Baghdad: The Ministry of Oil confirmed that Iraq has made advanced steps in associated gas investment projects by contracting with specialized solid international companies. Deputy Prime Minister and Minister of Oil Hayan Abdul Ghani highlighted Iraq’s substantial progress during the economic conference of the Iraqi-British Business Council in Baghdad.

According to National Iraqi News Agency, Abdul Ghani emphasized Iraq’s prominent position in the global and regional energy industry, underpinned by its oil reserves exceeding 145 billion barrels and a production rate of over 5.5 million barrels per day. The country’s available production capacity, along with its OPEC quota of 4 million barrels and a gas reserve of more than 130 trillion standard cubic feet, positions it as a significant player in the energy sector.

Abdul Ghani noted Iraq’s collaboration with Total Energy on the integrated gas development project, which encompasses oil extraction, gas investments, water injection, and solar energy initiatives
. The solar energy project, aimed at generating 1,000 megawatts of electricity, is set to boost oil extraction from the Artawi field to 210,000 barrels per day and increase gas production to 600,000,000 cubic feet. The project also includes a seawater utilization component with an initial capacity of 5,000,000 barrels, expandable to 7,000,000 barrels per day.

An American company’s involvement in investing 200,000,000 cubic feet of gas in Dhi Qar Governorate from the Nasiriyah and Gharraf fields was also highlighted. Despite contractual challenges, negotiations have been conducted to activate the contract, addressing the pressing need for this critical project. The Minister of Oil confirmed the activation of the fifth licensing round, targeting gas and oil investments from five fields in central and southern Iraq, with a potential output of 800,000,000 cubic feet of gas, a move expected to enhance the national grid’s gas supply for power generation.

Abdul Ghani reported the reallocation of gas projects in Ak
kaz and Mansouriya fields, following contract signings with new companies after the withdrawal of original investors. The Akkaz gas field, anticipated to produce over 400,000,000 cubic feet of gas, and the Mansouriya field are now under development.

Iraq is advancing in the associated gas investment project, with recent progress in the Halfaya gas investment and the Basra Gas Project. The Basra Gas Project, executed by the Southern Gas Company in collaboration with Shell and Mitsubishi, recently celebrated the completion of its first phase, ‘Basra NGL1,’ with a capacity of 200,000,000 cubic feet of gas. The second unit, ‘Basra NGL2,’ is scheduled to launch mid-year, doubling the invested gas volume for power plant operations.