Economic Overview – Baghdad
Iraq’s current natural gas production stands at 3.1 billion standard cubic feet per day, with an investment of 1.8 billion cubic feet and a burn rate of 1.3 billion cubic feet daily. As a result, Iraq relies on importing Iranian gas to generate approximately 8,000 megawatts of electrical power from its gas stations, as indicated by economic expert Nabil Al-Marsoumi.
Al-Marsoumi stated that if Iraq successfully captures the gas currently being flared, it could potentially add 5,200 megawatts to its electrical grid. However, Iraq would still need an additional production of 700 million standard cubic feet of gas to achieve self-sufficiency in this sector.
Al-Marsoumi outlined that this additional gas could be obtained by either increasing oil production by 1 million barrels per day, utilizing associated gas from oil extraction, or tapping into unutilized gas fields located in Akkas, Mansourieh, and Kashsh Al-Ahmad. This assumes that the current strategy for electricity production remains unchanged, with no plans for constructing new gas-dependent power stations.
According to Farhad Aladdin, the Prime Minister’s advisor on foreign relations, “the U.S. exemption for importing gas from Iran is still in effect,” highlighting that “Turkey has begun importing gas from Turkmenistan through Iran following the implementation of U.S. sanctions.”
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