Page 20 - MEOG Week 13 2021

MEOG NEWS IN BRIEF MEOG

POLICY implementation of the agreement to follow OIL
within a year.
Iraqi oil minister reveals ARAB NEWS Saudi wants OPEC+ to

plans to boost production to COMPANIES extend oil cuts into June,
8mn bpd by 2029 source says

Iraqi Oil Minister Ihsan Abdul-Jabbar said Injazat in JV with Lamprell Saudi Arabia is prepared to support extending
that his country plans to increase its oil on digital O&G solutions oil cuts by OPEC and its allies into June and is
production capacity to 8 million barrels of also ready to prolong its own voluntary cuts to
oil per day by 2029, compared to current Abu Dhabi based Injazat Data Systems is boost prices amid a new wave of coronavirus
production of 4.8 million barrels per day, entering a joint venture with Lamprell, the lockdowns, a source briefed on the matter said
Asharq Business reported. contractor for the energy industry, to create on Monday.
He said that production capacity could and market digital solutions for the oil and gas After steady oil price gains earlier this year,
reach 12 million barrels of oil per day. industry. These solutions will primarily cater OPEC and its allies, known as OPEC+, had
However he added that current plans do to renewables. hoped to ease output cuts.
not conflict with the OPEC + agreement to It will serve to bring to market a “number But a fresh wave of lockdowns to prevent a
reduce production to maintain the stability of of digital ventures, creating independent new surge in the virus has pushed oil off this
oil markets. revenue streams”. An initial funding of $7 year’s highs, and four OPEC+ sources told
The oil minister said that the gradual million will be split equally for investments Reuters this would most likely encourage the
increase in production would take place this year. The new venture will be registered group to extend cuts into May when it meets
through the country’s existing major oil fields, at Abu Dhabi Global Markets financial centre, on Thursday.
including the Majnoon, Zubair and Rumaila with directors to be appointed from both A Saudi oil source said on Tuesday
fields — which together have the ability to parties, as well as independently. OPEC+ had not taken any decision yet and
double their production. Christopher McDonald, CEO of Lamprell, discussions about policy had yet to start.
Abdul-Jabbar said there were plans to said: “Establishing new markets with The source briefed on the matter said on
increase the capabilities of refineries in Iraq to strategic partners such as Injazat and its Monday that Saudi Arabia was keen to extend
stop the need for importing fuel. parent company G42 are fundamental to the cuts beyond May and into June.
Iraq is also seeking to increase its evolution of our digital business. Lamprell’s “They don’t see demand as yet strong
production capacity in the natural gas sector Digital business unit allows us to focus on enough and want to prevent prices from
to reduce the volume of imports from abroad. monetising our unique experience and falling,” the source said.
He said that Iraq was targeting an increase knowhow whilst continuing to improve our Under existing curbs, OPEC, led by Saudi
in production to a level of between 4 and traditional businesses through application of Arabia, and non-OPEC producers, led by
5 billion cubic feet by 2025 against current emerging digital technologies.” Russia, have cut just over 7 million barrels per
production of 1.5 billion standard cubic feet. Injazat Data Systems, which was set up in day (bpd), while Saudi Arabia has made an
The minister disclosed that a framework 2005, has its expertise in cloud services and additional voluntary reduction of 1 million
agreement had been reached to extend cyber security. bpd.
an oil pipeline from Basra to the port of GULF NEWS Last year, the group agreed to cut 9.7
Aqaba in Jordan and that he anticipated the million bpd, or about 10% of world output,

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