Iraq launches initiates gas exploration bidding round
The Iraqi Ministry of Oil commenced an international bidding round on Tuesday, focusing on gas exploration within the western regions of the country. This initiative underscores Iraq’s commitment to harnessing its energy resources effectively.
In a statement, the Iraqi Minister of Oil, Hayan Abdul-Ghani, highlighted that despite Iraq’s significant gas production, only 60 percent of it is utilized, with the remaining 40 percent being burned. This wastage emphasizes the urgency of exploring new avenues for gas utilization.
Abdul-Ghani revealed that the Iraqi government has already forged contracts with various international entities, including TotalEnergies, aiming to produce 600 million cubic feet of gas. This output represents a substantial portion of the gas currently being flared.
Furthermore, the Minister outlined the Basra Gas Company’s (BGC) commitment to extracting gas from three key fields: Rumaila, Zubair, and West Qurna. This strategic focus underscores Iraq’s determination to optimize gas production and minimize wastage.
Efforts to harness flared gas for electricity generation are a central component of Iraq’s energy strategy for the coming years, according to Abdul-Ghani. This approach aligns with broader environmental and economic objectives.
Basim Mohammed Khudair, the Undersecretary of the Iraqi Oil Ministry, emphasized Iraq’s ambition to achieve self-sufficiency in gas production by 2030. Khudair also noted the keen interest expressed by foreign companies in investing in associated gas projects, indicating a promising outlook for Iraq’s energy sector.
In addition, plans to fully develop oil fields to boost production capacity further signal Iraq’s commitment to maximizing its energy potential. Proposals from American, Saudi, and Qatari companies to participate in associated gas projects underscore the international interest in Iraq’s energy sector.
