Baghdad-INA
The Ministry of Oil announced on Saturday the commencement of drilling the first exploratory well in the northern provinces since 1978.
The ministry stated in a statement received by the Iraqi News Agency (INA) that, “In implementation of the directives of Oil Minister Bassem Mohammed Khudair, the technical and engineering staff of the Iraqi Drilling Company began drilling a new exploratory well within the Amerli district in Salah al-Din Governorate, under a tripartite contract that includes the North Oil Company, the Iraqi Drilling Company and the Oil Exploration Company, in the presence of the Director General of the Iraqi Drilling Company and the Director General of the North Oil Company.”
It added that "this well is the first of its kind in the northern governorates since 1978, in a step that reflects the Oil Minister's directions towards revitalizing exploration work and developing promising blocks and reservoirs, with the aim of enhancing the hydrocarbon stock of oil and gas and increasing national reserves."
The minister affirmed, according to the statement, that "the ministry is proceeding with its exploration programs aimed at enhancing hydrocarbon reserves of oil and gas," noting that "the commencement of drilling this well represents a significant milestone in the ministry's efforts to revitalize exploration in promising areas after years of inactivity."
It added that "the Ministry of Oil is adopting a new and clear vision based on expanding exploratory drilling and utilizing geological and geophysical data, with the goal of bolstering hydrocarbon reserves of oil and gas and securing resources that support the country's development and economic plans."
Khodair explained that "the project reflects the level of coordination and integration among the national oil formations, represented by the North Oil Company, the Iraqi Drilling Company, and the Oil Exploration Company, to achieve the Ministry's goals of maximizing hydrocarbon wealth and investing it optimally."
It added, "Increasing proven oil and gas reserves and compensating for depletion is a strategic objective for the Ministry of Oil, given its role in enhancing Iraq's global oil standing and supporting long-term oil sector development plans."
It pointed out that "developing hydrocarbon reserves contributes to enhancing the country's future production capacity and gives Iraq greater flexibility in managing oil production and exports, in line with the size of its proven resources and reserves, and achieving the highest possible economic return to serve national development."
The minister affirmed that "the Ministry of Oil is continuing to implement its plans aimed at expanding exploration activity in various promising areas, which will contribute to bolstering national reserves with new discoveries, enhancing economic sustainability, and supporting Iraq's position as one of the world's leading countries in terms of oil and gas wealth."