Page 7 - MEOG Week 11 2023

MEOG PRICES & PERFORMANCE MEOG

Iraqi minister reveals expected

scale of solar, gas output

IRAQ IRAQI Oil Minister Hayan Abdulghani revealed will mostly focus on gas fields, will provide about
that the government is planning to increase its 0.75-1bn cubic feet (21-28 mcm) of gas. The gov-
focus on gas investment, while also investing in ernment aims to implement this project within
solar energy projects. During the Iraq Climate three years as a first stage.
Conference, Abdulghani disclosed that the gov- Izzat Saber Ismail, the country’s Undersecre-
ernment has paid attention to gas investment to tary for Gas Affairs, stressed the importance of
benefit from this form of energy. speeding up the implementation of associated
Abdulghani said that the ministry has gas investment projects from oilfields. During a
reviewed existing projects in gas investment in visit to the export port Umm Qasr in Basra Gov-
southern, central and northern fields. He noted ernorate, Ismail said that the ministry is working
that the amount of gas used in generating electric on promising projects to reduce the burning of
power amounts to 56%. For the first time in Iraq, gas associated with oil operations. He added that
a solar energy project with a capacity of 1,000 the next few phases will witness the addition of
MW will be contracted. He described the project new quantities of gas.
as “large and exemplary” and an example of the Ismail also pointed out that the ministry is
use of renewable energy. keen to develop and rehabilitate loading docks in
Abdulghani also stated that the ministry is the port of Umm Qasr, as well as increase export
working on several projects, including a project capacity.
to invest 200mn cubic feet (5.7mn cubic metres) In conclusion, the Iraqi government’s invest-
of gas in Nasiriyah, and a project to invest 300 ment in renewable energy sources, such as solar
mmcf (8.5 mcm) in Maysan, one of the most power, and a greater focus on gas investment, is
promising projects. Power stations that depend a step in the right direction. It will not only help
on this gas will be installed. to diversify Iraq’s energy sources but also reduce
In addition, the fifth licensing round, which its carbon footprint.™

Omani oil output up, new bid rounds planned

OMAN DATA from Oman’s National Centre for Statis- spud a new exploration well in Block 31 this year
tics and Information (NCSI) shows that oil out- and launch a new round of exploration drilling
put rose by nearly 10% during 2022 to 1.064mn in Block 44 this year.
barrels per day compared to 971,236 bpd in The company’s Block 31 and Block 44 licences
2021. are located in north-western Oman near the
The Centre reported that during the month border with the UAE. The QSF licence is located
of January this year, production rose to 1.065mn in north-central Oman. Production averages
bpd compared with 1.028mn bpd in January around 12,000 bpd, most of which is crude, and
2022. Oil output amounted to 25.978mn barrels the remainder associated gas.
and condensate accounted for 7.045mn barrels Oman’s Ministry of Energy and Minerals has
during the month. Oman earned an average announced that it will offer licences for offshore
price of $86.20 per barrel during January, down and onshore concessions this year. ‘Batch 1’ of
from $80.30 per barrel during the first month of the bidding round will consist of onshore blocks
2022. The country’s budget calculates an oil price that include a mix of tested producing wells,
of $55 per barrel. discovered areas, plus prospects and leads, the
China lifted most of Oman’s oil during Jan- ministry said. It will be opened before the end
uary at 21.6mn barrels. India followed second of Q1 this year.
with 1.71mn barrels and Japan took 1.26mn ‘Batch 2’ will include selected offshore blocks
barrels, according to the data. and be opened for bidding before the end of Q2.
Meanwhile, independent Omani company The ministry will also open the 2023 Oman Min-
ARA recently announced its intention to triple ing Bid Round during the first quarter. Minerals
its output to 30,000 bpd by 2027 with combined include chromite, copper, limestone and others.
production from Block 31, Block 44 and the QSF Oman has estimated crude oil and conden-
Small Fields. sate reserves of 4.876bn barrels, according to the
The firm, which reports that it has produced ministry. Natural gas reserves are estimated at 23
10mn barrels since November 2022, said it will trillion cubic feet (651bn cubic metres).™

Week 11 15•March•2023 www. NEWSBASE .com P7