Iraq Renews Petroleum Exploration
Posted 08-09-2008 at 01:03 AM by larryhans
After 20 years of inactivity, the Iraqi Petroleum Ministry said that it had renewed Petroleum production and exploration on national soil. The statements by Ministry representative Asim Jihad were accompanied by a government celebration because of this new step which is being recognized as one of the most important ones since the fall and deposal of Saddam Hussein.
The opening and rehabilitation of the oil wells aims to help generate the resources needed to solve the various problems and costs that have been brought to the region, especially after the invasion of the coalition armed forces led by United States.
Likewise Reuters asserted that the activity was attended by senior government leaders, who indicated that in a few years this could lead to a decline in world crude oil costs, given the global price hikes.
As announced by spokesman Jihad, Iraq seeks to extract three million barrels of petroleum per day and thus surpass the 2.5 million barrels that are currently being produced, or the pumping level before the U.S. invasion in March, 2003. The goal is to reach an output of 4.5 million units a day within five years. Currently, 2.11 million barrels of oil a day are being exported.
According to Reuters, the activity was attended by the Petroleum Minister and senior leaders who saw the ceremony to start the extraction of the precious product, after twenty years of inactivity.
"Iraq, which has the third proven reserves of crude oil in the world, lacks the technology and capital in the wake of international sanctions that prevented the country from modernizing its network of production and distribution", published the AFP.
In TicosLand.com, we sympathize with the progress of the region after the difficult times they have faced, and we hope that this press release, will to become a strong benefit for everyone in the world and for Costa Ricans in a few years.
The opening and rehabilitation of the oil wells aims to help generate the resources needed to solve the various problems and costs that have been brought to the region, especially after the invasion of the coalition armed forces led by United States.
Likewise Reuters asserted that the activity was attended by senior government leaders, who indicated that in a few years this could lead to a decline in world crude oil costs, given the global price hikes.
As announced by spokesman Jihad, Iraq seeks to extract three million barrels of petroleum per day and thus surpass the 2.5 million barrels that are currently being produced, or the pumping level before the U.S. invasion in March, 2003. The goal is to reach an output of 4.5 million units a day within five years. Currently, 2.11 million barrels of oil a day are being exported.
According to Reuters, the activity was attended by the Petroleum Minister and senior leaders who saw the ceremony to start the extraction of the precious product, after twenty years of inactivity.
"Iraq, which has the third proven reserves of crude oil in the world, lacks the technology and capital in the wake of international sanctions that prevented the country from modernizing its network of production and distribution", published the AFP.
In TicosLand.com, we sympathize with the progress of the region after the difficult times they have faced, and we hope that this press release, will to become a strong benefit for everyone in the world and for Costa Ricans in a few years.
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