• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 2 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 6 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 3 hours Will Uncle Sam Step Up and Cut Production
  • 8 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 9 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 21 hours US Petroleum Demand Strongest Since 2007
  • 21 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 20 hours Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 9 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 3 hours Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 3 hours Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 4 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
Oil Prices Crash On Recession Fears

Oil Prices Crash On Recession Fears

Oil prices fell sharply on…

Iraq To Expand Oil Production Capacity Via Manmade Island

Oil

Iraq’s latest attempt to expand oil production capacity has the oil ministry considering a plan to inject seawater into underwater crude deposits from a manmade island, according to a new report by Bloomberg.

Iraq has also sought bids from six companies to complete a $4 billion project, which would make onshore fields in the south more productive. Ihsan Abdul Jabbar, director of the state-owned Basra Oil Co., told Bloomberg that the ministry already received five bids from companies interested in creating new processing capacity at the 450,000-barrels per day Majnoon field.

The artificial island experiment is a joint study with a Dutch company to construct a land satellite off the Gulf coast with a 10 million-barrel storage facility with a 2-million-bpd export capacity on its banks.

“Let’s say we have rough weather. The tankers will be taken to a safe zone, and when the rough weather ends, we will have many vessels and not all will be able to come for loading as the waiting area will be busy,” he said. “But if we have more than one terminal, once the rough weather ends, they all can come to get crude loaded.”

The Iraqi oil executive said the island would increase the reliability of Iraqi oil exports, which have largely recovered since the damaging effects of the war against the Islamic State. Baghdad declared the end of the official military campaign against the terrorist organization late last year.

“If damage occurs to one of the jetties, the maintenance takes months. If we have rough weather, it also takes two days from export capacities,” Abdul Jabar said. “To secure your business, export capacities must be 1.5 times greater that output capacities to overcome any problems of having output but being unable to export.”

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play