Iraq is poised for a significant increase in its natural gas production, with new projects awarded to several foreign companies expected to add nearly 84.95 million cubic metres per day to the nation’s output. This development was announced by the Iraqi Oil Minister, Hayan Abdel Ghani, highlighting a major stride in the country’s energy sector.
In a recent statement, Abdel Ghani noted, “We expect the projects that have been undertaken by foreign firms and those to be carried out in those concession areas to produce nearly 84.95 million cubic metres per day of gas.” This increase is a part of Iraq’s broader initiative to enhance its energy independence and reduce reliance on imports.
A significant portion of this increased production, around 17 million cubic metres per day, is attributed to an ambitious agreement with France’s TotalEnergies. Signed in July for a staggering $27 billion, this deal represents a pivotal move towards capitalising on Iraq’s vast natural gas reserves. “The additional gas quantities include nearly 17 million cubic metres per day to be produced by France’s TotalEnergies,” Ghani elaborated in his statements, which were published by Al-Forat News agency and other Iraqi publications.
The minister further explained that most of the produced gas would be utilised domestically, primarily to fuel Iraq’s power facilities. The country, which currently relies heavily on Iranian gas imports, sees this as a strategic shift towards self-reliance in energy production.
In his call to action, Ghani urged, “We urge more companies and investors to join the 5th and 6th round of oil and gas concession licences announced by Iraq recently.” This invitation aligns with Iraq’s vision of attracting global investments to further bolster its gas production capabilities.
Source : Oil&Gas