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Iraqi Oil Ministry: Gas revenues from southern fields will amount to USD 500 Billion
26-06-2013 - 14:00
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Iraqi Ministry of Oil announced on Wednesday that associated gas investment revenues in the southern field for the upcoming 20 years will amount to about 500 Billion Dollars; stressing that Iraq burns 40-45% of this associated gas.
“Revenues will exceed 500 billion Dollars in the next 20 years by investing 40 billion Dollars in extracting associated gas from the southern fields”, said a highly-ranked official from the Ministry in a statement to Alsumaria.
“Revenues will rise to 550 billion Dollars if gas is used as a carburant in electricity plants instead of crude oil”, it revealed.
“Burning 1000 standard cubic foot per day constitutes a loss of 3.7 billion dollars per year”, added the source who wished to remain anonymous, highlighting that “projections show that natural gas production in Iraq will range between 19 and 115 billion standard cubic meter by 2035”.
“Iraq burned about 40-45% of the associated gas from previously exploited fields”, pointed out the source; considering that “establishing Al Basra’s gas company will greatly reduce gas burning in these fields”.
Preliminary estimations point out that Iraq has a reserve of 112 trillion cubic feet of gas, however 700 million cubic feet are burnt and wasted daily, for lack of proper infrastructure.
Iraq ranks in the 10th position worldwide among gas-rich nations after Russia, Iran, Qatar, Saudi Arabia, Emirates, USA, Nigeria, Venezuela and Algeria; with a reserve of 112 trillion cubic feet of gas, however 700 million cubic feet are burnt and wasted daily, for lack of proper infrastructure.
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26-06-2013 - 14:00
|
Iraqi Ministry of Oil announced on Wednesday that associated gas investment revenues in the southern field for the upcoming 20 years will amount to about 500 Billion Dollars; stressing that Iraq burns 40-45% of this associated gas.
“Revenues will exceed 500 billion Dollars in the next 20 years by investing 40 billion Dollars in extracting associated gas from the southern fields”, said a highly-ranked official from the Ministry in a statement to Alsumaria.
“Revenues will rise to 550 billion Dollars if gas is used as a carburant in electricity plants instead of crude oil”, it revealed.
“Burning 1000 standard cubic foot per day constitutes a loss of 3.7 billion dollars per year”, added the source who wished to remain anonymous, highlighting that “projections show that natural gas production in Iraq will range between 19 and 115 billion standard cubic meter by 2035”.
“Iraq burned about 40-45% of the associated gas from previously exploited fields”, pointed out the source; considering that “establishing Al Basra’s gas company will greatly reduce gas burning in these fields”.
Preliminary estimations point out that Iraq has a reserve of 112 trillion cubic feet of gas, however 700 million cubic feet are burnt and wasted daily, for lack of proper infrastructure.
Iraq ranks in the 10th position worldwide among gas-rich nations after Russia, Iran, Qatar, Saudi Arabia, Emirates, USA, Nigeria, Venezuela and Algeria; with a reserve of 112 trillion cubic feet of gas, however 700 million cubic feet are burnt and wasted daily, for lack of proper infrastructure.
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