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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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    Oil Ministry: Iraq is one of the worst violators of gas flaring rules

    Rocky
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    Oil Ministry: Iraq is one of the worst violators of gas flaring rules Empty Oil Ministry: Iraq is one of the worst violators of gas flaring rules

    Post by Rocky Today at 6:41 am

    Oil Ministry: Iraq is one of the worst violators of gas flaring rules


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    2024-10-17 05:41
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    Shafaq News/ The Undersecretary of the Ministry of Oil, Hamid Younis Al-Zubaie, described Iraq as one of the "worst" violators of the associated gas flaring rules, pointing at the same time to the efforts to attract investments, especially from American and European companies, to reduce gas flaring and enhance production.

    “As OPEC’s second-largest oil producer, Iraq is one of the world’s worst offenders of gas flaring, a toxic and wasteful practice that releases usable gas into the atmosphere,” Al-Zubaie said at an Atlantic Council symposium on Iraq’s energy sector in the US capital, according to S&P Global Commodity .

    He added, "The Ministry of Oil is working to encourage foreign companies to work in Iraq, and the current government is developing plans for investment and cooperation with international companies. Iraq is keen to develop the gas sector and achieve progress in this field."

    With the goal of achieving gas self-sufficiency within five years, Iraq is actively seeking to attract investment, with the United States encouraging American companies to enter the country's energy sector.

    High-level Iraqi delegations have visited the United States twice this year to meet with U.S. government officials and private sector companies, with the second visit resulting in several deals.

    Al-Zubaie pointed out that "permission has been granted to American and European companies to work with the Iraqi government, and the American government is also developing plans to cooperate with local Iraqi companies."

    It is noteworthy that American interests in Iraq are dual: to confront the growing Chinese influence in the Iraqi energy sector, and to reduce Iraq's dependence on electricity imports from Iran.

    Iraq, which suffers from frequent power outages, relies heavily on electricity imports from Iran, and the United States is helping Iraq attract American companies to invest in gas projects to reduce that dependence. However, concerns about security and corruption have made American companies reluctant to invest, leaving them largely on the sidelines.

    As Western majors pull out of Iraq’s energy sector, the country has turned east to achieve its goals of boosting crude and gas production capacity and reducing gas flaring. For example, PetroChina took over the West Qurna 1 project after ExxonMobil exited in 2023, following the sale of its 22.7% stake to Iraq’s Basra Oil Company.

    A World Bank report issued last June showed that Iraq increased its oil production in 2023, but gas flaring decreased by 1%.

    Seven deals were signed with US companies last April to deal with associated gas and gas flaring to further reduce the practice.

    Western companies’ stake sales have increased China’s control over Iraq’s oil sector. In the latest licensing round in May, Chinese companies won 10 of 13 oil and gas projects, and smaller Chinese companies have also participated, indicating a deeper entrenchment of Chinese companies in Iraq’s oil sector.

    China's success in Iraq's energy sector has been long-standing, and it is the largest buyer of Iraqi crude. During the first nine months of 2024, China imported 33.42% of Iraqi crude.

    “Since the first bidding rounds about 16 years ago, Chinese companies have been the ones who have been enthusiastic, and Western companies have been perhaps more hesitant,” said John Calabrese, an assistant professor at American University who focuses on foreign policy in the Middle East and East Asia.

    “Chinese companies have basically established themselves over a long period of time, which has given them a competitive advantage,” Calabrese added.
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