Canadian report: Iraq is moving quickly to invest gas instead of burning it

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[size=52]Canadian report: Iraq is moving quickly to invest gas instead of burning it[/size]

[size=45]Translated by: Hamed Ahmed[/size]
[size=45]A report by (Natural Gas World), the Canadian news site concerned with the manufacture of energy and gas, dealt with the huge wasted wealth that Iraq enjoys from natural gas, which was destined to be burned over decades of years, which made that country dependent on importing gas from Iran instead of being An important center for exporting this vital material and filling its local needs.[/size]
[size=45]Pointing out that a new project that is now being undertaken by the international company (Total Energy) in cooperation with the Qatar Energy Company provides some hope to overcome this ordeal.[/size]
[size=45]Iraq has vast resources of gas in the form of associated gas, but instead of gathering and manufacturing it, it is left to be burned.[/size]
[size=45]But whoever looks at the history of Iraq's energy wealth, there is a possibility that it will become a center for energy processing in the region, providing huge quantities of gas for its internal needs to operate power stations, while exporting the remaining quantities to neighboring countries. Reports indicate that Iraq imports between 40 and 45 million cubic meters of gas per day from Iran, which amounts to an average of 16 billion cubic meters of gas annually, and Iraq had recently paid an amount of $2.8 billion in deferred debts for the value of what it imported. of gas and electricity for several years from Iran.[/size]
[size=45]According to (BP) statistical review for the year 2022, Iraq produced in 2021 approximately 9.4 billion cubic meters of gas and consumed 17.1 billion cubic meters.[/size]
[size=45]The amount of reserves Iraq possesses of natural gas reserves is estimated at 3.5 trillion cubic meters.[/size]
[size=45]It is reported that since the debt was paid off, Iran has offered to increase its gas exports to Iraq.[/size]
[size=45]As long as Iraq is unable to provide enough to meet its domestic needs of gas, this agreement would continue for a period of time until Iraq could rely on itself to provide its needs of natural gas.[/size]
[size=45]According to recently released satellite image information, Iraq burns approximately 16 billion cubic meters of gas annually, the second largest rate of gas burning in the world after Russia, and it is estimated that the yearly carbon dioxide gas emitted as a result of this process is about 30 million. tons. The report states that it was supposed to address the gas flaring process several decades ago, but its focus in its strenuous efforts on extracting oil only and marketing it was a challenge facing the energy sector in Iraq.[/size]
[size=45]The United States has repeatedly urged Iraq to take measures to develop the gas industry, to end its dependence on importing gas from Iran on the one hand, and to stop the process of flaring gas that is harmful to the environment on the other hand. The steps taken by Baghdad in this field are few and made many promises that it will end the gas flaring process by the year 2030.[/size]
[size=45]And Baghdad claimed that 60% of the associated gas that is flared has been collected and exploited, and that it has developed a road map aimed at putting an end to gas flaring, and even in 2022 it joined the international pledge to reduce methane emissions from gas and oil flaring, hoping to reduce it by 15% by 2022. 2030.[/size]
[size=45]In 2021, the Iraqi Ministry of Oil signed an agreement with the American company (Baker Hughes) for a project designed to collect and manufacture associated gas and produce approximately 200 million cubic feet of gas per day from the Nasiriyah and Al-Gharraf oil fields instead of burning it.[/size]
[size=45]It is hoped that the project will be completed by 2024, and Iraq is also working with the World Bank through the International Gas Flaring Reduction Partnership to reach a reduction in gas flaring by 2030.[/size]
[size=45]The Basra Gas Company received funding from the World Bank to collect and process 400 million cubic feet of gas per day, and this would reduce carbon dioxide emissions by 10 million tons annually. In June of this year, Iraq launched its sixth licensing round, offering 11 oil and gas sites for tender, which are sites with large amounts of natural gas reserves. Through development contracts, the country may eventually be able to build a solid gas industry.[/size]
[size=45]But the important turning point in the gas industry sector in Iraq was the signing of an agreement between the Iraqi government and the French energy company Total Energy in April of this year to implement the unified gas development project.[/size]
[size=45]The partners in this project include (Total) with 45% of the shares, Basra Oil Company with 30% of the shares, and Qatar Energy Company with 25% of the shares.[/size]
[size=45]Total said in a statement that this contract represents a positive sign for foreign investment in Iraq, noting that an investment amount of $10 billion will be spent on this project, which extends over 25 years.[/size]
[size=45]The field of work revolves around collecting and manufacturing associated gas from three oil fields in order to provide gas for power generation plants, as well as building a seawater treatment plant to provide injection water used to increase oil production rates instead of using fresh water from rivers and wells, and building a solar station for renewable energy in Basra. The Director General of the Basra Oil Company, Basem Abd al-Karim al-Shamkhani, had mentioned in a press statement on Sunday that the French company (Total Energy) had started last week to implement its four strategic projects in Basra according to the contract signed with the Ministry of Oil.[/size]
[size=45]Al-Shamkhani said in his statement, “Total Company activated its four contracts last week on August 16, and thus the two parties, the Ministry of Oil and Total Company, entered the stage of commitment to implement the investment contracts signed in the final version last July. The biggest challenge we faced in the past period is related to how to implement contracts to create sustainable oil development for the investment of associated gas within the integrated southern projects, which include four major and large projects for the oil and gas sectors.[/size]
[size=45]About (Natural Caz World) Canadian news site[/size]
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