Oil Ministry: We are working to sustain production, OPEC Plus agreement is linked to events and challenges

Ministry of Oil set a plan to maintain production rates from oil fields, while noting that the agreement to restrict production according to the OPEC Plus agreement is for a specific period, which is no longer needed due to the demise of challenges and circumstances. 

And the Undersecretary of the Ministry of Oil for Extraction Affairs, Karim Hattab, said in a statement that “one of the goals and plans of Oil Ministry is to work on maintaining, developing and increasing production for oil fields by supporting projects for the construction of pumping stations, isolation process, infrastructure, pipelines, and digging more wells to maintain Production rates, whether through the national effort represented by the Iraqi Drilling Company or through contracting with reputable international companies.

He pointed out that “the contract with Schlumberger International to drill 96 new oil wells in the “West Qurna 1” field in the south of the country aims to maintain and enhance production plans in this field, which is one of the large and important fields.

He explained that “the oil fields begin to produce gradually, depending on what is extracted from the oil wells until they reach the peak of production and extend for years and then begin to decline in production, and this requires support and perpetuation of production by drilling more oil wells to achieve the goals of maintaining production.