Shahristani: the target level of power of Iraq's oil may not be achieved
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"Said Hussein al-Shahristani, Iraqi Deputy Prime Minister for Energy that the target level of theory, oil production capacity is about 12 million barrels a day may not be achieved because of the focus on Iraq is not a doubling of revenue and production and re-assessment of global needs.
Shahristani also said during a conference in Paris that the partial agreement with the Kurdistan Regional Government, which reached its exports to 115 thousand barrels per day "positive step" is expected to lead to further progress.
He said in the text of the talks, which took place in Paris on Thursday that Iraq's total production by 2.7 million barrels a day were being exported 2.2 million barrels a day of it.
And Ashraf al-Shahristani, a former oil minister on a series of bidding rounds have led to contracts with foreign oil companies may make the production capacity comparable to the Iraqi's largest energy exporter of oil in the world.
Many doubted Iraq's ability to achieve this in the foreseeable future.
Shahristani said in the text of the talks, "Based on these contracts, the maximum production of 11.5 million barrels per day during the six to seven years."
In practical terms has been achieved international oil companies - some of them before schedule - the target level in time, but this may not be appropriate.
Shahristani said, "When talking about the production capacity of 11 to 12 million barrels a day - equivalent to any power Saudi Arabia - this does not mean that Iraq will necessarily at this level. Our strategy is to double our revenues and not to double our production.
"We must carefully monitor the global economic recovery and the development of political turmoil in the Middle East .. we can not ignore disaster Fukushima (nuclear) in Japan and so on." "We need more time to see how the demand will increase."
And certainly there are no plans to increase oil production capacity to more than that.
Shahristani said, "We believe that there is scope to increase Iraqi production to 12 million barrels per day over the next twenty years is no need to spend more money to create additional capacity."
The province exports of semi-autonomous Iraqi Kurdistan has stopped because of a bitter dispute over contracts signed by the Kurdistan Regional Government.
Shahristani said that the central government in Baghdad does not recognize such contracts will not be recognized but there is progress towards a settlement.
Baghdad agreed with the Kurdistan government that delivers oil to the Iraqi Oil Marketing Company (SOMO), which oversees the export of this oil along with other Iraqi supplies that go to the federal government revenue.
In contrast to companies that can be invested to provide invoices for the investment to the oil ministry will pay the capital costs upon review of invoices.
Shahristani said "do not recognize the contracts will not get companies to any profits, whether in the form of oil, or in any other way."
Asked about the chances of a settlement, said that there are positive indications.
"It is clear that we must find a way to address this issue. We have reached an agreement with them and deliver oil to us is a positive step forward. We hope to be followed by other steps."
The result is hundreds of millions of Iraqi oil of cubic feet of associated gas that is flared due to lack of infrastructure needed to be drawn.
In theory, it is long-awaited agreement between Shell and Mitsubishi and South Gas Company for the use of Iraqi associated natural gas in its final stages.
Shahristani said that the Ministerial Committee on Energy examined the draft agreement, and he believed it be considered by again on Monday.
"If the decision was made to it (the agreement) will be forwarded to the Government for approval."
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Shahristani also said during a conference in Paris that the partial agreement with the Kurdistan Regional Government, which reached its exports to 115 thousand barrels per day "positive step" is expected to lead to further progress.
He said in the text of the talks, which took place in Paris on Thursday that Iraq's total production by 2.7 million barrels a day were being exported 2.2 million barrels a day of it.
And Ashraf al-Shahristani, a former oil minister on a series of bidding rounds have led to contracts with foreign oil companies may make the production capacity comparable to the Iraqi's largest energy exporter of oil in the world.
Many doubted Iraq's ability to achieve this in the foreseeable future.
Shahristani said in the text of the talks, "Based on these contracts, the maximum production of 11.5 million barrels per day during the six to seven years."
In practical terms has been achieved international oil companies - some of them before schedule - the target level in time, but this may not be appropriate.
Shahristani said, "When talking about the production capacity of 11 to 12 million barrels a day - equivalent to any power Saudi Arabia - this does not mean that Iraq will necessarily at this level. Our strategy is to double our revenues and not to double our production.
"We must carefully monitor the global economic recovery and the development of political turmoil in the Middle East .. we can not ignore disaster Fukushima (nuclear) in Japan and so on." "We need more time to see how the demand will increase."
And certainly there are no plans to increase oil production capacity to more than that.
Shahristani said, "We believe that there is scope to increase Iraqi production to 12 million barrels per day over the next twenty years is no need to spend more money to create additional capacity."
The province exports of semi-autonomous Iraqi Kurdistan has stopped because of a bitter dispute over contracts signed by the Kurdistan Regional Government.
Shahristani said that the central government in Baghdad does not recognize such contracts will not be recognized but there is progress towards a settlement.
Baghdad agreed with the Kurdistan government that delivers oil to the Iraqi Oil Marketing Company (SOMO), which oversees the export of this oil along with other Iraqi supplies that go to the federal government revenue.
In contrast to companies that can be invested to provide invoices for the investment to the oil ministry will pay the capital costs upon review of invoices.
Shahristani said "do not recognize the contracts will not get companies to any profits, whether in the form of oil, or in any other way."
Asked about the chances of a settlement, said that there are positive indications.
"It is clear that we must find a way to address this issue. We have reached an agreement with them and deliver oil to us is a positive step forward. We hope to be followed by other steps."
The result is hundreds of millions of Iraqi oil of cubic feet of associated gas that is flared due to lack of infrastructure needed to be drawn.
In theory, it is long-awaited agreement between Shell and Mitsubishi and South Gas Company for the use of Iraqi associated natural gas in its final stages.
Shahristani said that the Ministerial Committee on Energy examined the draft agreement, and he believed it be considered by again on Monday.
"If the decision was made to it (the agreement) will be forwarded to the Government for approval."
http://www.iraqdirectory.com/DisplayNewsAr.aspx?id=15296
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