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Oil Ministry Calls On Iraqi Companies To Develop Oil and Gas Fields

Developments offered to Iraqi companies with no International investors drawn from licensing round

Iraqi Oil Minister Jabbar al-Luiebi has ordered state owned organisations to develop both the Nassiriya oil field and Mansuriyah gas field, following a failure to attract International investors to boost production.

Previously between 2011-2014 a group of foreign companies including Turkey’s state-run TPAO, South Korea’s Kogas and the Kuwait Energy Company were working on development of Mansuriyah, before abandoning the contract following advancements made by Islamic State. The consortium have since decided against returning to the project which aims to boost gas production to fuel power plants. This will reduce electricity imports and shortages which are a drain on the Iraqi budget and have in part led to recent protests in the country.

Dhi Qar Oil and Iraq Drilling Co have been asked to start development work on the Nassiriya oil field in southern Iraq. The Ministry of Oil aims to raise the field’s production to 200,000 bpd in the next 12 months, with current production at 90,000 bpd. An invetsment of $140million will be spent on the project, which includes the building of a new refinery in the area.

Source: Oilprice.com

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