| Work Detail |
The two oil companies of Basra and the Iraqi wells owned by the state, an agreement Thursday, digging the last 40 wells in the Majnoon oil field in the southern province of Basra. Baghdad is seeking through this agreement to increase the production of the field to 450 thousand barrels per day from 240 thousand since 2012. The contract was signed at the headquarters of the Ministry of Oil in Baghdad, in the presence of Oil Minister Thamer Ghadhban, according to an official statement. "The contract will allow the Ministry of Oil to develop the field and increase production operations in record times, and reduced costs, and the efforts of national owners in the oil companies of Basra and drilling." On December 19, the Basra oil company signed a similar agreement with Schlumberger of the United States to drill 40 more wells in the Majnoon field. The Iraqi government has been running the Majnoon field since Royal Dutch Shell withdrew from its development in June. Iraq is OPECs second biggest oil producer after Saudi Arabia, producing a total of about 4. 5 million barrels per day. The Ministry of Oil also announced that it had signed a contract with China National Maritime Oil Company (SNOC) for a seismic survey in two oil exploration areas. Under the deal, the seismic survey will include a maritime area in the Gulf and another near the border with Iran, the ministry said in a statement. Ministry spokesman Assem Jihad said the survey would be the first in Iraqi waters in the Gulf. The land area near the border with Iran and the maritime zone was among six regions that failed to attract bids from energy companies in tender tender granted last year. The Oil Ministry held a tender for global energy companies covering 11 areas near its border with Iran, Kuwait and the Gulf waters. Iraq has accelerated production in recent years with the help of foreign oil companies, the country is the second largest producer in OPEC after Saudi Arabia, on the other hand saw the "Organization of Petroleum Exporting Countries"
A Reuters poll showed that the 14-member group pumped 30.98 million bpd this month, down 890,000 barrels from December, the biggest decline since the month before January 2017. In the new world market, oil prices stabilized after Day gains, as investor confidence was boosted by less-than-expected US fuel supplies and sanctions imposed by Washington on Venezuelas production, but US-China trade tensions have weighed down morale. US Energy Information Administration data showed US crude inventories rose less-than-expected last week due to a drop in imports, especially as Saudi oil supplies declined. "Crude oil prices have become stronger after signs that OPECs cuts are beginning to affect trade," ANZ analysts wrote in a note. US sanctions against state oil company Petros de Venezuela (PDVSA) this week have caused some supply disruptions. Oil stocks have begun to rise in Venezuelan ports, with BDSA itself unable to export oil at normal rates due to US sanctions this week. OPEC announced on January 18, Second, a list of new levels of oil production cuts by its members and other major producers for six months to June, as part of the recent FAO cut-off agreement. According to figures, during the first half of 2019, OPEC and other major producers will cut oil production by 1.195 million barrels per day, bringing production to 43.874 million bpd. Oil stocks have begun to rise in Venezuelan ports, with BDSA itself unable to export oil at normal rates due to US sanctions this week. OPEC announced on January 18, Second, a list of new levels of oil production cuts by its members and other major producers for six months to June, as part of the recent FAO cut-off agreement. According to figures, during the first half of 2019, OPEC and other major producers will cut oil production by 1.195 million barrels per day, bringing production to 43.874 million bpd. Oil stocks have begun to rise in Venezuelan ports, with BDSA itself unable to export oil at normal rates due to US sanctions this week. OPEC announced on January 18, Second, a list of new levels of oil production cuts by its members and other major producers for six months to June, as part of the recent FAO cut-off agreement. According to figures, during the first half of 2019, OPEC and other major producers will cut oil production by 1.195 million barrels per day, bringing production to 43.874 million bpd. Announced on January 18 a list of new levels of oil production cuts by its members and other major producers for six months to June, as part of a recent agreement to reduce production. According to figures, during the first half of 2019, OPEC and other major producers will cut oil production by 1.195 million barrels per day, bringing production to 43.874 million bpd. Announced on January 18 a list of new levels of oil production cuts by its members and other major producers for six months to June, as part of a recent agreement to reduce production. According to figures, during the first half of 2019, OPEC and other major producers will cut oil production by 1.195 million barrels per day, bringing production to 43.874 million bpd.
According to the table published by OPEC on its website, the reduction of OPEC production alone will be 812 thousand barrels, that is, the combined production of OPEC countries will be 25 million and 937 thousand barrels per day, compared with the reduction of 383 thousand other producing countries, which amounts to Its combined production is 17 million and 937 thousand barrels per day. |
