One of the European Union’s long-term energy policy aims has been to reduce its dependence on imports of Russian gas. A large gas discovery in Iraq’s Kurdish region increases the chances that they will succeed, although big challenges remain.
Iraq’s oil reserves have reached about 500 billion (b) barrels till this date, Iraq’s Oil Ministry’s official spokesman, Assem Jihad said on Thursday.
Egypt’s Petroleum Minister Sameh Fahmi said that there is a new plan to have the production of crude oil and condensates up to 720,000 barrels a day through drilling 350 exploratory wells with foreign investments of almost USD 2.5 billion.
Egypt’s aims to attract $2.5 billion worth of new investments in its oil sector with a plan of issuing as much as 18 oil concessions to be offered on bidding, the oil minister was quoted as saying on Friday.
Syria and Iraq emphasized the importance of accelerating the ministries of oil in the two countries to follow the procedures for implementing the pipeline to transport Iraqi oil to Syria and across to Europe and the regional markets and work on rehabilitation and investment of the oil pipeline is located in Syria.
Iraq plans to open the Nasiriyah oil field in southern Iraq to international bidding by the end of this year and expects Japanese companies to actively participate in the oil field development, Japanese government officials said Monday.
Arab economic report revealed that the value of exports of crude oil in Syria during the year 2009 declined by about $ 2.5 billion for the value of exports recorded in 2008.
The Ministry of Electricity of Iraq said that Iraq was in talks with the Syrian side on the imports of electricity to the city of Mosul, pointing to the possibility of Iraq’s accession to the regional electricity net includes Syria and Turkey, Lebanon, Palestine, Jordan, Egypt, Libya and Iraq.
Qatar said on Thursday it and Exxon Mobil have agreed to jointly develop the Barzan Gas Project, which will provide 1.4 billion cubic feet of gas a day, at a cost of 8.6 billion dollars.
Iraq and Jordan have agreed in principle on building a pipeline to supply Jordan with crude oil for the coming decades, officials of the neighbouring countries said on Monday during a visit by Jordan’s prime minister.
