Iraq has Massive Oil & Gas Reserves in the Country: Oil Ministry

The Iraqi Oil Minister Jabbar Al-Allaibi issued a press statement about the plan of oil ministry to increase oil production in Iraq during the next 5-years. He said in his press statement that the Iraqi Oil Ministry is currently working on the development of oil policy profiles with targeted objectives. He added that the ministry will follow the plan to increase oil production in the country to more than 7 million and 500 thousand barrels per day during the year 2023-2024. Al-Allaibi added that millions of barrels will export and at least 2.5 million for domestic consumption. He pointed out that the number of oil fields and foreign companies currently operating in Iraq on 27 oil fields, out of 74 fields, so it needs more development. There are 22 giant foreign companies operating in Iraq and at least 60 secondary companies. There are 14 contracts with the oil ministry from those companies, some of which are involved in two contracts.

Iraq plans to raise its oil production

Al-Allaibi added that the ministry deals with these companies wisely and in balance for the benefit of the oil sector in the country. Al-Allaibi pointed out that one of the problems in the contracts of those companies, which were signed in the past with the oil ministry didn’t include any work of rehabilitation and development of the areas operating companies. But, new contracts included the provision of services, not to mention creating jobs for the areas where they work. The Iraqi oil minister said that the position of Iraq in the world market is very good and the price of oil is moving towards stability. It is due to the historic agreement of the countries within OPEC and outside. This agreement reduced the global production of oil, as Iraq was a leading, pivotal and important in this agreement. He added that ministry remains firm in its view that the policy of the OPEC (Organization of Petroleum Exporting Countries) should move towards the stability of world oil markets in order to prevent any decline that may be exposed to oil prices in the future.

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