cabrio
12-21-2005, 05:46 PM
http://rigzone.com/
Source: Rigzone.Com
Iraq's 2006 budget has allocated $6.1 billion for investment in the oil sector next year, Thamer al-Ghadhban, a lawmaker and former oil minister, said Monday.
Ghadhban said the National Assembly, or parliament, had ratified the budget, which has been set at $33.9 billion, late Sunday.
A member of parliament's energy committee, Ghadhban was oil minister during the government of former prime minister Ayad Allawi.
The money will be used to try to increase Iraq's crude oil production and exports through various projects, Ghadhban told Dow Jones Newswires.
The budget estimates that the government will earn around $28.5 billion from 2006 crude oil exports, which account for 90% of the budget's revenues
A government report, seen by Dow Jones Newswires Monday, expects oil revenues at the end of this year to reach $23 billion, compared with $17.5 billion from oil exports in 2004.
The budget also envisages crude oil production increasing 15% to 2.3 million barrels a day from current output of 2 million b/d.
Source: Rigzone.Com
Iraq's 2006 budget has allocated $6.1 billion for investment in the oil sector next year, Thamer al-Ghadhban, a lawmaker and former oil minister, said Monday.
Ghadhban said the National Assembly, or parliament, had ratified the budget, which has been set at $33.9 billion, late Sunday.
A member of parliament's energy committee, Ghadhban was oil minister during the government of former prime minister Ayad Allawi.
The money will be used to try to increase Iraq's crude oil production and exports through various projects, Ghadhban told Dow Jones Newswires.
The budget estimates that the government will earn around $28.5 billion from 2006 crude oil exports, which account for 90% of the budget's revenues
A government report, seen by Dow Jones Newswires Monday, expects oil revenues at the end of this year to reach $23 billion, compared with $17.5 billion from oil exports in 2004.
The budget also envisages crude oil production increasing 15% to 2.3 million barrels a day from current output of 2 million b/d.