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Al-Sudani: Iraq is a difficult number in the equation of energy and oil wealth in the region and the world
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2024-05-11 02:53
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2024-05-11 02:53
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Shafaq News/ On Saturday, Prime Minister Muhammad Shiaa Al-Sudani described Iraq as “a difficult figure in the equation of energy and oil wealth in the region and the entire world,” stressing the Ministry of Oil’s intention to stop burning associated gas within a maximum period of 5 years.
This came in a speech he delivered during the launching ceremony of the fifth supplementary licensing round and the sixth round, which includes 29 projects for oil and gas exploratory fields and blocks, distributed among 12 Iraqi governorates.
Al-Sudani said during his speech today, "Although we were late in achieving the optimal investment of oil and gas wealth, but from this effort and during the year and a half, we can say with all confidence that Iraq is a difficult number in the equation of energy and oil wealth in the region and the world."
He added, "We have set, from the first day of the formation of the Iraqi government, the goal of investing this wealth, starting with stopping the burning of associated gas, which will stop within a period of 3-5 years after the completion of the projects concluded in the past months, as well as stopping the environmental effects of this process in addition to “Being a waste of wealth, it results in devastating impacts on the climate, environment and human life.”
Al-Sudani also indicated his government's intention to transfer oil production to manufacturing industries, including petrochemicals and refineries, noting that it has set a goal of transferring 40 percent of oil production during the next ten years.
The Prime Minister pointed to the investment of free gas that is being implemented through the sixth licensing round, saying that it is “an important goal to invest this wealth that has been idle for decades.”
[You must be registered and logged in to see this link.]
This came in a speech he delivered during the launching ceremony of the fifth supplementary licensing round and the sixth round, which includes 29 projects for oil and gas exploratory fields and blocks, distributed among 12 Iraqi governorates.
Al-Sudani said during his speech today, "Although we were late in achieving the optimal investment of oil and gas wealth, but from this effort and during the year and a half, we can say with all confidence that Iraq is a difficult number in the equation of energy and oil wealth in the region and the world."
He added, "We have set, from the first day of the formation of the Iraqi government, the goal of investing this wealth, starting with stopping the burning of associated gas, which will stop within a period of 3-5 years after the completion of the projects concluded in the past months, as well as stopping the environmental effects of this process in addition to “Being a waste of wealth, it results in devastating impacts on the climate, environment and human life.”
Al-Sudani also indicated his government's intention to transfer oil production to manufacturing industries, including petrochemicals and refineries, noting that it has set a goal of transferring 40 percent of oil production during the next ten years.
The Prime Minister pointed to the investment of free gas that is being implemented through the sixth licensing round, saying that it is “an important goal to invest this wealth that has been idle for decades.”
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