Economy News _ Follow-up
On Monday, the Ministry of Oil announced a collaborative initiative with British Petroleum aimed at the advancement of the Kirkuk oil fields. The ministry also highlighted that current gas production stands at approximately 3,200 million standard cubic feet per day.
Ali Maarij, the Undersecretary of the Ministry, stated in a recent interview that the ministry remains committed to its strategic goal of enhancing oil fields, processing gas, and achieving self-sufficiency in oil derivatives through the modernization and establishment of new refineries.
He further elaborated that a joint program is in place with the British firm British Petroleum to develop and invest in the oil fields located in Kirkuk Governorate. Currently, technical and contractual discussions are underway to finalize a memorandum of understanding between the ministry’s North Oil Company and British Petroleum.
Maarij expressed optimism regarding the arrangement, stating that “the profit-sharing contract is the most suitable at this stage, as it ensures profitability for both parties involved.” He hopes to finalize a comprehensive technical and contractual agreement promptly.
In terms of gas production, Maarij noted that about 60-65% of the 3,200 million standard cubic feet produced daily is currently utilized, with the rest being flared. He emphasized a five-year plan aimed at achieving zero flaring by executing strategic projects that will enhance the utilization of associated gas. He reaffirmed that these initiatives will complement ongoing development, exploration, and production operations to maximize the benefits derived from gas resources.
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