- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
Iraq is drilling new oil wells to expand crude oil production capabilities
Iraq is proceeding with ambitious plans to drill many new oil wells with the aim of increasing crude oil production capacities and securing Iraq’s position in the global oil market.
Iraq is gradually preparing to replace old wells that have become less productive due to their limited operational lifespan. Asim Jihad, spokesman for the Ministry of Oil, says that some Iraqi oil wells suffer from operational obstacles. In order to maintain and increase production, the Ministry is focusing on drilling new wells to compensate for the decline in productivity of existing wells.
Iraq currently pumps more than four million barrels per day, and with the current rise in crude oil prices, monthly oil sales generate revenues ranging from 7 to 9 billion dollars.
Iraq contains approximately 145 billion barrels of proven oil reserves, which ranks it as the fifth largest owner of these reserves in the world, after Venezuela, Saudi Arabia, Canada, and Iran. This abundance of oil reserves confirms the country’s strategic importance in the global energy scene.
