After Ghani’s appointment, local media announced that NOCs from China and Iraq had begun multiple seismic surveys as part of the first phase of wide-ranging offshore oil and gas exploration between the two countries.
- Nov 14, 2022, 6:00 PM CST
Senior officials report that Iraq’s new Prime Minister Ghani will also go along with his predecessor’s intention of allowing Lukoil to go ahead with its planned development program for Eridu.It is possible that U.S.
First, regarding China, Iraq’s newly-appointed Oil Minister, Hayyan Abdul Ghani, shows no signs of reversing the extraordinary ‘oil-for-projects’ agreement that was signed between Iraq and China in the middle of 2019.
Having effectively now given China the power to do whatever it wants in terms of offshore oil and gas development, Iraq is also allowing Beijing to expand its reach further into key onshore fields as well.
A plan originated in November 2020 was for BP to push production up to 2.1 million bpd, from the then-1.4 million bpd, a level which remains around the same today. With an estimated 17 billion barrels in proven reserves, Rumaila is a prime example of a field for which even a relatively small investment could yield significant increases in crude oil output.
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