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Iraq launches a new licensing round for gas exploration in the western regions
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2024-02-20 03:36
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Shafaq News/ The Ministry of Oil announced, on Tuesday, the launch of a new licensing round for gas extraction, especially the western regions, stressing that within 5 years the gas will be invested and exported as well.
The Iraqi Deputy Prime Minister and Minister of Oil, Hayyan Abdul Ghani, said in press statements followed by Shafaq News Agency, that Iraq invests only 60% of the gas produced, while it currently burns about 40% of this gas.
He added, "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: Rumaila, Zubair and West Qurna.
Abdul Ghani explained, "With exceptional efforts, Iraq has contracted for the gas that will be burned, and within 3 to 5 years it will be invested and used in electrical energy and other projects."
He pointed out that "new licensing rounds will be launched 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."
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[You must be registered and logged in to see this image.]
2024-02-20 03:36
Share
Font
Shafaq News/ The Ministry of Oil announced, on Tuesday, the launch of a new licensing round for gas extraction, especially the western regions, stressing that within 5 years the gas will be invested and exported as well.
The Iraqi Deputy Prime Minister and Minister of Oil, Hayyan Abdul Ghani, said in press statements followed by Shafaq News Agency, that Iraq invests only 60% of the gas produced, while it currently burns about 40% of this gas.
He added, "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: Rumaila, Zubair and West Qurna.
Abdul Ghani explained, "With exceptional efforts, Iraq has contracted for the gas that will be burned, and within 3 to 5 years it will be invested and used in electrical energy and other projects."
He pointed out that "new licensing rounds will be launched 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."
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