Deputy Prime Minister for Energy Affairs and Minister of Oil, Engineer Hayan Abdul-Ghani Al-Sawad, affirmed the ministry's commitment to developing fields and exploration blocks to increase crude oil production rates, as well as investing in gas to support the national economy. This came during his visit to Basra Governorate on Thursday, where he sponsored the drilling ceremony for the first oil well in the Faw block.
The Minister highlighted the importance of attending the drilling of the first well in the Faw 1 project, noting that the Faw block is one of the blocks bordering two neighboring countries (Kuwait and Iran). He confirmed that the development operations carried out by the Chinese company (UEG) are progressing successfully.
The Minister stated that the Faw block is one of the new development projects that will add production quantities to support crude oil production capacities, in addition to increasing investments in associated gas, which will contribute to providing additional fuel quantities to operate power plants.
The Minister added that the Ministry is proceeding with its plans to invest in oil and gas production capacities, using modern technology and implementing professional work standards. The ceremony was attended by the Undersecretary of the Ministry for Extraction Affairs, Mr. Bassem Mohammed Khadir, the Director General of the Basra Oil Company, Mr. Bassem Abdul Karim, representatives of the Chinese company implementing the project, and a number of officials from the Basra Oil Company.
It is worth noting that the Al-Faw block is one of the exploration blocks and fields offered for competition in the fifth and sixth supplementary licensing rounds held last year, and the Chinese company "UEG" won the development contract.