TPT November 2008

Oil & Gas News

The Chinese company will provide technical advisers, oil workers, and equipment to develop al-Ahdab oil field, providing fuel for the al-Zubaidiya power plant in Wasit, southeast of Baghdad, bordering Iran, Mr Jihad said. Once development begins, the field is expected to start producing at the rate 25,000 barrels per day of oil, and at an estimated constant rate of 125,000 bpd after three years. Iraq currently produces about 2.5 million barrels per day, 2 million bpd for export, Mr Jihad said. That is close to levels before the US-led war that toppled Saddam in 2003, but below the levels prior to the Persian Gulf War in 1991. Iraq’s Cabinet must approve the contract, but Mr Jihad told CNN World News that this would happen soon and work could start within a few months. Elsewhere in oil and gas . . . ■ The Organization of Petroleum Producing and Exporting Countries (OPEC) announced 12 September that Indonesia has officially left the group. The withdrawal, which former Indonesian oil minister and OPEC secretary general Subroto said originated with Jakarta, not the organization, was taken out of differences over the price of crude oil. “OPEC wants a high oil price, while Indonesia wants a lower price,” Subroto told Reuters. “That is the reason for Indonesia’s withdrawal.”

Photo courtesy of Radyne

In a statement, OPEC said it “regretfully accepted the wish of Indonesia to suspend its full membership” and expressed a hope that the Asian nation, a net importer of oil in recent years, would rejoin the organization.

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N ovember 2008

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