(Standard Chartered) Iraq is expected to be the biggest oil exporters in the world

(Standard Chartered): Iraq will be the largest oil exporters in the world if it has achieved stability and prevent attacks on infrastructure

Author: HAA
Editor: BK, BS
2014-03-05 19: 00
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Anticipating a British Bank is known, said Wednesday that Iraq becomes a "bigger" crude oil exporters in the world, and that its revenues could reach some five trillion dollars in 2035, and while the subject "to the" enormous reserves, but also to the geological conditions that make Iraq oil extraction and refining, "least cost" in the world, said the Iraq move beyond "political instability" and "attacks" on oil infrastructure if they wanted to be "a pioneer" in this area.

According to the latest report issued by the Standard Chartered Bank of Britain for investment funds, as reported on the website anvistngh com com Investing for economic news, obtained (range).

The British Bank, said in its report, the International Energy Agency IEA estimates for October of last year, showed that Iraq's oil revenues can reach about five trillion dollars, or the equivalent of 40 times its gross domestic product GDP for the year 2010, from now until the year 2035."

Standard Chartered, said that "this is not a huge reserve of oil, but also the geological conditions of oil companies", stating that "the costs of drilling and oil exploration in Iraq are the cheapest in the world close to the standard of the surface of the Earth."

The source, "the International Energy Agency estimates that Iraq needs to invest more than $530 billion in new infrastructure projects for the modernization and rehabilitation of energy resources," adding that "Iraq must go beyond political instability and prevents attacks on oil infrastructure if they want to become the leading country in the production of oil in the world."

Standard Chartered, said that "many new oil fields into production began to increase Iraqi production, despite the challenges and constraints facing the country", noting that "Iraq's oil fields are those, especially in the United States, Canada and Brazil, the geological nature of the dug wells less complicated and costly, as the nature of Iraqi crude that need refining less focused than others."

According to the u.s. energy information administration, cited the website, there is a sharp difference in the average cost of oil extraction between Iraq and other places in the world ", "the price margin for the difference up to $5 less for each barrel extracted from the instances in other countries, including countries in the Middle East."

Deputy Prime Minister for Energy Affairs, Hussein Shahristani, said (1 March 2014), while attending the opening ceremony of a new oil refinery units, the number of "historical record" in oil exports reached 2 million and 800,000 bpd in February, indicating that the projects accomplished by Iraq to develop oil infrastructure, enabled him to produce an average of three million and 500 thousand barrels per day.

He was the Chief Adviser to the Prime Minister, thamir ghadhban, said in a speech to the Conference on energy projects in Iraq, held in Dubai, (27 February 2014), that Iraq is seeking to increase its oil exports by 26 percent through 2014 to reach 3.4 million barrels a day, while he was optimistic a "waste" of associated natural gas production by 2015, and derive benefits from, the next expected self-sufficiency of oil derivatives and stop imported by 2020.

The oil Ministry confirmed, (31 January 2014), that Iraq will soon be "most important" sources of energy in the world, and it will be nine million bpd by 2020, while the OPEC have shown the possibility of absorbing any increase in export of Iraq, Saudi Arabia and Libya, I went back to "maintain the stability of oil prices."

Al-Shahrastani, was confirmed, (18 December 2013 past), that Iraq possesses oil reserves "reached 143 billion barrels, accounting for 10% of world reserves, he aims to produce nine million barrels of oil a day by 2020, stressing that Iraq need to train 500,000 personnel to cover the President in oil and gas sectors.

The Deputy Prime Minister for Energy Affairs, (17 October 2013), that Iraq would be a "provider" for crude oil in the world through the development of oil fields and increase foreign investment despite political instability in the region, which is of global concern on oil processing.

The Iraqi Prime Minister, Nouri al-Maliki, opened in (27 November 2013 last), section chief of the Standard Chartered Bank of Britain.

While it was opened by the President of the Kurdistan Regional Government, Massoud Barzani, in the nigrivan (4th March 2014), British bank branch in Arbil.