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Pictures: New licenses in Iraq to extract “huge” quantities of oil and gas
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2024-05-11 04:40
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Shafaq News/ On Saturday, Prime Minister Muhammad Shiaa Al-Sudani launched the licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and blocks, distributed among 12 governorates.
The Iraqi government says that these strategic projects will contribute to increasing investments in these governorates, which will help improve their economic and service reality.
Iraq expects to obtain more than 3,459 million standard cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.
The last time Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, held a licensing round was in 2018, which is the fifth round.
For his part, Hayyan Abdul Ghani, Deputy Prime Minister for Energy Affairs and Minister of Oil, said that Iraq hopes to announce an increase in oil reserves to more than 160 billion barrels.
According to official estimates internationally, Iraq has the fourth largest proven reserve of crude oil in the world at 145.019 billion barrels after Venezuela, Saudi Arabia and Iran, respectively, according to OPEC’s annual report, while it has a proven reserve of natural gas amounting to 132 trillion cubic feet.
In preparing the country's general budget, Iraq relies on the export of crude oil at a rate of about 95%.
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[You must be registered and logged in to see this image.]
2024-05-11 04:40
Share
Font
Shafaq News/ On Saturday, Prime Minister Muhammad Shiaa Al-Sudani launched the licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and blocks, distributed among 12 governorates.
The Iraqi government says that these strategic projects will contribute to increasing investments in these governorates, which will help improve their economic and service reality.
Iraq expects to obtain more than 3,459 million standard cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.
The last time Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, held a licensing round was in 2018, which is the fifth round.
For his part, Hayyan Abdul Ghani, Deputy Prime Minister for Energy Affairs and Minister of Oil, said that Iraq hopes to announce an increase in oil reserves to more than 160 billion barrels.
According to official estimates internationally, Iraq has the fourth largest proven reserve of crude oil in the world at 145.019 billion barrels after Venezuela, Saudi Arabia and Iran, respectively, according to OPEC’s annual report, while it has a proven reserve of natural gas amounting to 132 trillion cubic feet.
In preparing the country's general budget, Iraq relies on the export of crude oil at a rate of about 95%.
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