Baghdad The National Oil Company and the Ministry of Oil affirmed their keenness to implement plans for the implementation of projects to develop exploratory patches with the aim of increasing production rates of crude oil, pointing out that the world is heading towards clean energy without retreat.
The Head of the National Oil Company, Ihsan Abdul-Jabbar Ismail, said, during his patronage of the ceremony of laying the foundation stone for the crude oil processing plant for the ninth exploration block within Al-Fayhaa oil field in Basra Governorate, with a capacity of 100,000 barrels per day, that ” Al-Fayhaa oil field development project is one of the important projects for the production of light oil, and it is one of the border fields, and the national oil from this project aims to produce up to 100,000 barrels of crude oil, in addition to producing quantities of gas with a capacity of 135 cubic meters in a future stage to support the operation of electric power plants.”
He added, “The Ministry of Oil and the National Oil Company are planning to increase production in the coming years, which will lead to an increase in the financial revenues of the federal treasury and thus raise the level of services provided to the people,” noting the importance of developing clean energy projects and alternative sources of fossil energy that reduce the use of fossil fuels and thus reduce of expenses.
For his part, Director of the Basra Oil Company, Khaled Hamza, stressed the importance of developing this field because it is one of the border fields and also because we are targeting for the first time the development of a complex reservoir, pointing to the field development operations that began in 2014 with Kuwait Energy and later with the Chinese company UEG, and the first exploratory well was drilled the results were encouraging.
He explained, “The oil produced from the exploration block 9 is classified as one of the best types of oil globally, and we have promising future plans to develop the field’s reservoirs,” praising the efforts of the company’s employees and the role of the security forces to achieve this achievement.
In turn, the CEO of the Chinese company UEG “Song Yu” said, “These are important moments for our company, which is laying the foundation stone for the development of the 9th exploration block in the Fayhaa field,” reviewing through an explanatory explanation the stages of work and future plans for its development.
Source: National Iraqi News Agency