ECONOMY
The sun sets as flare stacks burn off excess gas at the Mushrif site inside the Zubair oil and gas field, north of the southern Iraqi province of Basra, on July 13, 2022. Photo: Hussein Faleh/AFP
ERBIL, Kurdistan Region - The Iraqi oil ministry on Sunday announced the launch of the sixth licensing round for oil and gas projects in the country, reemphasizing the government’s intention to maximize the country’s oil and gas reserves.
The new round of licensing grants international firms the chance to apply for developing projects in 11 exploratory patches in the provinces of Anbar, Nineveh, and Najaf.
“We invite specialized international firms who are interested in participating in the exploration, development, and production activities of this round to compete for an opportunity or more to explore and develop the aforementioned projects,” said Hayyan Abdul Ghani, Iraq’s oil minister, in a video statement.
Abdul Ghani vowed that the oil ministry will provide the participating firms with all the facilitations needed to carry out their projects.
Iraq’s Prime Minister Mohammed Shia’ al-Sudani has repeatedly described improving the country’s energy sector as one of the main priorities of his cabinet, stating on multiple occasions that Baghdad seeks to achieve self-sufficiency in gas and end the import of the natural resource within the next five years.
The fifth round of licensing, which was stalled for around five years, was concluded in February and covered projects in border fields. The round included a section for investment in associated gas.
“We are in a transitional phase by shifting from total dependence on oil revenues to diversifying sources of national income,” said PM Sudani back in February.
The country has never been a strong global competitor in gas exports. Instead, the country has for a long time relied strongly on imports of gas, mainly from Iran, to provide electricity for people.
Last week, Iraq released $2.7 billion of frozen Iranian assets to go towards the gas and electricity debt Baghdad owes to Tehran.
The new round of licensing grants international firms the chance to apply for developing projects in 11 exploratory patches in the provinces of Anbar, Nineveh, and Najaf.
“We invite specialized international firms who are interested in participating in the exploration, development, and production activities of this round to compete for an opportunity or more to explore and develop the aforementioned projects,” said Hayyan Abdul Ghani, Iraq’s oil minister, in a video statement.
Abdul Ghani vowed that the oil ministry will provide the participating firms with all the facilitations needed to carry out their projects.
Iraq’s Prime Minister Mohammed Shia’ al-Sudani has repeatedly described improving the country’s energy sector as one of the main priorities of his cabinet, stating on multiple occasions that Baghdad seeks to achieve self-sufficiency in gas and end the import of the natural resource within the next five years.
The fifth round of licensing, which was stalled for around five years, was concluded in February and covered projects in border fields. The round included a section for investment in associated gas.
“We are in a transitional phase by shifting from total dependence on oil revenues to diversifying sources of national income,” said PM Sudani back in February.
The country has never been a strong global competitor in gas exports. Instead, the country has for a long time relied strongly on imports of gas, mainly from Iran, to provide electricity for people.
Last week, Iraq released $2.7 billion of frozen Iranian assets to go towards the gas and electricity debt Baghdad owes to Tehran.
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