Iraq achieves gas self-sufficiency opens doors to export surplus

Economy

12-05-2024, 13:37

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Baghdad-INA

The Ministry of Oil announced on Sunday that Iraq's oil reserves have risen to more than 160 billion barrels, stressing that Iraq has achieved self-sufficiency in liquid gas and began exporting the surplus.

Assem Jihad told the Iraqi News Agency (INA): "The fifth and sixth supplementary licensing round comes in line with the government's programme that aims to optimize the investment of oil and gas wealth."

national production, especially from hydrocarbon and gas structures existing underground," he added. "There are 22 international companies competing for the development projects of these fields."

"Most of the exploration blocks that are up for competition are gas exploration blocks, so this will support the energy sector in Iraq," he said.

"The Ministry of Oil has made significant strides in gas optimization projects in Maysan province with 300 million standard cubic feet per day and in Dhi Qar/Nasiriyah and Gharaf with 200 million standard cubic feet per day," Jihad said.

"The contracts signed by the ministry for the Nahran Omar field will provide 300 million standard cubic feet in two phases, while the contract with Total will provide 600 million standard cubic feet per day," he said.

"The fifth licensing round will achieve more than 800 million standard cubic feet of gas, in addition to the efforts of the Basra Gas Company, where gas investment has reached 1,200 million standard cubic feet per day," he said.

"It is hoped to add 200 million standard cubic feet this year, so in total Iraq aims to achieve self-sufficiency to support the energy sector and reach the stage of self-sufficiency," he said.

"Iraq has achieved self-sufficiency in liquid gas, and the surplus has been exported abroad," he said, noting that "this is an important step in strengthening the Iraqi national economy".

"The government's efforts have focused during the past period on intensifying exploratory operations, so this will lead to maximizing Iraq's oil reserves," he said, adding, "It is hoped to announce in the coming period that Iraq's oil reserves will rise to more than 160 billion barrels, which will enhance Iraq's role in the global oil market."

Regarding the activities of the fifth supplementary licensing round and the sixth for the second day, Jihad explained that "the activities of the second day included competing for 11 fields and exploration spots, which started with the Abu Khaima field in Muthanna province, which was referred to the Chinese company Zhenhua."

Jihad added: "Now the competition is underway for the Anez in Anbar province, and the competition will be held today for the No. 7 patch in Diwaniya province, the Zafariya field in Wasit province, the Sumer spot in Muthanna province, Tal Hajar in Nineveh province, Balkhana in Salahuddin province, Anah in Anbar, the No. 11 spot in holy Najaf, the Anbar patch in Anbar province and Qalaat Saleh field in Maysan," he said.

He expressed his hope that "these projects will be referred to the competing international companies to achieve a major shift in this framework", adding that "the competition will be for another set of fields and exploratory patches".

Earlier, on Saturday, Prime Minister Mohammed Shi'a al-Sudani sponsored a ceremony to announce the licenses for the complementary fifth round and the entire sixth round, which includes a total of 29 oil and gas exploration projects, distributed among 12 provinces.