Minister of Oil: We succeeded in achieving a significant increase in the financial revenues of the state treasury

Baghdad - INA 

Deputy Prime Minister for Energy Affairs, Oil Minister Hayyan Abdul Ghani, confirmed today, Friday, the ministry’s success in achieving a significant increase in the financial revenues of the state treasury.

Abdul Ghani said, in a speech on the occasion of the one-year anniversary of the formation of the government, according to a statement from the Ministry of Oil received by the Iraqi News Agency (INA), that “the government has paid exceptional attention to the oil and energy sector, and its decisions have been characterized by boldness, courage, and a future vision that achieves steps to develop and grow the oil industry.” Including the decision to activate contracts for the fifth licensing rounds and conclude contracts with the winning companies last February of this year, which is expected to add a quantity of (1,000) cubic feet of gas and more than (250) thousand barrels of crude oil, in addition to the ministry announcing the licensing rounds. The fifth oil and gas “annex” and the sixth “which aim to enhance optimal investment opportunities for the national wealth of the 30 oil and gas sites and fields, which are hoped to add large quantities of oil and gas to the national oil reserve and production.”.

Abdul Ghani pointed out, “the importance of The decision of the government and the ministry to proceed with concluding a group of contracts with the international company Total Energy, which contributes to the advancement of the oil and energy industry and the strengthening of infrastructure and renewable energy, which included a seawater treatment contract for the purpose of providing suitable water for reservoir support for oil fields with a capacity of (5) million barrels per day, Which contributes directly to sustaining and increasing the national production of crude oil, and the contract to invest associated gas from (4-5) oil fields, with a capacity of (600) megaqm. 

This contract represents a qualitative addition to the gas and environment sector, and enhances national production, and the contract to develop the Ertawi field and increase Production reached 220 thousand barrels, in addition to investing in associated gas, and a solar energy investment contract to generate electrical energy with a capacity of one kilowatt (1000 megawatts), which is one of the pioneering projects in Iraq and the region.”.

Regarding associated gas investment, the Minister of Oil stressed that “the government program included the government’s strategy and steps to support the national economy and sustainable development, by supporting gas investment projects, stopping its burning, and converting it into useful energy that enhances national production in the oil fields in the north, center, and south, and we aim to achieve this by concluding More contracts in the governorates of Basra, Maysan, Dhi Qar, Anbar, Diyala and other cities to achieve full investment of the available amounts of national wealth.”.

Regarding the most prominent achievements in the refinery sector, the Deputy Prime Minister for Energy Affairs and Minister of Oil said, “Operating the Karbala refinery with a refining capacity of (140) thousand barrels is an important step to cover a large part of the local need, in addition to the quality and quality of petroleum products, which contribute to reducing Quantities of imported fuel. The Minister of Oil also considered the efforts of the Southern Refineries Company in implementing a number of projects to increase production and refining capacity and improve the quality of fuel, in addition to the reconstruction of the Baiji refinery through the national effort, as an important step to enhance the national production of petroleum derivatives.

He pointed out, “The efforts of the government and the ministry in strengthening infrastructure projects and increasing export capabilities from the southern port, and the interest in renewable energy projects and preserving the environment and climate, and the effective contribution to “OPEC Plus” to stabilize global markets, and the success of the government and the ministry in achieving financial revenues for the state treasury, and contributing The distinguished Ministry of Oil in promoting and stabilizing electrical energy throughout Iraq, in addition to community initiatives and great support for the health, humanitarian and cultural sectors and the families of the martyrs and the wounded.”