Half a Trillion Dollars of Investment Unexpected Gas Associated With Oil
|May 28, 2014||Filled under Iraq's Oil|
Iraq’s Oil News –
Expert calls for the exploitation of petroleum products in the revitalization of the manufacturing
The joy of pumice is a natural gas associated with crude oil, a resource that can generate significant revenues of up to half a trillion dollars to support GDP, also blocking the part of the need for the country to provide electrical power in the event of his investment the right way.
This prompted the Oil Ministry to seek to attract foreign investment in this field through orientation firing rounds licenses belonging gas fields are Mansuriyya Saybah crutch, as well as associated gas from the fields of Rumaila, West Qurna and Zubair in Basra, also required the ministry of private companies to develop fields oil to prevent burning of any quantity of gas associated with oil.
Iraq flares almost 12 billion cubic meters of natural gas associated with crude oil produced from the wells of Basra, exceed the cost of more than 15 billion dollars a year, while Iraq to import gas from Iran to meet the needs of local at an estimated cost annually more than 4 billion dollars.
Growing calls to increase investment in the sector gaseous instead of burning in the air over pollution factors, as urged an economist Mahmoud Alloush to invest this important sector as a resource that supports the joints of many the most important activate the manufacturing sectors and the petrochemical industry.
Explains Alloush need the country, estimated up to 1.5 million barrels per day of petroleum products, but the production of refineries the country is estimated at 600 000 barrels per day, including the Kurdistan region, ie Iraq imports about 900 000 barrels per day from other countries, he says.
Calls in his statement “morning” to activate manufacturing, particularly that Iraq had exported these products to the countries of the world and efficient outweigh its counterpart overseas, what leads to the revitalization of the national industry and move all the joints of life and attract the workforce unemployed, stressing reconsider structuring staffs administrative and sag located State institutions, which drives the economic development and economic growth.
Expected number of experts and specialists in the matter of oil low quantities of gas that burns every day from 50 percent to 15 percent year-end 2017, calling at the same time to invest wealth-invasive and invested well to enhance revenue Federal, as estimated reserves of Iraq from gas to 137 trillion standard cubic meters, according to the Ministry of Oil.
Studies show that investments in the area gaseous could bring Iraq’s financial income of up to 500 billion dollars in the next twenty years, in addition to the fifty billion dollars as a result of bring gas as fuel in power plants, instead of the crude oil used in the present time.
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