Oil-based $ 73 a barrel for the budget in 2011, at export 2.3 million barrels per day

The Ministry of Oil in Baghdad, Sunday, the adoption price for a barrel of oil up to $ 73 in the state budget for 2011 in agreement with the Ministry of Finance, pointing out that exports adopted rate 2.0003 million bpd exports, including the Kurdistan region.

Said the spokesman of the Ministry of Oil, Assem Jihad, in an interview for “Alsumaria News”, “the ministry entered into an agreement with the Ministry of Finance provides for calculating the price of a barrel of oil up to $ 73,” noting that “the price of a barrel selected will depend on the state budget for 2011.”

Jihad said that “the average life dear price of a barrel of oil exports by about 2.0003 million barrels a day,” asserting that “the Kurdistan region’s exports, which amount to 150 thousand barrels per day, calculated within the rate of export of Iraq.”

The Oil Ministry announced its intention to raise production capacity and export during the next six years to reach nearly 12 million barrels per day, after the signing of several oil contracts with international companies to invest in a number of major oil fields is invested in various parts of Iraqi territory.

It should be noted that the Government of the Kurdistan region of Iraq began in the first of last June to export oil for the first time in the light of differences with Baghdad, which does not recognize contracts signed by the Erbil with foreign companies, but it stopped its oil exports in the middle of this month and demanded the Iraqi government, the Federal payment of financial dues foreign companies that have invested in the oil fields within the region.

He continued the spokesman of the Ministry of Oil that “a delegation from the ministries of oil and financial experts from the Central Bank of Iraq met in Amman with a delegation from the World Bank to brief him on the work of the two ministries on economic policy and oil,” noting that “the World Bank expressed satisfaction with the reached Iraq in the development of oil and gas fields, which result in a provision to reform the economic situation and keeping pace with the global economy. ”

The official emphasized that “The Oil Ministry continues to develop oil fields and add about 350 thousand barrels per day in the framework of the activities to develop oil fields in the south and north.”

The Ministry of Oil was launched last May, the third round of licensing for investment in gas fields, and included three fields are the crutch of Saybah and Mansuriyah, pointing out that these contracts are contracts of service and will be under the control of the Iraqi side.

The Iraq’s production of liquid gas is about 4 thousand tons per day, fill a need for 85% of domestic production, estimated at four thousand and 500 tons per day, while imports the remaining amount of the neighboring countries, and has a reserve of Iraq’s proven natural gas, 112 trillion cubic feet, which makes Iraq was ranked tenth among the world’s rich natural gas, but the natural gas industry in Iraq is still lagging behind, compared to its neighbors from the Gulf States, as they are burning all the gas associated with the process of extracting the oil, because Iraq’s lack of technical possibilities to invest.

It is noteworthy that Iraq has signed the beginning of the year 2010, contracts with several international companies to develop some oil fields, the two rounds of licensing the first and second, to reach a production of at least 11 million barrels per day within the next six years, and 12 million barrels a day, after the addition of produced quantities of the other fields of national effort.