An international expert: Iraq last unexplored sites on the surface of the earth

An international expert: Iraq last unexplored sites on the surface of the earth
The proportion of the expected oil reserves could reach 150

was likely an international oil expert said Iraq has the highest oil reserves in the world and said: Maybe Iraq last unexplored sites of high potential oil on the surface of a low-cost land. He predicted oil expert Majid Hamid Jafar that does not result in Iraq last barrel of oil has where the percentage of reserves to production in Iraq, now more than 150 years, said this fact confirmed not to start exploring the real yet.

And warned Jaafar that the world is heading away from the economy based on fossil fuels before the exhausted resources of Iraq hydrocarbon Long, referring to the losses incurred by Iraq due to delay investing mastery of oil. He pointed out, and at the global level, according to the most conservative estimates for oil demand growth, the world will need to quantities of oil and described the Kingdom of Arab Saudi-new five to seven years.

Turning CEO of Crescent Petroleum, where he was speaking in the Iraqi energy conference held in London recently to oil and its effect on the marginalization of the agricultural sector and destroyed as described also hindered economic diversification in other sectors. It was encouraging to the President to increase military spending then, which led him to the many wars and years of sanctions and the result has the oil that Iraq is a rentier state and greater reliance on a single source of income.

According to Jaafar that the oil has also hindered the development of the Iraqi workforce, rather than supported, a key to economic and social development and long-term in Iraq. He said if we look to the future we will see that our challenge is to maximize revenues from the reserves and the potential of Iraq's vast energy with the direction of such proceeds are hoping to develop a diversified economy and increase the welfare of the Iraqi people on a large scale.

It is expected Jaafar said the world is increasingly dependent on Iraq in the future to achieve energy security, at the time he was unable to provide electricity for its people, pointing to the legacy of heavy loaded nationalized the oil and the hegemony of the state, which has become very central to the identity of Iraq over the past decades ..

The sector is the local private in Iraq, an important part of the value chain oil marketing operations to the exploration and production in addition to the fields of contracting and services, considering it an important goal to ensure that maximize the benefit of the local economy and create jobs, pointing out that people become aware of the need for private sector participation in investment and management promised This development is substantial achievement in light of the long history of the nationalization of oil.

And A_i_riq the future that awaits him Iraq, stressing the need for institutions and systems in place provisions to deal with the substantial increase in revenues to protect the national economy from the negative effects and the stability of the budget during the sessions of the boom and downturn, pointing out that it is important to develop the economy Local phasing out of domestic support and the establishment of a domestic market for gas viable. He said after eight years of invasion and six years of adoption of the Constitution we now see different results from the positive side, where the government placed the Federal Iraq firmly on the international map as a country with the potential of producing high.

He oil expert Majid Hamid Jaafar at the end of his admiration and praise of government performance and workers in the sectors of oil in Iraq, day after day, their courage in the face of all the risks and difficulties to continue working and moving forward, albeit slowly but surely in this vital sector.

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