MOO Announce the Formation of Thi Qar Oil Company

The Iraqi Ministry of Oil announced the completion of all its legal procedures to form the new Thi Qar Oil Company.

 The ministry of oil said in a statement on its official website that is completed all of the legal procedures and documentation for forming the new public sector company.

The minister Abdulkareem Loaibi said in the statement “ the reason of establishing this company is that Thi Qar province’s oil production levels exceeded 100,000 barrels per day”.

The minister noted that “ Thi Qar Province has two major oilfields Nasiriya and Gharraf,  in addition to a large promising exploration areas”.

Loaibi indicated that “ the company will give a chance to speed up the development process in the province and enhance the general economic situation”.

The ministry decision came two days right after the Iraqi prime minister Nori Al-Maliki visited the province and gave his orders to establish an oil company in Thi Qar to manage its oilfields development and production”.

It worth mentioning that Thi Qar oilfields is currently run by Thi Qar Oilfields Authority which is officially a subsidiary of South Oil Company in Basra.

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