Latest news with #IraqOilReport
Rudaw Net
29-01-2025
- Business
- Rudaw Net
Iraq underutilizes vast oil reserves: Former oil minister
Also in ECONOMY Kirkuk oil deal to boost local economy: BP KRG slams Iraq for retracting amendment seeking resumption of Kurdish oil exports US firms seek investment Kurdistan Region, urge oil export resolution: Expert Oil producers welcome proposal to facilitate Kurdish oil exports A+ A- ERBIL, Kurdistan Region - Iraq sits atop vast oil reserves but fails to fully exploit them, a former oil minister said Wednesday, criticizing the country's energy policies and OPEC-imposed restrictions. 'We have 520 geological oil patches in the country, but so far the utilized patches are 73 only," Abduljabbar al-Luaibi said during a panel at the Iraq Development Platform conference in Baghdad. 'Iraq as you know… is situated on lakes of oil, but it does not make a difference,' he emphasized. Iraq, OPEC's second-largest oil producer after Saudi Arabia, has been cutting crude exports to comply with its OPEC+ quota. In December, the country sold 3.259 million barrels per day, reaching its lowest annual average sales since 2015, according to Iraq Oil Report. Luaibi said the restrictions imposed by OPEC could be addressed, adding, 'Considering that the country is our country and we are free to do whatever we want with it.' He said that while renewable energy has gained importance, 'the oil situation has remained central to energy priorities.' 'This industry requires a total revision, a revision from the government, a revision from the parliament, and a revision from experts… to manage this big dossier… you need planning,' the former minister said. He added that the oil industry's bureaucratic and administrative landscape has remained 'in the same situation' for decades. Iraq's oil ministry comprises 16 companies. The North Oil Company oversees four fields in the oil-rich Kirkuk province, which is set to be redeveloped by British energy giant BP. The deal was signed earlier this month during a visit to London by a delegation led by Iraqi Prime Minister Mohammed Shia' al-Sudani. On Tuesday, Zaid Elyaseri, head of BP in Iraq, said the company might finalize the deal with Baghdad at the start of February, adding that the project could 'stimulate the local economy by working with local companies and providing job opportunities.' He added that BP is 'committed to working with the existing cadres in the North Oil Company.'
Trade Arabia
26-01-2025
- Business
- Trade Arabia
Massive fire breaks out at oil field in southern Iraq
Iraqi Ministry of Oil has announced that it has managed to control the massive blaze that broke out in an oil field in the south of the country on Friday. The fire started in a tank at the fifth station within the giant North Rumaila Oil Field in the southern Iraqi province of Basra, injuring three people. The large fire has temporarily taken about 120,000 barrels per day (bpd) of crude production offline and caused minor injuries to some personnel, stated Iraq Oil Report citing senior officials. A total of 60 wells were taken offline in response to a storage tank fire, it added. The Rumaila field, located specifically near the border with Kuwait, is one of the largest oil fields in the world, with estimated oil reserves of 17 billion barrels. The Basra Oil Company, which manages the facility, said maintenance work had just been completed at the plant. In its press statement, Basra Oil Company said "The fire broke out due to technical reasons that have yet to be determined. As soon as the fire was reported, emergency teams were dispatched to the scene and succeeded in extinguishing it." The plant will be restored to operation after safety measures are confirmed and damage is assessed, it added.
