Home
Oil: Gas investment reached 62%
Iraq 07/04/2024
[You must be registered and logged in to see this image.]
The Ministry of Oil is working according to a medium-term plan to invest in gas, which is an under-exploited resource, as billions of dollars are burned annually by burning associated gas, while huge quantities are waiting to be extracted and utilized underground. According to the spokesman for the Ministry of Oil, Asim Jihad, the gas investment rate has reached 62 percent, denying the existence of a specific date for self-sufficiency.
Jihad told Al-Sabah: “The Ministry of Oil is working on a number of projects, and the gas investment rate has reached 62 percent, and the remaining percentage will be exploited through a number of projects.”
He added that “the gas investment project was opened from the Halfaya field in Maysan, which provides 300 million cubic meters per day, and supplies power stations with dry gas, while liquid gas is provided in large quantities and pumped into national production,” indicating that “the ministry is working on investing associated gas in the Gharraf and Nasiriyah fields in Dhi Qar, and the completion rate has reached 70 percent, which will add
200 million cubic meters per day.”
He continued: “There is a contract with Total that will add 600 million cubic meters per day in two phases, and there is a contract to invest in the Ibn Omar River field, the first phase with a capacity of 150 million cubic meters per day, and the second phase 150 million cubic meters per day.” He pointed out that “there are projects to invest in free gas, as there is a contract to develop the Akkaz and Mansouriya fields,” stressing that “these projects support the ministry’s plans for self-sufficiency, in addition to developing fields and patches with
gas hydrocarbon structures.”
Jihad expressed his ministry’s hope to “provide quantities of gas that meet local needs, taking into account the increase in future consumption in light of the population increase and the development of projects,” noting that “there is no clear specific date for self-sufficiency, while there is an increase in production and an increase in consumption,” concluding by saying: “We are working to meet local needs through ongoing projects.”
In addition, academic and oil expert Dr. Govind Shirwani warned against the lack of seriousness in gas investment projects, warning against obstructing these projects for external purposes.
“The Ministry of Oil announced that the burning of natural gas will stop within 3 years and that gas will be sufficient within 5 years,” Sherwani told Al-Sabah.
“40 percent of natural gas is burned, equivalent to 18 billion cubic meters annually, worth billions,” he added, indicating that “the Ministry of Oil’s projects aim to isolate and invest in the associated gas that is burned, which is the best fuel for power plants and increases their efficiency, reduces pollution, and costs less than the fuel currently used.”
He added that “the ministry confirmed in the fifth and sixth licensing rounds, as well as in its contracts with giant companies, the investment and separation of associated gas,” adding that “the pace of work does not seem fast and does not bode well for the ability to stop burning gas within 5 years,” warning: “There is a lack of seriousness in these projects, and some parties may obstruct the Ministry of Oil’s efforts to achieve self-sufficiency, in order to implement external interests that aim to keep Iraq an importer of gas and electricity from neighboring countries instead of fully benefiting from its natural wealth.”
Sherwani explained: “Iraq’s reserves amount to 132 trillion standard cubic meters, which is ranked 13th in the world in terms of natural gas reserves.
[You must be registered and logged in to see this link.]
» Parliamentary Oil Committee reveals details of the Oil and Gas Law and the reason for not legislatin
» Oil and Gas Law.. The Unsolvable Knot
» Abdul Latif attacks Jordan and rejects the Basra-Aqaba pipeline project
» Revealing an agreement for 3 scenarios to decide the position of the Speaker of Parliament
» Parliamentarian reveals reasons for suspending the oil and gas law
» Integrity Commission calls for removing encroachment on 26 properties belonging to the General Compa
» Despite its economic importance, cotton cultivation is suffering in Iraq: Will it disappear?
» Government confirmation: "Ur Gate" contributed to reducing the phenomenon of corruption
» Allocating one trillion dinars for it.. Al-Sudani issues a directive regarding Diwaniya service proj
» Disclosure of the latest developments in the Baghdad Metro project
» Parliamentary Integrity points out observations on the work of some ministers: Pressures brought abo
» Central Bank of Iraq sales exceed one billion dollars in a week
» Parliamentary Oil Committee reveals details of the Oil and Gas Law and the reason for not legislatin
» Electronically.. Trade launches supply operations in Muthanna
» Record number of dollar sales by the Central Bank in a week
» Al-Sudani's advisor: Iraq is in the process of paying off long-term development loans to the World B
» Parliamentary Oil Committee calls for speeding up the legislation of the Oil and Gas Law
» MM&C 7/4/24 Tabaqchali: An Unfolding Structural Economic Transformation in Iraq
» utube 7/4/24 MM&C IQD Updates - Iraqi Dinar - Relations w / Baghdad & Kurdistan - Good - Financial
» Significant decline in oil derivatives exports to Jordan
» MP calls for expulsion of Turkish forces from Iraq
» Al-Salami reveals collecting parliamentary signatures to amend Article 57
» Unveiling a strategic line that supplies electricity to 6 cities in western Nineveh
» Al-Shammari arrives in Karbala to review the mechanism for implementing the Muharram plan
» MP sets timing for deciding on House of Representatives presidency
» Al-Zayer on the deterioration of electricity: failed companies and corrupt contractors
» Iraq ranks 61st globally and 7th in the Arab world among the safest countries in the world
» Will the exchange rate reach 1600 dinars?
» Iraq's lungs are suffering.. Gaseous pollutants increase the incidence of cancer in Basra
» Government plan to raise gasoline production to 35 million liters per day
» Parliamentary Committee announces the establishment of the first water management council.. What wil
» US messages to Iraqi leaders: Dollar cash flow may stop
» Al-Mandlawi: Iraq is keen to involve Polish companies in investment opportunities
» The Iraqi Private Sector and Improving the Investment Environment in the National Development Plan 2
» Dollar exchange rates in local markets.. Learn about them
» How much is Iraq's loan from the IMF?
» Barzani in Baghdad to end Erbil's problems with the center
» Basra pursues land contract fraud
» PM to Barzani: We have made significant progress in building trust
» Baghdad Council threatens to confiscate illegal generators
» Iraqi Creatives Museums and Cultural Centers
» Oil: Gas investment reached 62%
» Barzani in Baghdad
» Private universities and the labor market
» Experts expect the money supply to invest in stocks
» Stock market trading exceeds 281 billion shares
» Extensive government measures to curb the “madness” of housing unit prices
» World Bank: Iraq is among the middle-income countries
» Experts praise agricultural policies and call for supporting farmers
» In response to an appeal via "Baghdad Today", Al-Badran adopts adding a district to the project plan
» The Central Bank in Erbil debunks fears and speculations about the localization of salaries in the r
» Iraqi innovation turns plastic waste into electricity fuel
» Withdrawing advances "without the employees' knowledge".. Maysan Education threatens Rafidain Bank
» Iraq begins establishing first water management council
» Drought in Kurdistan reaches 'dangerous' stages, residents overuse groundwater
» Due to the "assessment exam", a minister fails the final exams at a private university
» Al-Samarrai appreciates the efforts of the Fiqh Council: Its moderate discourse completes the consti
» Al-Sudani expresses to Starmer his aspiration for the continuation of bilateral relations between Ir
» The Central Bank explains the mechanism for travelers to obtain dollars
» Will Iraq witness a new displacement?
» Holiday in the region on the occasion of the first of Muharram
» Al-Hakim warns of new targeting of Iraq and directs an invitation to the government regarding electr
» Sudanese to new British PM: Support international peace
» The President of the Republic congratulates the new Iranian President
» Find out the dollar exchange rate in local markets
» MP: Parliament did not perform its supervisory role over the executive authority
» Development Road.. Formation of a government committee for this file
» MM&C 7/4/24 Official: Iraq's accession to the World Trade Organization is imminent
» utube 7/2/24 MM&C IQD Update Part 2 - Iraqi Dinar - Automation for Revenues - Singapore Agreement
» utube 7/2/24 MM&C part 1 Iraqi DinarPart 1 - IQD Update - Progession of Intergr
» Slight increase in inflation rate for last May
» The President of the Republic stresses the importance of expanding the horizons of cooperation and a
» Border outlets announce the completion of the first phase of network connectivity by 100 percent
» Transparency: Sulaymaniyah and Halabja imports during the past week amounted to more than 17 billion
» MM&C 7/2/24 The dollar in the parallel market.. Al-Sudani’s advisor presents a different vision and
» Between Development and Silk... American-Chinese Conflict on the Iraqi Arena
» In the oil fields...gas flaring rates in Iraq are decreasing
» Iraq's North Oil Company production rises to about 400,000 barrels per day
» Al-Sudani: Iraq is witnessing the highest growth rate in the region
» In numbers.. Numbers of those covered by health insurance in its first and second phases
» Planning: Alternatives to slums will be found based on population census.
» Parliamentary Committee to Al-Eqtisad News: The Oil and Gas Law is Almost Complete, and This is What
» Central Bank: Delivery of dollars to travelers will be exclusively through company and bank outlets
» Electricity announces the operation of the (400 kv) line and the Al-Faw secondary station to relieve
» Government source announces the amount of debts collected for the benefit of the Trade Bank of Iraq
» To stop greed and exploitation.. the work of private generators on the parliament's table
» An "important" reason reduces citizens' interest in buying northern cars
» Water Resources: Water storage has tripled
» Daily.. North Oil Company's production increases to about 400 thousand barrels
» Parliamentary Electricity Committee prepares for "a series of hostings".. What is the reason for gen
» In response to an appeal via "Baghdad Today", Al-Badran adopts adding a district to the project plan
» Sweden takes action after three of its citizens sentenced to death in Iraq
» Iraq prepares to declare itself pollution-free
» Parliamentary Finance: The Staff Law will be passed in the next legislative session
» Iran looks with interest at President Barzani's visit to Baghdad, Turkey supports resolving Iraqi co
» Marwan Ahmed: 75,000 employees in Erbil will receive their salaries this month via (My Account)
» Parliamentary Services Reveals the “Optimal Solution” to Control Real Estate Prices
» President Barzani and Maliki discuss mechanisms for cooperation with the parties of the framework an