Iraq in negotiations with foreign firm to resume oil production

Baghdad (IraqiNews.com) – Iraqi oil exports are expected to resume via alternative routes as the government seeks to increase profits and ensure a reliable supply.

The development comes amid increasing pressure on Iraq’s oil sector due to regional instability and the suspension of traditional export routes.

The spokesperson for the Oil Ministry, Saheb Bazoun, said that the government is in negotiations with foreign oil firms operating in the country to resume activities at closed oil fields. Furthermore, preparations are underway to restart oil shipments through the Turkish port of Ceyhan in the coming days.

The Iraqi government is focusing on oil earnings, activating export outlets, and reaching agreements to maintain the smooth flow of exports.

Bazoun underlined that Iraq’s oil production remains intact despite recent setbacks in the industry.

The majority of foreign corporations operating in Iraq have recently withdrawn, leading to the closure of certain oil fields. However, the government has managed to maintain the oil reservoirs and operational infrastructure while actively working to encourage these companies to resume their activities and complete ongoing development plans.

The Iraqi official explained that the Iraqi government is currently attempting to diversify export channels in light of the challenges posed by recent geopolitical developments.

Baghdad seeks to guarantee steady alternatives for Iraqi oil exports while avoiding the risks associated with traditional marine routes.

Last week, Iraqi Prime Minister Ali al-Zaidi met with senior officials at the Ministry of Oil to discuss plans to address the consequences of the closure of the Strait of Hormuz and its impact on Iraqi oil exports.

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المصدر: Iraqi News