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Iraqi Oil Minister: We aim to invest 2.6 billion cubic feet per day by 2026
Shafaq News/ Oil Minister Ihsan Abdul-Jabbar confirmed today, Monday, that Iraq aims to invest (2.6) billion cubic feet per day by 2026, stressing that Iraq will join the World Bank 2030 initiative to zero the burning of associated gas.
Abdul-Jabbar said during his participation in the Saudi Green Initiative forum, in a statement received by Shafaq News Agency; Iraq has taken practical steps to move seriously towards replacing clean energy, reducing emissions and pollutants, and setting plans to achieve our goals in optimal investment projects for associated gas and renewable energy projects, noting that “Iraq succeeded in investing (53%) of the total Associated gas, with an increase of 5% over the quantities invested two years ago.
Abdul-Jabbar added that "the Ministry of Oil has set scheduled plans to invest additional quantities of gas amounting to (2.6) billion cubic feet per day by 2026, and the ministry is continuing to implement its contracts with sober international companies to achieve our goals and plans within this framework."
The Minister of Oil stressed that "the Saudi initiative is one of the important strategic initiatives in the region and the world, to meet the challenges and repercussions facing the climate and energy, and that Iraq supports the Green Middle East initiative, and that the green transformation is not far from hydrogen, as the latter provides long-term opportunities for growth and diversification." The economy and the production of green hydrogen will diversify the economy of many Arab countries by taking advantage of the high solar energy resources in the region, and the production of blue hydrogen using low-value raw materials, such as heavy oils, may provide better future economic returns.
The Minister of Oil stressed that "Iraq, within the directions of the government and the Ministry of Oil, is conducting a study of multiple economic models for investing associated gas using liquefaction techniques (GTL) or energy conversion (GTP) through mobile generators with medium capacities or hydrogen conversion, is working on studying these important offers before Competent authorities ".
He pointed out that "the Ministerial Energy Council set its ten-year plan for energy transformation to reach 33% clean energy in 2030, and Resolution No. 67 of 2021 laid out the features of the plan for the production of (12,000 megawatts) of solar photovoltaic energy, which began with EPC implementation contracts and IPP investment contracts with leading companies in the field of energy." Energy such as (Total, Aquapower, Masdar, PowerGina) and others.
The Minister of Oil indicated that "Iraq is today one of the largest producers in the global energy market, as it is the second largest oil producing country in OPEC, at a rate of (4.150) four million and one hundred and fifty thousand barrels per day for the month of October, with the production of associated natural gas at a rate of (2.85). billion standard cubic feet per day.
Regarding Iraq’s role in protecting the climate, Ismail explained that the Presidency of the Republic approved joining the Paris Climate Agreement early this year, and at the same time the Iraqi government confirmed its accession to the World Bank 2030 initiative to zero the burning of associated gas.
He pointed out that the Ministry of Oil has begun contracting to implement the joint sea water project CSSP, which includes the provision of 5 million barrels of water, which can be increased from sea water for injection purposes, which means providing the same amount of fresh water for human and agricultural purposes, based on the government's keenness on the sustainability of natural wealth and resources.
The Chairman of the Ministerial Council for Energy and the Minister of Oil affirmed Iraq's support for all initiatives aimed at protecting the environment and reducing its polluting effects, and working to strengthen cooperation and unify efforts in order to properly deal with the challenges of climate change, by implementing joint environmental commitments with neighboring countries and the world.
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Abdul-Jabbar said during his participation in the Saudi Green Initiative forum, in a statement received by Shafaq News Agency; Iraq has taken practical steps to move seriously towards replacing clean energy, reducing emissions and pollutants, and setting plans to achieve our goals in optimal investment projects for associated gas and renewable energy projects, noting that “Iraq succeeded in investing (53%) of the total Associated gas, with an increase of 5% over the quantities invested two years ago.
Abdul-Jabbar added that "the Ministry of Oil has set scheduled plans to invest additional quantities of gas amounting to (2.6) billion cubic feet per day by 2026, and the ministry is continuing to implement its contracts with sober international companies to achieve our goals and plans within this framework."
The Minister of Oil stressed that "the Saudi initiative is one of the important strategic initiatives in the region and the world, to meet the challenges and repercussions facing the climate and energy, and that Iraq supports the Green Middle East initiative, and that the green transformation is not far from hydrogen, as the latter provides long-term opportunities for growth and diversification." The economy and the production of green hydrogen will diversify the economy of many Arab countries by taking advantage of the high solar energy resources in the region, and the production of blue hydrogen using low-value raw materials, such as heavy oils, may provide better future economic returns.
The Minister of Oil stressed that "Iraq, within the directions of the government and the Ministry of Oil, is conducting a study of multiple economic models for investing associated gas using liquefaction techniques (GTL) or energy conversion (GTP) through mobile generators with medium capacities or hydrogen conversion, is working on studying these important offers before Competent authorities ".
He pointed out that "the Ministerial Energy Council set its ten-year plan for energy transformation to reach 33% clean energy in 2030, and Resolution No. 67 of 2021 laid out the features of the plan for the production of (12,000 megawatts) of solar photovoltaic energy, which began with EPC implementation contracts and IPP investment contracts with leading companies in the field of energy." Energy such as (Total, Aquapower, Masdar, PowerGina) and others.
The Minister of Oil indicated that "Iraq is today one of the largest producers in the global energy market, as it is the second largest oil producing country in OPEC, at a rate of (4.150) four million and one hundred and fifty thousand barrels per day for the month of October, with the production of associated natural gas at a rate of (2.85). billion standard cubic feet per day.
Regarding Iraq’s role in protecting the climate, Ismail explained that the Presidency of the Republic approved joining the Paris Climate Agreement early this year, and at the same time the Iraqi government confirmed its accession to the World Bank 2030 initiative to zero the burning of associated gas.
He pointed out that the Ministry of Oil has begun contracting to implement the joint sea water project CSSP, which includes the provision of 5 million barrels of water, which can be increased from sea water for injection purposes, which means providing the same amount of fresh water for human and agricultural purposes, based on the government's keenness on the sustainability of natural wealth and resources.
The Chairman of the Ministerial Council for Energy and the Minister of Oil affirmed Iraq's support for all initiatives aimed at protecting the environment and reducing its polluting effects, and working to strengthen cooperation and unify efforts in order to properly deal with the challenges of climate change, by implementing joint environmental commitments with neighboring countries and the world.
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