2024-02-20T09:36:27+00:00
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/ The Ministry of Oil announced on Tuesday the launch of a new licensing round for gas extraction, especially in the western regions, stressing that within 5 years the gas will be invested and exported as well.
The Iraqi Deputy Prime Minister and Minister of Oil, Hayan Abdul Ghani, said in press statements monitored by Agency, that Iraq invests only 60% of the gas produced, while about 40% of this gas is currently burned.
He added, “All the gas that is being burned has been contracted to be invested with companies, led by the French Total, which is investing to produce 600 million cubic feet of gas, equivalent to three quarters of the gas that is currently being burned, while the Basra Gas Company is committed to investing gas in three main oil fields: Rumaila, Zubair and West Qurna.”
Abdul Ghani explained, “Iraq, with exceptional efforts, has contracted for the gas that is burned, and within 3 to 5 years it will be invested and used in electricity and other projects.”
He pointed out that “new licensing rounds will be launched by inviting specialized companies to explore gas blocks, most of which are in the western region of Iraq and contain large quantities of gas. Contracts will be awarded next April, through which gas will be extracted, processed, used domestically, and exported in large quantities abroad.”