Investment Opportunity in Ziyen.com, the owner of Rebuilding Iraq

+44(0) 800 772 3004
marketing@ziyen.com

Iraq Announces Plans for US$4 Billion Project to Inject Seawater into Southern Oil Fields

Iraq is also studying a proposal with a Dutch company to build a 10 million-barrel storage facility and an oil-exporting terminal with a capacity of 2 million barrels a day

OPEC’s second-biggest producer is ramping up efforts to expand capacity to pump and export oil, with plans that include the injection of seawater into crude deposits and the construction of export facilities on a man-made island in the Persian Gulf.

Iraq is seeking bids from six companies for an estimated $4 billion project to inject seawater into its southern oil fields to dislodge more crude from the deposits, Ihsan Abdul Jabbar, the director-general of state-run Basra Oil Co., said in an interview. The country has already received bids from five companies interested in building a processing facility to double output at the Majnoon field to 450,000 barrels a day, he said, without identifying the bidders.

Iraq is also studying a proposal with a Dutch company to build a 10 million-barrel storage facility and an oil-exporting terminal with a capacity of 2 million barrels a day -- all on an artificial island off the country’s Gulf coast, Abdul Jabbar said in Basra.

“Let’s say we have rough weather. The tankers will be taken to a safe zone, and when the rough weather ends, we will have many vessels and not all will be able to come for loading as the waiting area will be busy,” he said. “But if we have more than one terminal, once the rough weather ends, they all can come to get crude loaded.” Source: Bloomberg

Categories

Read more news like this

Categories
Oil and Gas News