New Plan to Ramp up The Production, Oil Minister Says

  • 11-12-2021, 09:51
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    Oil Minister Ihsan Abdul-Jabbar Ismail confirmed today, Saturday, that Majnoon oil field is one of the projects that support the future energy industry and the national economy, while indicating the existence of a plan to increase oil production.
    Ismail said during his attendance at the ceremony that was held in the Majnoon field in Basra governorate, to lay the cornerstone for the sour gas investment project in the field with a capacity of 155 mm, and inaugurating the two buildings of Majnoon Oil Field Production and Development Authority, and electronic control in the field, which is equipped with the latest devices, equipment and software to follow up and monitor production, according to a statement by the Ministry of Oil ,received Iraqi News Agency (INA): "The ministry aims to increase oil production in Majnoon field to 450 thousand barrels per day, and the development processes and the level of achievement achieved during three years and six months of work is a great achievement and a national effort, which is one of the distinguishing marks in the iraqi oil industry." noting that "the success of the national effort in implementing its commitment to the Iraqi government to reach production capacities, and reduce costs by 30%."
    He stressed that "Iraq aims to reach  the peak production," noting that "due to the imposing of production restrictions, the strategy was changed to produce light oil to achieve financial revenues for the state treasury," noting that " Majnoon field contributes to provide good quantities of gas fuel for the uses of operating electricity power plants, and other industries related to this type of clean fuel, as well as the production of liquid gas and condensate, and seeking to invest all quantities of the gas associated with oil operations in the field".
    The Minister of Oil praised "The efforts of the employees of the Basra Oil Company and the supporting bodies of the ministry's departments and companies for achieving this accomplishment despite the economic, technical, financial and other challenges."
    In turn, Director of Majnoon  Oil Field Authority Diaa Al-Luaibi said, "The field development operations come in accordance with the plans and program of the ministry and the Basra Oil Company, pointing out that the Authority's success in drilling (40) wells and directly drill a new well that contributes to enhance the field's production."