Baghdad: The Minister of Oil, Basim Mohammed Khudair al-Abadi, inaugurated the Fourth Iraq International Oil and Gas Exhibition and Conference, focusing on oil projects and licensing rounds. During the opening ceremony, the Minister emphasized the evolving phase of the oil sector, which is currently navigating significant challenges and opportunities due to exceptional regional and international circumstances.

According to National Iraqi News Agency, the Minister highlighted the new government’s proactive approach in addressing these challenges, transforming them into opportunities. Within the first 100 days of its term, the government has significantly increased oil exports from approximately 200,000 barrels per day to over 3 million barrels per day as of September. This progress was attributed to the concerted efforts of the Ministry’s staff, national companies, and international collaborators.

The Minister elaborated on efforts to diversify export outlets through the Iraqi-Turkish agreement, which reactivates the northern outlet and opens new routes for Iraqi oil. Strategic projects are underway with a consortium of companies, including Chevron and TI from the US, and UCC from Qatar, to connect Basra to Fishkhabur with a branch towards Banias in Syria. This initiative aims to enhance the security and flexibility of Iraqi exports in global markets.

Furthermore, the Minister noted the successful signing of agreements with the United States to develop oil fields, exploration blocks, and strategic oil infrastructure projects, strengthening partnerships with international companies. The Ministry also faced a national challenge during the Arba’een pilgrimage, securing petroleum products and logistical services to ensure supply continuity across governorates.

The Minister underscored the priority of refining sector development, aiming to increase refining capacity, sustain production, meet domestic consumption, and reduce the need for imports. After negotiations, the Ministry persuaded Japanese company JGC to resume work on the FCC project at southern refineries, enhancing the production of refined products.

The vision for the next phase is to build an integrated oil sector, increase production and export rates, diversify export outlets, develop refineries, invest in gas, reduce flaring, and enhance the participation of Iraqi companies. The Minister welcomed international companies at the conference, stressing Iraq’s vast investment opportunities in exploration, production, gas, refining, infrastructure, and oil services, while ensuring genuine partnerships that align with Iraq’s interests.

The Minister concluded that the achievements in the past 100 days mark a transition from crisis management to sustainable solutions, focusing on maximizing added value, investing in gas, and producing derivatives locally.