Economy Update – Baghdad
The Parliamentary Oil and Gas Committee is advancing initiatives to enhance the management of crude oil extraction in the Kurdistan region. This strategy involves collaborating with reputable global consulting firms whose analyses will be essential for all relevant stakeholders.
Committee member Zainab Juma Al-Mousawi indicated that “Parliament is set to engage a consulting firm to oversee crude oil extraction operations in the Kurdistan region.”
Enhancing Extraction Operations
Al-Mousawi elaborated that “the Oil and Gas Committee has recommended partnering with a foreign advisory firm to manage crude oil extraction, emphasizing that a specialized consultant can significantly optimize the utilization of oil resources in an economically sustainable way.”
Boosting Efficiency
She further stated, “Consulting firms in the oil extraction sector play a pivotal role in enhancing operational efficiency. One of the key advantages of involving these firms is their ability to substantially improve extraction processes and operational efficacy.”
Strategic Sustainable Plans
Al-Mousawi continued, “Consulting firms will also offer strategies for utilizing cutting-edge technologies in oil extraction, providing detailed analyses of extractable reserves. This will enable the formulation of sustainable operational plans and minimize waste by proposing innovative solutions for reducing operational costs and enhancing productivity. These firms are equipped to improve aging fields and optimize recovery rates, as well as mitigate risks through expert advice on geological and technological risk management. Additionally, they will promote environmentally conscious practices to lessen the negative effects of extraction activities.”
She emphasized that “the selection process will prioritize trustworthy foreign consulting firms, and their reports will be obligatory for both the federal government and the regional authorities, ensuring adherence in Baghdad and Erbil.”
Addressing Issues
Hadi Hindas, a member of the Baghdad Economic Forum, highlighted that “streamlining the process of oil extraction in the Kurdistan region is critical to resolving ongoing disputes in this vital sector.”
He noted that such measures would “facilitate clearer financial interactions between the central government and the Kurdistan region, which is particularly important during periods of salary delays and its implications for local market dynamics.”
Global Market Considerations
Hindas further explained that while engaging a global consulting firm is crucial, it is essential to adhere to established protocols to meet the desired objectives effectively.
He concluded, “The global consultant must fulfill their role within this significant sector, ensuring optimal economic returns for the country. All parties involved should work to prevent any potential future issues by promoting transparency in performance metrics, thereby facilitating effective business operations.”
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