of Brent
oil $ 75 a barrel, you will get (Basrah Gas Company) on the 3.22 dollars
per million British thermal units of dry gas which is sold for (gas
south), the latter may have to sell gas at $ 1.04 only per million
British thermal units for the production plants of Iraq's electricity
industry, which means that the (gas south) will have to pay huge
subsidies to support the domestic gas price may increase with global gas
prices.

Noteworthy
that, despite the fact that Iraq is the tenth largest gas reserves in
the world, it produces about 1.5 billion cubic feet a day only, and burn
half of this amount per day due to lack of necessary infrastructure for
gas investment and marketing. [You must be registered and logged in to see this link.]
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Iraq is preparing to produce two billion cubic feet of gas per day in a joint venture with Shell and Mitsubishi

1 Iraq is preparing to produce two billion cubic feet of gas per day in a joint venture with Shell and Mitsubishi Wed Aug 17, 2011 6:30 pm

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