Iraq Reassures the Oil Companies Not to the Effect of the Current Developments in the South

The sources described in the global oil industry expectations «International Energy Agency» for increased Iraqi production at about 1.28 million barrels a day until 2019, Palmtfaúlh. Indicated that the agency predicted long ago to increase Iraq’s production by about two million barrels and returned to the lower figure, which is still overrated . And other sources deemed to have a business in Iraq, that Iraqi production will not exceed four million barrels per day, the maximum level currently can not be bypassed, because the contracts are not going according to expectations and there is no water pumped into the fields and the security conditions are not available, management is disabled. And the work of «Exxon» in the fields of Kurdistan and the entry of a Turkish company to drill there, the sources pointed out that the two wells Hvrta yet and therefore it needs for years before the export of oil and sell it, which applies to companies such as «Total» which also exploring in Kurdistan.

Felt the sources possible production capacity for oil in Iraq ranged between six million and seven million barrels a day if the conditions are favorable, pointing out that the capacity of the Kurdistan up to one million barrels of oil per day in the best of cases, accounting for about 17 percent of overall production. Remarkably, according to sources, that 17 percent is the number that identified in the sharing of oil revenue with the central government and the province, but the controversy still exists about this sharing. She stressed that the areas of southern Iraq, the task of production was not affected by what’s going on from the battles and the Iraqi army has the means to protect the southern fields, and surpassed Iraq, the level of its current production is not linked to what is happening now, but to pump water to the fields and there was a project with «Exxon» pump water canceled .

The Prime «SoC» Jafar, said the company «Exxon Mobil» carried out the evacuation of a large staff while postponed «BBC» 20 percent of their workers. The Jaafar that companies «Eni» and «Schlumberger» and «Weatherford» and «Baker Hughes» not have plans to evacuate its staff from Iraq after the rapid progress achieved by gunmen militants.
Jafar said in a statement to the agency «Reuters» that «withdraw staff and cut Their numbers do not represent a satisfactory message to the Iraqi side, although the staff of the oil companies should be in their positions in the fields ». He assured the companies that the current developments did not affect operations in the south, pointing out that the level of exports target this month is 2.7 million barrels per day.

In turn, pulled «PetroChina» some of its staff from Iraq, but production was not affected, and noted director Co, Mao Ziving, the evacuation of some non-essential staff from without specifying the number or whether they were transferred from Iraq completely or to safer areas within the country. The second official pointed to evacuate a small number of workers in the fields. On the other hand, stressed the Deputy Minister of Natural Resources in the Kurdistan region, Taha Zanganeh, to increase the region’s imports of oil products due to suspension of the Baiji refinery with the control of the militants, mostly. He said: «We expect it and we have all the preparations to meet domestic demand (…) is not the first time that you close the refinery or cutting back our supplies».
in another context, the Libyan government announced that the smuggling of fuel to Malta is increasing, despite the lineup of car owners in front of petrol stations in Tripoli and the difficulties faced by the «National Oil Corporation» to deliver supplies to the station because of insecurity. said in a statement issued by the government after a meeting with Libyan Prime Minister Abdullah bending with the Ambassador of Malta «This phenomenon has become a threat to the Libyan state and affect national security». In the markets, prices jumped oil futures U.S. as tensions in Iraq have cast doubt on the country’s goals on oil exports, and declining crude stocks in the United States more than expected last week.

Rose futures price for crude U.S. light to deliver July 0.20 dollars to 106.56 dollars a barrel after closing at a settlement down 54 cents to 106.36 dollars. The price of benchmark contracts «Brent» 20 cents to 113.25 dollars per barrel. And India, announced two sources that the Indian government expects the rise in oil prices up to 120 dollars a barrel for several months because of the fighting in Iraq, which could cause a deficit of at least 200 billion rupees (3.4 billion dollars) in the budget.

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