Baghdad: Oil Minister Bassem Mohammed Khudair confirmed that the ministry is working on implementing an integrated strategy to develop the oil and gas sector, which includes increasing production and exports, diversifying export outlets, developing refineries, investing in gas and reducing its flaring, as well as enhancing the participation of Iraqi companies and building national capabilities.

According to Iraqi News Agency, Khudair made these remarks during the opening of the fourth edition of the Iraq Oil and Gas Projects and Licensing Rounds Exhibition. He highlighted the achievements of international companies, supported by the government, in significantly boosting oil exports from approximately 200,000 barrels per day to over 3 million barrels per day as of September.

Khudair also discussed the diversification of export outlets through the Iraqi-Turkish agreement, which strengthens northern export routes and opens new channels for Iraqi oil. Strategic projects with American companies Chevron and TE, alongside Qatari partner UCC, aim to connect Basra to Fishkhabur and extend towards Banias, thus enhancing the security and flexibility of Iraqi exports in reaching global markets.

Significant agreements have been signed to develop oil fields and infrastructure, with a focus on refining. The Ministry aims to increase refining capacity to meet domestic demand and achieve self-sufficiency before exporting petroleum products. Khudair announced upcoming opportunities for companies and investors to participate in this vital sector.

The Ministry successfully negotiated with Japanese company JGC to return to Iraq for work on the FCC project at southern refineries, a key step in boosting refined petroleum product output.

Khudair emphasized the Ministry’s vision for a more integrated oil sector, focusing on transparency, integrity, and fighting corruption. He invited international companies to explore Iraq’s vast investment opportunities in exploration, production, gas, refining, and infrastructure.

Khudair concluded by stating that Iraq is transitioning from crisis management to sustainable solutions, aiming to maximize added value from oil exports, utilize gas instead of flaring it, and achieve self-sufficiency in petroleum products, thus marking the beginning of a new era for Iraq’s oil sector.