Iraq Starts Drilling 20 Oil Wells

An oil field is seen in Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. (Reuters)
An oil field is seen in Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. (Reuters)
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Iraq Starts Drilling 20 Oil Wells

An oil field is seen in Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. (Reuters)
An oil field is seen in Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. (Reuters)

Iraq’s Oil Ministry announced on Tuesday that it kicked off a project to drill 20 oil wells in the Nasiriyah oil field in the southern Dhi Qar province.

Director-General of the Iraqi Drilling Company (IDC) Bassem Abdul Karim said the project is part of the contract signed with the Dhi Qar Oil Company in cooperation with the US Weatherford Company to provide oil services.

He told a press conference that the drilling process was using modern drilling rigs, and that the planned depth of each well is 2,200 meters.

The IDC has provided four modern devices with specific capabilities to implement the project within 18 months.

Last week, Abdul Karim revealed that Iraq signed contracts with American, Chinese, Russian and Azeri companies to explore for gas and crude oil in territorial waters in southern Iraq.

Companies include US Halliburton Co, Schlumberger Ltd and Weatherford and China's Bohai Drilling Engineering Co.

Iraq is targeting the oil and gas fields in the submerged zone and the Faw sea coasts to produce gas and crude oil, Abdul Karim noted.

These agreements with global companies will support the Iraq’s plan to construct submersible or submerged drilling rigs in offshore drilling processes, as well as train the company’s employees in accordance with the latest technologies and expertise in the field of diversified drilling.



Islamic Development Bank Approves $575.63 Million in Financing to Member Countries

The Islamic Development Bank logo
The Islamic Development Bank logo
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Islamic Development Bank Approves $575.63 Million in Financing to Member Countries

The Islamic Development Bank logo
The Islamic Development Bank logo

The Islamic Development Bank’s Board of Executive Directors, chaired by its President, Dr. Muhammad Al Jasser, has approved $575.63 million in financing to foster education, energy, regional and international connectivity as well as job creation and food security in Africa and Central Asia.

The approvals will contribute to the achievement of the Sustainable Development Goals (SDGs), in line with the national development plans and priorities of the recipient member countries.

According to an IDB statement, the Board of Executive Directors approved financing for two energy and connectivity projects in Guinea; two education projects in Kyrgyzstan and Uzbekistan; a transport connectivity project in Kazakhstan; an agri-food MSMEs project in Tunisia; and a rural electrification project in Benin.

“This round of financing approvals represents a milestone in the history of our institution as our annual development approvals have exceeded $5 billion,” said Al Jasser.

He stated that the approvals include the Guinea-Senegal Road Corridor Construction Project which will receive 140 million euros in financing to strengthen Guinea's connectivity with Senegal.

The project will enhance livelihoods by facilitating efficient market and service access, improving roads, lowering transport costs, boosting agriculture, and elevating regional economic integration across West Africa.

Additionally, IsDB approved $80 million in financing for the construction of a 40 MW Thermal Power Plant in Kankan, the second largest city in Guinea, aiming to extend the electricity distribution grid to enhance people’s lives by improving the stability and reliability of electricity supply.