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Iraq Ministry of Oil News: The Iraqi Oil and Gas Industry is going to Witness a Quantum Leap

Mr. AL-Luiebi said that the sectors of exploration, production, exportation and refining are going to witness an increase in its levels and the infrastructure development

Mr. Jabbar Ali Hussein Al-Luiebi the minister of oil confirmed that the Iraqi oil & gas production for the current year will witness a quantum leap via the prepared and applied strategies of the ministry of oil.

   That was during his speech in the Iraqi energy forum in Baghdad by the sponsorship of the ministry of oil.

   Mr. AL-Luiebi said that the sectors of exploration, production, exportation and refining are going to witness an increase in its levels and the infrastructure development. He said also that Iraq have achieved a high elevation in the oil reserves during this year 2017. While the reserves elevated to (153) billion barrels. And the ministry of oil is hoping “via its own exploration plans” to add (15) more billions to the reserves.

   “On the sidelines of the forum” Mr. Al-Luiebi met with the secretary general of OPEC Mr. Mohammed Barkindo and discussed with him about the methods of supporting the organization in relation with the oil prices and the stabilization of the oil market in order to achieve the producer countries interests.

   Mr. Al-Luiebi declared for agreements which will be made between Iraq and the neighbor countries about the shared oil fields on the border. He said also that Iraq also has a memorandum of understanding with Jordan to extend a strategic pipeline through Aqaba port, in addition to another memorandum of understanding with Egypt to export oil to it.

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