among the oil expert suggested increasing the share of Iraq’s export of oil by OPEC, as confirmed among the parliamentary adoption of the price of $ 85 a barrel in the state budget for next year 2012.
And oil expert predicted Halim Kazem increase the share of Iraq’s export of oil during the year (2014) by the “OPEC” as a result of decline in many countries Bantegadtha oil. Kazim said, according to the Agency (news): Many oil-exporting countries in the world would fall produced oil during the year (2014), which will push the “OPEC” to increase the versions of some oil-producing countries and with an increase of local production such as Iraq and Saudi Arabia.
He guessed Kazim that up global demand for oil during the next biennium to (90) million barrels per day and OPEC to (32) million barrels of oil a day and this is what will allow Iraq to increase its share of export of oil as a result of what Iraq is going through now is to increase local production and development of oil fields.
He added that the share of export of oil set by OPEC determined by several factors, including susceptibility oil production and economic growth of the country, in other words, if the country was lagging behind economically and in need of funds are to increase production of export.
He pointed out: that Iraq when the United Nations has allowed the export of oil for food was without a share of planned him in the export, but as the need required it, saying: Iraq is still now enjoy in this case to issue and without a share prescribed to him, but according to need.
The oil expert: that Iraq will be subject to its share of the export of oil from OPEC as of (2014), indicating : It’s almost an equation to determine the share of each product.
Earlier in the expert said, the oil Hamza Jeweler in the statement (of the Agency news) that Iraq is capable of producing more than (13) million barrels per day that companies in the process of extracting the oil solid and well-known and one of the companies leading to the development of the oil industry in the world.
He pointed out: that Iraq is unable to export this large quantity to the outside because oil is consistent with the requirements of a need for the global market for oil and added that Iraq is restricted share prescribed to him by the (OPEC) to export oil to the outside.
The IMF report on oil and gas had pointed out the place owned by Iraq of oil amounted to 143 billion barrels of reserves have been identified (200) million barrels, etc. can be extracted and will take the lead Iraq’s most powerful nations oil Great position to influence the global markets
to that revealed by Finance Committee, Rep. Najiba Najib that the next budget were based on the price of a barrel of oil (85) instead of $ (80) dollars, saying: that the budget did not reach far to the parliament.
and said Najib’s Agency (news): that the next budget is still in the federal government did not reach to the Parliament and its features, but we found that there is an increase to the price of a barrel of oil (85) instead of $ (80) dollars as a result there is a possible increase state revenues from oil. The expected answer: to reach the budget (2012) from (115 to 120) trillion Iraqi dinars, contrary to expectations that it had up to (112) trillion dinars, saying that there was a marked increase in the investment budget at the expense of operational and this came after the objection Fund World Bank on the budget.
The member of the Finance Committee representative to the next budget included giving full powers to the provinces and increasing financial allocations to them for investment and development of the regions, are described: it is a good balance and differ from previous budgets in all respects.
The House of Representatives when it voted on the budget for 2011 of $ 81.9 billion dollar deficit of $ 13.3 billion is covered by the amounts retained from the previous year’s budget, borrowing internally and externally, while the operating expenses $ 56.4 billion, while the capital expenditures $ 25.4 billion based on the rate of 76.5 dollars per barrel of oil at a rate of 2.0002 million barrels a day, including 100 thousand barrels of the Kurdistan region.
In the meantime, began “Gazprom Hnevic” Russian drilling the first well test in the field of Badra oil in Iraq in depth will be 4.9 meters and the expected completion of the drilling process in April 2012. This was announced by the press office of the company on November 25.
According to media sources informed that he will work in the field together three excavators, which will begin digging a well, the second before the end of 2011 and will be in January 2012, activation and testing of exploration well I “Badra 1″ . After completion of the evaluation of test wells, equipped with the necessary equipment and become extractive wells. The field is located Badra in the province of Wasit, with an estimated reserve Geological Field 3 billion barrels of oil.
It is noted that the holding of the field had signed with the government in January 2010 based on the results of the auction that took place in December / December 2009, where he was granted the right to exploit field to a consortium consisting of companies “Gazprom oil” Russian (30%) and “KOGAS” Korean (22.5%) and “Petronas” Malaysian (15%) and “Trouw” Turkish (7.5%). While the share of company “Oil Exploration Co.” Iraqi 25%. And the task of running the field belonging to the company “Gazprom oil”. And continue to work on the project for 20 years, extendable for another 5 years. It is expected that the volume of investments up to $ 2 billion. According to the terms of the contract compensates the taxpayer for the amount invested plus a $ 5.5 per barrel of oil extract.
It is scheduled to begin extraction operations in the field in 2013 and will reach the size of the extraction day to 170 thousand barrels in 2017 (8.5 million tons per year) and remains at this level for 7 years. And is supposed to dig 17 wells in the field of extraction and 5 injection wells.