Page 5 - MEOG Week 46 2022
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MEOG COMMENTARY MEOG
to comply with OPEC+ output restrictions. The Meanwhile, exploration efforts are to con-
field has estimated reserves of 4bn barrels. tinue apace elsewhere, following the recent start
In a statement, DQOC said it closed opera- of seismic surveys in the Iraqi offshore by the Oil
tions for a week owing to safety concerns about Exploration Co. (OEC) and its Chinese partners.
its workforce amid reports of violent protests Speaking to INA this week, OEC director
across the governorate by university graduates Ali Jassim Hammoud said that the exploration
demanding job opportunities. efforts over three projects supported by the Min-
DQOC also oversees the development of the istry of Oil (MoO) would cover areas that border
Subba field and has been in discussions with US four countries: Iran, Kuwait, Saudi Arabia and
major Chevron for oil exploration elsewhere Syria.
in the governorate, though talks were paused “The [OEC] has a strategic project repre-
in February until a new government has been sented by exploratory drilling, which will con-
appointed in Baghdad. tribute to increasing oil reserves, compensating
IDC’s ramping up of operations will play a the depleted, and confirming the presence of
key role in Iraq achieving its ambitious oil capac- hydrocarbons in various oilfields,” he said.
ity targets. He stressed that “exploratory drilling opera-
tions will contribute significantly to increasing
Movable goal oil and gas reserves, and will include various
An update was provided on that topic this week border fields.”
when the head of state oil marketer Somo spoke Hammoud noted that his firm’s explora-
of reaching a target of 7mn bpd by 2027, which tory drilling work would be allocated sufficient
represents an increase of around 2mn bpd from budget by the MoO, especially in fields shared
the current capacity. with neighbouring countries. “The annual allo-
Speaking to Reuters, Alaa Alyasri reiterated cations and budgets allocated to the company are
that the country produced 4.65mn bpd in Octo- no different from those of extractive companies
ber, below its 5mn bpd capacity, and in line with and need to be increased because the lack of allo-
its OPEC+ quota. cations constitutes an obstacle to the implemen-
Former Oil Minister Ihsan Abdul Jabbar tation of projects,” he said.
spoke regularly of reaching 8mn bpd by 2027, While perhaps suggesting as yet undisclosed
but Alyasri’s comments are the first related projects, Hammoud went on to clarify that two
remarks since the minister was replaced by of the projects in reference were that of TotalEn-
Hayan Abdulghani. ergies to expand the development of the Artawi
Alyasri added that the majority of the capac- oilfield and the Arab Gulf Block Joint Study
ity increase would come from work ongoing to Agreement (AGB JSA) onshore/offshore project
expand the capabilities of the Rumaila and West with CNOOC.
Qurna-2 oilfields, being developed in collabora- He did note, however, that the OEC has a
tion with BP and PetroChina and Russia’s Lukoil five-year plan that “includes dozens of projects
respectively. awaiting financial allocations.”
Week 46 16•November•2022 www. NEWSBASE .com P5
