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[size=36]Oil Minister: We have contracted for all gas fields and stopped burning 65% of its quantities[/size]
economy | 08:45 - 08/15/2024
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Mawazine News - Baghdad
Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani confirmed today, Thursday, that all gas fields have been contracted and 65% of their quantities have been stopped from being burned, while noting that Iraqi gas is globally distinguished by its ethane content, which is used in petrochemical industries.
Abdul-Ghani said: "There are no difficulties or technical problems in the process of developing fields and exploration patches within the fifth and sixth supplementary licensing rounds, as all the information needed by the companies that have been signed is available in an information bag that includes many standards and information through which companies can submit their prices, in addition to the fact that there are periods set for companies to submit these offers, as the process took more than six months to study this information."
He added that "during this period, the Ministry of Oil was answering all inquiries submitted by these companies; with the aim of facilitating the process of submitting offers and preparing them at the required level."
He pointed out that "the expected production rates of the blocks are estimated at 700 to 750 thousand barrels per day, in addition to investing 850 cubic meters per day of gas, but it is hoped that the actual levels will be higher than the estimated levels," indicating that "there are fields that are currently producing large quantities of gas that are used in the national network that supplies the various power stations, as the gas investment rate has reached more than 65 percent, while the quantities that are currently being burned and have not been invested until now do not exceed 35 percent of the total gas quantities."
He continued, "All gas fields have been contracted to be invested and employed through different contracts," noting that "there are contracts in Dhi Qar Governorate that have been signed and are now being implemented through a contract with (the American company Baker Hughes), where the completion rate has reached more than 65%, and there are contracts signed with the French company Total to invest in gas from five oil fields (Majnoon Field, West Qurna 2 Field, Al-Luhais Field, Al-Tuba Field, and Artawi Field), and through these contracts all the gas that is currently being burned will be invested."
He stressed that "the Ministry of Oil plans to completely stop burning gas by the beginning of 2028, and all the gas produced will be used to generate electricity and other industries," adding that "Iraqi gas is distinguished globally by a specification that differs from other types of gas, as it contains a high percentage of ethane, which can be employed and used in petrochemical industries."
Abdul-Ghani said: "There are no difficulties or technical problems in the process of developing fields and exploration patches within the fifth and sixth supplementary licensing rounds, as all the information needed by the companies that have been signed is available in an information bag that includes many standards and information through which companies can submit their prices, in addition to the fact that there are periods set for companies to submit these offers, as the process took more than six months to study this information."
He added that "during this period, the Ministry of Oil was answering all inquiries submitted by these companies; with the aim of facilitating the process of submitting offers and preparing them at the required level."
He pointed out that "the expected production rates of the blocks are estimated at 700 to 750 thousand barrels per day, in addition to investing 850 cubic meters per day of gas, but it is hoped that the actual levels will be higher than the estimated levels," indicating that "there are fields that are currently producing large quantities of gas that are used in the national network that supplies the various power stations, as the gas investment rate has reached more than 65 percent, while the quantities that are currently being burned and have not been invested until now do not exceed 35 percent of the total gas quantities."
He continued, "All gas fields have been contracted to be invested and employed through different contracts," noting that "there are contracts in Dhi Qar Governorate that have been signed and are now being implemented through a contract with (the American company Baker Hughes), where the completion rate has reached more than 65%, and there are contracts signed with the French company Total to invest in gas from five oil fields (Majnoon Field, West Qurna 2 Field, Al-Luhais Field, Al-Tuba Field, and Artawi Field), and through these contracts all the gas that is currently being burned will be invested."
He stressed that "the Ministry of Oil plans to completely stop burning gas by the beginning of 2028, and all the gas produced will be used to generate electricity and other industries," adding that "Iraqi gas is distinguished globally by a specification that differs from other types of gas, as it contains a high percentage of ethane, which can be employed and used in petrochemical industries."
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