logo
With a 100% national cadre, oil exploration: We possess modern technologies that rival international companies

With a 100% national cadre, oil exploration: We possess modern technologies that rival international companies

Iraqi News25-03-2025
Baghdad-INA
The Oil Exploration Company (OEC)announced on Tuesday that it possesses modern global technology comparable to that of international companies. It also indicated a five-year plan for exploration and determining the size of oil reserves.
The company's general manager, Osama Raouf, told the Iraqi News Agency (INA): "The Oil Exploration Company is the only company in Iraq that explores oil and gas sites throughout Iraq from north to south," indicating that "the size of Iraqi explorations in relation to reserves is measured through a five-year plan and an annual plan, as the plans are measured in relation to the size of reserves in Iraq. The larger the exploration plan, the greater the percentage of reserves in Iraq."
He added, 'The Oil Exploration Company is equipped with global technology that competes with the most advanced systems used by international firms.'
He also emphasized that 'the company operates with a fully national workforce, demonstrating the expertise and capabilities of Iraqi professionals. While we do not rely on foreign experts, our technology enables us to match the performance of leading exploration companies worldwide.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Fires erupt across Iraq, hitting a company and school
Fires erupt across Iraq, hitting a company and school

Shafaq News

time2 hours ago

  • Shafaq News

Fires erupt across Iraq, hitting a company and school

Shafaq News – Nineveh/Dhi Qar/Al-Anbar A massive fire tore through a commercial company dealing in electrical and construction materials in Nineveh province on Friday, causing financial losses exceeding 300 million Iraqi dinars, according to a security source. Preliminary investigations indicate the fire was sparked by an electrical short circuit. The source added that residents and the al-Shamal municipality were able to extinguish the flames, as civil defense teams were notably absent from the scene. In Dhi Qar province, authorities reported a second school fire on the same day. The cause of the blaze remains unknown, according to a local security official. Meanwhile, in al-Anbar province, emergency crews contained a restaurant fire caused by another electrical short circuit. No injuries were reported. The incident marks the fourth unexplained fire in Fallujah and Ramadi this week. Although there have been no casualties, the fires have resulted in considerable property damage. These latest incidents come in the wake of Iraq's deadliest fire in years, a hypermarket blaze in Kut that claimed over 60 lives.

Iraq offers incentives for solar energy
Iraq offers incentives for solar energy

Shafaq News

time7 hours ago

  • Shafaq News

Iraq offers incentives for solar energy

Shafaq News – Baghdad Iraq has introduced a low-interest loan program to support the installation of solar panels, part of a wider national effort to cut emissions and reduce the burden on its overstretched electricity grid. Launched in partnership with Region Trade Bank (RTB) and backed by financing from the Central Bank of Iraq, the scheme is open to both residential and commercial users. Loans range from 7 million to 30 million Iraqi dinars ($4,800–$20,700), with repayment periods of up to seven years and an optional six-month grace period. 'This initiative opens a practical path for Iraqis to adopt clean energy solutions and take part in building a more resilient and sustainable economy,' said Ahmed Nowzad, RT Bank CEO, cautioning that applications can be submitted through the government's official portal. While Iraq remains one of the world's largest oil producers, it continues to face persistent electricity shortages—particularly during the summer, when temperatures often surpass 50°C and power demand surges. Iraqi authorities have recently identified solar power as a practical tool to diversify energy sources and reduce dependence on fossil fuels.

Iraq receives new generation of port cranes
Iraq receives new generation of port cranes

Shafaq News

time7 hours ago

  • Shafaq News

Iraq receives new generation of port cranes

Shafaq News – Basra Iraq has begun deploying a new fleet of advanced container-handling cranes to boost efficiency at its ports, the General Company for Ports of Iraq (GCPI) announced on Friday. GCPI Director General Farhan al-Fartousi told Shafaq News that 14 cutting-edge cranes had been delivered—four bridge-type Gantry Cranes and ten rubber-tired gantry (RTG) cranes—designed to accelerate container operations across port yards. Built by China's ZBMC, the new equipment is equipped with smart communication systems that enable semi-automated operation with minimal human input. 'This represents a qualitative leap for Iraqi ports,' al-Fartousi said, noting that the upgrade strengthens Iraq's competitiveness in regional shipping and logistics. Located in the south, Basra's ports handle the majority of Iraq's commercial cargo and oil exports, though years of underinvestment and dependence on outdated machinery have long limited their performance.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store