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       #Post#: 20--------------------------------------------------
       New mining discoveries thanks
       By: seo chandna Date: September 3, 2023, 5:48 am
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       The discovery of new fields has followed a marked downward trend
       since the 1960s, and the last decade has been no exception:
       annual conventional oil discoveries were just over a quarter in
       2019 of what they had been in 2010. , and only in one of the
       middle years of the decade was 50% of the 2010 total reached.
       After the collapse of prices in 2014, oil companies drastically
       reduced their investments. In 2021, investment in oil and gas
       exploration and production was only 50% of what it was in 2014,
       with most of the decline coming from the five largest Western
       companies.
       At the beginning of the last decade, Iraq was Phone Number Listy
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       great hope for improving the conventional
       supply landscape. This country has the fifth largest reserves in
       the world and is the third largest producer in OPEC+. All of its
       main deposits are located inland, while production and
       investment costs are very low compared to Saudi Arabia and
       Kuwait. In 2009, the Iraqi government had awarded oil contracts
       to various partners including large corporations, Asian
       companies, and the Russian non-state company Lukoil.
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       The Iraqi government then hoped that the country could increase
       its production from 2.4 million barrels a day in 2009 to 12
       million in six or seven years. Although many inside and outside
       the global oil industry considered the target too ambitious, it
       would have seemed realistic to aim for 6 to 7 million barrels a
       day. But even this aspiration proved too ambitious. Iraqi
       production reached four million barrels per day in 2015. In
       2018, it only reached 4, 8 million. And in 2021, Iraq produced
       less oil than in 2020.
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