Oil Ministry creating two more national oil companies

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By Shaymaa Adel

The Oil Ministry will create two more state-run oil companies to handle oil development and output in two southern provinces, Oil Minister Abdulkareem al-Ubaidi said.

“The ministry has taken all the measures necessary so that the provinces of Wassit and Dhiqar can have their own oil companies,” the minister said.

He said the authorities in both provinces have been informed and that his ministry would expedite the process so that both companies become a reality as soon as possible.

“The reasons that make the creation of both companies a necessity is the fact that oil production in both provinces currently exceeds 100,000 barrels per day,” Ubaidi said.

Iraq has three state-run oil companies, one in each of the oil-producing provinces of Basra, Missan and Kirkuk.

Ubaidi said the provinces of Wassit and Dhiqar, which will have their own oil companies soon, were sitting on massive oil reserves and some gigantic oil wells.

Dhiqar is known for its oil fields of Nassiriya, Gharraf and some newly discovered fields with “good reserves,” the minister said.

In Wassit, he added, there were the fields of Ahdab and Badra.