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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil: Iraq invests only 60% of the gas produced

    Rocky
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    Oil: Iraq invests only 60% of the gas produced Empty Oil: Iraq invests only 60% of the gas produced

    Post by Rocky Tue 20 Feb 2024, 5:17 am

    Oil: Iraq invests only 60% of the gas produced

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    Economy News - Baghdad
    The Minister of Oil, Hayyan Abdul-Ghani, said that Iraq invests only 60% of the gas produced, while burning about 40% of this gas currently.
    Abdul-Ghani said that all the gas that is 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 3 major oil fields. They are Rumaila, Zubair, and West Qurna.
    He explained that Iraq, with exceptional efforts, contracted for the gas to be burned, and within 3 to 5 years it will be invested and utilized in electrical energy and other projects.
    He pointed out the launch of new licensing rounds by inviting specialized companies to explore gas patches, most of which are in the western region of Iraq and contain large quantities of gas. Next April, contracts will be awarded through which the gas will be extracted, processed, used at home and exported in large quantities abroad.
    Regarding oil production in the Kurdistan region, he said that there are negotiations with companies currently operating in the region because they have entered into contracts with the Kurdistan region on the basis of partnership, while the Iraqi constitution prohibits partnership in the fields and we are in the process of changing these contracts to share in profits and not in assets and production.




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