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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Two rounds of licensing for oil and gas investment in the next phase

    Rocky
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    • Post n°1

    Two rounds of licensing for oil and gas investment in the next phase Empty Two rounds of licensing for oil and gas investment in the next phase

    Post by Rocky Tue 01 Oct 2024, 4:58 am

    Two rounds of licensing for oil and gas investment in the next phase

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    Economy News - Follow-up
    The Parliamentary Oil, Gas and Natural Resources Committee reported that the government intends to conduct two rounds of oil and gas investment.
    Committee member Ali Shaddad Al-Fares said in an interview with “Al-Sabah” followed by “Al-Eqtisad News” that the ministry is about to conduct a sixth complementary round, and a seventh round during the next stage, noting that the largest part of them will be for gas investment and the rest for oil.
    The MP also explained that "some directors and officials in the ministry will be hosted to discuss these tours and the most prominent areas that will be included in them."
    For his part, oil expert Kovind Sherwani expressed his "hope that the focus during the sixth and seventh supplementary rounds will be on natural gas after it was delayed a lot, and its prices have more than quadrupled, especially after the outbreak of the Russian-Ukrainian war and the cessation of a large part of gas exports to Western Europe, noting that if it had been invested years ago, it would have achieved huge revenues for Iraq, by supplying it to European and American markets, and would be a good source of crude oil sales to support the general budget."
    Sherwani pointed out that this rush in implementing and investing in gas programs is due to the fact that Iraq has huge reserves of natural gas, amounting to 143 trillion cubic meters, explaining that even the natural gas that was being burned in the fields, the ministry successfully began its investment and isolation programs, and in this work it reached a rate of 65%, while what is being burned is only 35%.
    He expected that the next four years would witness a complete cessation of flaring, and that all associated gas would be invested, so that Iraq would then be ready to export natural gas in line with the new investments in the fields and gas patches that were announced in the fifth and sixth supplementary rounds and beyond.


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