Iraq grants new licenses to increase its oil and gas production

Iraq grants new licenses to increase its oil and gas production
Iraq grants new licenses to increase its oil and gas production

Iraqone of the main oil producers, granted licenses to “Arab and foreign companies” for the development of several fields in the countrywith which expects to increase its production by more than one million barrels per day of crude oil and 3,459 million cubic feet of gas.

Iraqi Prime Minister Mohamed Shia al Sudaniexplained in a ceremony on this occasion in Baghdad that his Government has granted licenses to “Arab and foreign companies” that will develop “29 investment projects in twelve Iraqi governorates.”

He did not release details about the companies, although oil ministry sources indicated that they are mostly Chinese.

The new investments “go in the context of the Government’s new vision for optimal oil and gas investment,” he said. Al Sudaniand reaffirmed his Government’s commitment to “work away from bureaucracy and routine to facilitate the business and investment environment.”

Iraq’s oil and gas

He noted that among the objectives is “Investing Iraq’s wealth, starting by ending the flaring of associated gas, which will stop within 3 to 5 years, and stopping the devastating environmental effects of this process.”

Another, he added, is to “convert 40% of crude oil production in the next 10 years into petroleum products,” in addition to “the construction of a gas platform in the port of Al Faw (south)” among other projects. which “include the transportation of oil and gas.”

These investments, about which he assured that he is talking “with several companies”, “will give Iraq a new position in the market energetic“, he confided.

Iraq It has one of the five most important world reserves of crude oil and is the second largest producer in the world. Organization of Petroleum Exporting Countries (OPEC)), after Arabia Saudi.

The Iraqi oil minister said last January that Baghdad hopes to raise its current oil production, estimated at about four million barrels a day, of which it exports between 3 and 3.4 million, to six million barrels.

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