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December 3, 2023[You must be registered and logged in to see this link.]
Baghdad/Al-Masala Al-Hadath: The Ministry of Oil estimated, on Sunday, Iraq’s gas reserves at 132 trillion standard cubic feet, ranking fifth in the Arab world and tenth in the world in terms of gas reserves.
The director of the Petroleum Research and Development Center, Ali Jassim, said that Iraq’s gas reserves are estimated at 132 trillion standard cubic feet, ranking fifth in the Arab world and tenth in the world in terms of gas reserves, stressing that the importance of natural gas in any country comes from it being an important source of thermal, mechanical and electrical energy. In various sectors, it is considered the cleanest and least polluting fuel for the environment and is a raw material for petrochemical industries, in addition to helping to grow a quarter of the energy consumed in the world.
He added: Gas production began simultaneously with oil in Iraq, most of which is gas associated with crude oil and constitutes approximately 75% of extraction, while the remaining 25% constitutes free gas.
He pointed out the possibility that Iraq could be a supplier of gas in the world if its reserves were properly invested in accordance with well-studied strategic plans and timings for this important file and the implementation of the plans, explaining that natural gas did not receive sufficient investment attention during the previous period.
He continued, that gas investment guarantees a significant improvement in the outputs of electric energy production and the reduction of emissions harmful to the environment, noting that Iraq has committed to financing large project plans with its partners in (Basra Gas Company) or its completed or under construction projects with the rest of the companies operating its oil fields within rounds. Licenses.
He stressed that the state of instability and uncertainty in determining investment paths in light of the plans and programs for the transition towards clean energy is in addition to the great challenge facing the world, which is balancing between enhancing global energy security and eliminating energy poverty in a way that matches the increasing global demand for it, especially in the recovery phase from the repercussions. (Covid-19), the war in Ukraine, and the commitment of countries to implement requirements to limit climate change and reduce gas emissions, all of this requires those in charge of the oil industry and decision-makers to move towards addressing the causes of gas burning and reaching (zero) in the year 2030.
He explained that Iraq ranks fourth in the world in burning gas, with quantities estimated at 14 billion cubic meters annually as a result of delays in its investment plans and the lack of sufficient funds for that.
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