Iraqi Oil aims to conclude new contracts to invest associated gas in 5 governorates

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[size=52]Iraqi Oil aims to conclude new contracts to invest associated gas in 5 governorates[/size]

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2023-10-27
The Iraqi Ministry of Oil intends to conclude more investment contracts in associated gas projects in five other provinces and cities of the country.[/size]
[size=45]This came according to what was announced by Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani today, Friday, in a speech on the occasion of the one-year anniversary of the formation of the current federal government headed by Muhammad Shiaa Al-Sudani.[/size]
[size=45]Abdul Ghani said in his speech that the government has paid exceptional attention to the oil and energy sector, and its decisions were characterized by boldness, courage and a future vision that achieves steps to develop and grow the oil industry, including the decision to activate contracts for the fifth licensing rounds and conclude contracts with the winning companies last February of this year, which It is expected to add a quantity of (1,000) cubic meters of gas and more than (250) thousand barrels of crude oil, in addition to the Ministry announcing the fifth rounds of oil and gas licensing “the Annex” and the sixth, which aim to enhance optimal investment opportunities for the national wealth of oil and gas sites and fields. There are 30 sites, which will hopefully add large quantities of oil and gas to the national oil reserves and production.”[/size]
[size=45]Abdel Ghani pointed out the importance of the government and ministry’s decision to proceed with concluding a group of contracts with the international company “Total” Energy, which contributes to the advancement of the oil and energy industry and the strengthening of infrastructure and renewable energy, which included a seawater treatment contract for the purpose of providing suitable water for reservoir support for oil fields. (5) million barrels per day, which directly contributes to sustaining and increasing the national production of crude oil, and a contract to invest associated gas from (4-5) oil fields, with a capacity of (600) megaqm. This contract represents a qualitative addition to the gas and environment sector, and enhances production. National Bank, and a contract to develop the (Artawi) field and increase production to 220 thousand barrels, in addition to investing in associated gas, and a contract to invest in solar energy to generate electrical energy with a capacity of one kilowatt (1,000 megawatts), which is one of the pioneering projects in Iraq and the region.”[/size]
[size=45]Regarding associated gas investment, the Minister of Oil confirmed that the government program included the government’s strategy and steps to support the national economy and sustainable development, by supporting gas investment projects, stopping its burning and converting it into useful energy that enhances national production in the oil fields in the north, center and south, adding: We aim to reach By concluding more contracts in the governorates of Basra, Maysan, Dhi Qar, Anbar, Diyala, and other cities, we will achieve full investment of the available amounts of national wealth.”[/size]
[size=45]Regarding the most prominent achievements in the refinery sector, the Minister of Oil said that operating the Karbala refinery with a refining capacity of (140) thousand barrels is an important step to cover a large part of the local need, in addition to the quality and quality of petroleum products, which contribute to reducing the quantities of imported fuel. The Minister of Oil also considered the efforts “Southern Refineries Company is implementing a number of projects to increase production and refining capacity and improve fuel quality, in addition to the reconstruction of the Baiji refinery through national efforts, an important step to enhance the national production of petroleum derivatives.”[/size]
[size=45]Abdel Ghani pointed out the efforts of the government and the ministry in strengthening infrastructure projects and increasing export capabilities from the southern port, and the interest in renewable energy projects and preserving the environment and climate, and the effective contribution to “OPEC Plus” to stabilize global markets, and the success of the government and the ministry in achieving financial revenues for the state treasury, and contributing The distinguished Ministry of Oil in promoting and stabilizing electrical energy throughout Iraq.”[/size]
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