Wednesday, August 08, 2007
Oil Exports Declining And Six Billion Dollars Lost Annually…Terrorists Control An Oil Field north of Baghdad
Insurgency, Oil
(Al Mowaten Newspaper) - 7 AUG - A source said that part of an oil field “east” of Baghdad is controlled by terrorists. The unidentified source said that terrorist groups in the Rashdiya area control the oil wells in this field; and that Well #25 is one of the oil wells under their control. At least four tanker trucks per day are stolen. The source confirmed that this stealing began six months ago and about “15 million dollars” have been lost. The source announced that coalition forces and Iraqi security forces have not taken any action to stop the stealing or to attack the terrorists.
Also, the OPF has not carried out its duty to protect the fields. It is known that the production of this field is between 15,000 to 20,000 barrels per day. This field’s production is used by Dora Refinery and Al Quds Electricity Power Station. The “east” Baghdad field is one of the largest fields in Iraq and is supposed to be further developed so it will produce 35,000 barrels per day.
It is also one of the most geologically complicated fields and needs large investment. The field’s oil reserves are more than seven billion barrels and are about 6% of Iraq’s oil reserves. The oil field reaches from Salah Ad Din to Wasit in southern Iraq. A report from the American accounting office announced that the Iraqi government needs a long period of time before it can meet American demands for Iraqi production. The report published in the Washington Post said that after four years and three billion dollars being spent on the construction program for Iraq, the entire oil industry’s capacity is still low and lower than what the American administration was planning for. The report confirmed that security and corruption are behind hindering the oil sector.
Also, the OPF has not carried out its duty to protect the fields. It is known that the production of this field is between 15,000 to 20,000 barrels per day. This field’s production is used by Dora Refinery and Al Quds Electricity Power Station. The “east” Baghdad field is one of the largest fields in Iraq and is supposed to be further developed so it will produce 35,000 barrels per day.
It is also one of the most geologically complicated fields and needs large investment. The field’s oil reserves are more than seven billion barrels and are about 6% of Iraq’s oil reserves. The oil field reaches from Salah Ad Din to Wasit in southern Iraq. A report from the American accounting office announced that the Iraqi government needs a long period of time before it can meet American demands for Iraqi production. The report published in the Washington Post said that after four years and three billion dollars being spent on the construction program for Iraq, the entire oil industry’s capacity is still low and lower than what the American administration was planning for. The report confirmed that security and corruption are behind hindering the oil sector.
Labels: Dora refinery, insurgents, oil wells, Rashdiya area
Wednesday, April 04, 2007
15 Arab, Asian and U.S. firms invited to drill in Iraq
Oil
(Reuters) - Iraq has issued invitations for 15 Arab, Asian and American firms to drill 100 oil wells in the country’s south as part of efforts to boost production, the oil ministry spokesman said yesterday. Asim Jihad said the invitations, issued at the end of March, would close at the end of May. The state-run South Oil Company will review the offers, he said.
He said among the companies invited were Syrian, Iranian and Chinese firms.“We want to drill 50 wells in Maysan (province) and 50 in Basra. It will take from one year to three years,” he said. “These new wells will give us between 50,000 to 60,000 bpd.” Iraq has the world’s third-largest proven oil reserves and needs billions of dollars to revive its oil sector. Most of Iraq’s proven oil reserves are in the Shia south or the Kurdish north.
Iraq’s cabinet has endorsed a draft oil law regulating how wealth from the vast oil reserves will be shared by its ethnic and sectarian groups.The world’s top oil companies have been manoeuvring for years to win a stake in Iraq’s prized oilfields such as Bin Umar, Majnoon, Nassiriyah, West Qurna and Ratawi – all located in the south of the country. The oil law which is still awaiting parliament’s ratification has given the regions the right to negotiate with international firms on developing oilfields.
Labels: Asim Jihad, Basra, Maysan, oil wells, South Oil Company
Tuesday, March 20, 2007
Iraq issues tender to drill 50 oil wells in Missan
Oil, Business
(Azzaman) Iraq has issued a tender to drill 50 new oil wells in the southern Province of Missan. The director of the province’s oil fields, Ali al-Bahadli, said 13 foreign firms have been invited to take part in the tender aimed at boosting output by an additional 100,000 barrels a day. The Province of Missan is home to some of the largest hitherto unexplored Iraqi oil fields.
The gigantic West Gurna with billions of barrels of proven crude oil reserves is situated in Missan whose oil wells used to produce up to 400,000 barrels a day under former leader Saddam Hussein. But output has slumped to 120,000 barrels a day since the 2003 U.S. invasion. It is not clear whether any foreign firms will be willing to participate in the tender due to the current upsurge in violence.
Bahadli said the digging of the new wells would take about two years and each one of them was expected to add at least 2,000 barrels a day to the province’s output. Iraq has the third largest proven oil reserves in the world behind Saudi Arabia and Iran. Its total proven reserves are estimated at 112 billion barrels, with as many as 220 billion barrels of resourced deemed probable. Of the country’s 74 discovered and evaluated oil fields, only 15 have been developed.
The gigantic West Gurna with billions of barrels of proven crude oil reserves is situated in Missan whose oil wells used to produce up to 400,000 barrels a day under former leader Saddam Hussein. But output has slumped to 120,000 barrels a day since the 2003 U.S. invasion. It is not clear whether any foreign firms will be willing to participate in the tender due to the current upsurge in violence.
Bahadli said the digging of the new wells would take about two years and each one of them was expected to add at least 2,000 barrels a day to the province’s output. Iraq has the third largest proven oil reserves in the world behind Saudi Arabia and Iran. Its total proven reserves are estimated at 112 billion barrels, with as many as 220 billion barrels of resourced deemed probable. Of the country’s 74 discovered and evaluated oil fields, only 15 have been developed.
Labels: Missan, oil wells, tender
