Aggiedad77: Now we are finally talking some oil reserves that carry a punch…..I have long suspected that the oil reserves that Iraq claimed were far under reported….their sands are full of it…..

They have areas that have yet to be seismically tested for oil……500 BILLION Barrels of reserves is more realistic I believe…..move over Saudi there is a new king of the oil heap in town…..oh buddy talk about taking care of the future for many years to come…….along with all the other riches they sit upon as well…..

Fat rich and soon to be happy IMO.   Aloha   Randy

Samson:  Economists: Iraq gives him reserves the right to increase its share of oil in world markets

5th July, 2017

Ministry confirmed the oil that Iraq has oil reserves estimated at the amount of 153 million barrels , and this figure is because the double in the future , said the ministry spokesman, Assem Jihad, told the «Journal News» that “Iraq really has a natural that have oil production equivalent to reserve owned

Jihad said that “the Iraqi oil reserves estimated at more than 500 billion barrels,” calling the organization to OPEC countries or non-organization has to “consider positively to this right”

The Jihad that “Iraq has plans to increase production taking into account the state of the global oil production, and he has this right, like other countries that have increased oil production in times was facing difficult circumstances, including war and siege in the past decades, which led to the damage to Iraq’s oil production”

The expert said the oil Kurdish Bioar soften in a statement to «Journal News» that “Iraq ‘s oil – exporting countries and has a major role in the global oil production, including” OPEC “, which covers about 95% of the oil under the report , which was issued by the Iraqi Oil Ministry that oil imports in the month of June amounted to nearly 4 billion and $ 16 million, and this amount covers banks employees in the state. ”

“The state needs to increase hard currency earnings , especially in the recent events and post – Daesh and destruction that the demolition of the areas that were under the control of the terrorist organization, as well as the diversification of income sources, such as agriculture, industry, tourism , natural gas, leaving the dependence on a single source of income which is oil and then The decline in global prices shows Iraq and the OPEC oil – producing loss. ”

He continued soften “must be a strategy to increase the production plan, which is to raise production commensurate with the needs of Iraq and the organization of the administration of the fact that the management of oil industry and wealth and the organization of cases of oil waste in the center and south of any organization of the oil sector , especially since the state adoption by 95% of oil and even today It did not approve oil and gas law. ”

He pointed out that “supposed government reliance on national oil cadres as the Southern Oil, the North and Kurdistan and the Ministry of Natural Resources and the Ministry of Oil in Baghdad and call foreign companies in an orderly and ensure national investment and take advantage of them in the development of expertise and production and stop waste,” noting that “Iraq is wasted daily An estimated $ 10 million is enough to build ten advanced villages.

” He stressed that “the government needs to provide what the domestic demand of oil and its derivatives, and to exceed its production leads to losses in the efforts and energy losses in export.”

He said oil expert Hamza jeweler told the «Journal News» that “Iraq did not reach self – sufficiency and export of oil derivatives Kalmktvat oils and natural gasoline stage, because of the Baiji refinery stopped there has become a significant shortage of petroleum products.
He added that the jeweler “existing refineries include expansion and development in its production capacity and operations there are new refineries under construction and after completion and entry into production and export could start producing oil derivatives”

“The self-sufficiency of petroleum products can not be determined according to the current filter and even future for being subject to strategic operations and go through many stages and can not be evaluated and estimated production rates and revenues,” and noted that “Iraq produces white oil achieving self-sufficiency and the rest of the products being under import to clog local
shortage ”

He said Oil Minister Jabbar Allaibi earlier to “that Iraq has the right to access the oil produced to a level commensurate with its reserves of crude,” agreed OPEC members and other producers from outside the organization led by Russia last year on a production cut of 1.8 million barrels per day, to reduce the glut of crude stocks , support prices.

He Allaibi that “Iraq has the right to be proportional to its oil production with huge reserves.  Allaibi said, during the event in London on Monday (July 3, 2017), that Baghdad has the right to reach its production of oil to a level commensurate with its reserves of crude

The members of OPEC and other producers from outside the organization led by Russia agreed last year to cut production by 1.8 million barrels per day to reduce the glut of crude inventories and support prices, Under the agreement, Iraq agreed to reduce production by 210 thousand barrels per day

Iraq ‘s second – largest oil producer in the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia , where Iraq ‘s production reached 4.4 million barrels per day in the month of June, representing a reduction of $ 170 thousand barrels per
day, is worth mentioning that the Iraqi oil reserves , the volume certainly reach 112 billion barrels, while the estimated uncertain reserves up to 360 billion barrels represents the Iraqi oil reserves accounted for 10.7% of total world reserves, and Iraq has all kinds of oil from light, medium and heavy.  LINK


Aggiedad77:  All I can say it is about time they quit burning up money in this fashion……so crazy they burn their own gas and turn around and import gas to drive some of their power generation facilities…..no sense at all……build your own gas processing plants……had you started doing this back in 2005 or so you would be much more self-sufficient today……get on with the plan.  Aloha   Randy

Samson:  Iraq to stop burning gas by end of 2019

6th July, 2017

Southern Gas Company decided to stop burning the Iraqi gas in Rumaila, Zubair and West of Qurna 1 fields by the end of 2019.

Director General Ihsan Abdul Jabbar Ismael pointed that 2021 will be the start of investing the gas in all oilfields.

Iraqi oil minister Jabbar al-Lu’aibi promised, in previous statements, that the gas will not be burnt by 2019.