“Instead of investing it”, Iraq wastes huge gas wealth by burning it

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[size=52]“Instead of investing it”, Iraq wastes huge gas wealth by burning it[/size]

[size=45]Economic expert Abdulrahman Shaker explained the importance of Iraq investing in its gas wealth, noting that “investing in gas instead of burning it reflects better management of natural resources and enhances sustainable development in the country.”[/size]
[size=45]Shaker explains that “instead of wasting gas by burning it, it can be invested to increase revenues by selling it locally or exporting it. Burning gas causes air pollution and contributes to climate change,” indicating that “using gas effectively can reduce the negative environmental impact.”[/size]
[size=45]He added, "Gas can be used to generate electricity and improve the national energy grid, which helps achieve greater energy independence for Iraq."[/size]
[size=45]The economic expert explains that “natural gas can be a basic raw material in the petrochemical industries, which enhances economic diversity and provides new job opportunities.”[/size]
[size=45]Regarding the factors that hinder Iraq’s investment in its flared gas, energy specialist Mohammed Al-Dulaimi says, “The first factor is the lack of the necessary infrastructure to collect and process gas, as Iraq needs to build new facilities and modernize existing facilities to enable the use of flared gas.”[/size]
[size=45]He added, "Developing the gas sector requires large investments, and Iraq faces challenges in securing the necessary funding, due to the economic and political conditions."[/size]
[size=45]Al-Dulaimi added, “The lack of modern technology and technical expertise that enables efficient gas processing,” noting that “the unstable security situation negatively affects the ability to implement infrastructure projects and investments in the energy sector.”[/size]
[size=45]He explains that “the laws and policies related to the energy sector may be unclear or unstable, which hinders the attraction of foreign investments,” stressing that “corruption is one of the main factors affecting the implementation of projects and investments in Iraq.”[/size]
[size=45]The energy specialist continues, “The above factors combined hinder Iraq’s ability to benefit from its flared gas, which leads to the loss of a major economic opportunity and increases environmental pollution.”[/size]
[size=45]Iraq burns more than 16 billion cubic meters of associated gas annually, second only to Russia, and emits 30 million tons of carbon dioxide annually in the process.[/size]
[size=45]In November 2021, Baghdad signed the “Global Methane Pledge,” which was presented at the World Climate Conference.[/size]
[size=45]Reports indicate that in 2021, the Iraqi Ministry of Oil concluded an agreement with the American company Baker Hughes to implement a project aimed at capturing and processing about 200 million cubic feet per day of gas wasted by flaring from the oil fields in Nasiriyah and Al-Gharraf in Dhi Qar Governorate, noting that the project will be completed in 2024.[/size]
[size=45]Iraq is working with the World Bank through the Global Gas Flaring Reduction Partnership to stop gas flaring by 2030, and Basra Gas Company has received funding from the World Bank to collect and process about 400 million cubic feet per day from fields in southern Iraq, which will reduce carbon dioxide emissions by 10 million tons annually.[/size]
[size=45]According to estimates by the Ministry of Oil, Iraq has reserves estimated at about 132 trillion cubic feet of gas, and associated gas represents 70 percent of that.[/size]
[size=45]Iraq has about 28 gas-powered stations and eight hydroelectric stations, but some of them need to be renovated and others are out of service, which forces Baghdad to import part of its electricity from Iran.[/size]
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