Iraq Able to Meet the Growing Demand for Global Oil
|October 12, 2012||Filled under Iraq Daily News|
During the launch of the annual report of the International Energy Agency
BAGHDAD – morning , Deputy Prime Minister for Energy Hussein al-Shahristani said global oil demand will increase by one million barrels annually, stressing that Iraq has confounded oil formidable of approximately 199 billion barrels untapped him so far only 15 percent, explaining that the optimum exploitation of the oil wealth would pay Iraq during the next few years to raise its budget public to reach up to $ 500 billion.
And announced Shahristani during a speech on the sidelines of the ceremony, which was held yesterday in Baghdad on the occasion of launch of the International Energy Agency on ((horizons energy Iraq)) that the future plans short will aim to reach oil production to nearly six million barrels per day, which was supported by the head of the International Energy during his speech when he said: that Iraq has the ingredients and qualifications will enable the coming years of occupation mattress global advanced between producers and exporters of oil, Dr. Light Pearl that Iraq will reap $ 200 billion annually from oil revenues, as signs increase GDP rate doubled, articulating at the same time the expectations that came the report of the Organization of the International Energy, which said the Iraq will have during the current decade 45 percent of the growth rate expected in global output, pointing to the importance Investment Iraq for more than $ 530 billion in the energy sector, and a rate of 25 billion a year in order to increase revenues and financial revive energy projects in various forms of oil and electricity.
The report was prepared by the International Energy Agency warned Iraq of slowdown or delay energy projects who said it would cost the country worth three trillion dollars of national wealth, as well as exposing the world oil market to vibrations and critical times, and while expected (report) to play oil and gas sector an important role in the country’s future and prosperity as well as its contribution to the security and stability of global energy markets.
Shahristani said: that the policy of the country is heading towards increasing production loudest pace possible in order to provide revenue needed for reconstruction and construction, and that Iraq able to meet the growing demand for oil worldwide, particularly since the country is planning to develop the oil industry and energy, and the implementation of projects exploratory oil and gas in order to maximize fiscal revenue, likely to continue to rely almost entirely on oil (as the only source of energy) during the next two decades.
Turn expect the head of the International Energy Light Pearl to get Iraq on the lion’s share of the rest of the countries producing and exporting oil in the future, pointing out that it can happen after strenuous efforts Government’s efforts to increase production and raise and attract more international oil companies that could contribute to increase production, but the Light called not to neglect wealth invading Iraq, which he said was (right Mansi of Iraq), likely that Iraq produces a total of 90 million square meters cubic of gas per year in the case has been exploited that wealth optimally, expressing regret for wasting 60 percent of the natural gas that is not exploited during the extraction of oil by Iraq, pointing out that the cost of exploration and extraction and export of natural gas in Iraq is the lowest among the rest of the world producer.
While pointed Pearl said Energy Organization is working to help Iraq in diversifying sources of income and not rely almost entirely on oil revenues, said the energy sector suffers from some of the obstacles that hinder efforts prosperity and development, bearing failure to approve oil and gas law at the top of these obstacles, as well as for the destruction that he inherited this sector after years of war and isolation, calling on the government to show more (effort) in approving the law of oil and gas which will, according to Pearl to accelerate raise production capacity and thereby increase revenues Iraq Finance.
While recommended which Pearl Iraqi government the importance of gas exploitation in the operation of power plants and non-spurning, predicted that the country could eliminate the power crisis fully with the end of the year 2015, and built Energy Organization chief forecast that the volume of projects that accept Iraq popularized in this regard, pointing out the possibility of Iraq in achieving the big difference in case of the use of gas instead of oil in the operation of power plants.
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