Economy News – Baghdad
In a recent update, Hayyan Abdul Ghani, the Deputy Prime Minister for Energy Affairs and Minister of Oil, emphasized significant advancements made by Iraq in the oil sector, particularly regarding the efficient utilization of gas resources.
During a meeting with a German delegation that included representatives from the German embassy in Baghdad, the German Chamber of Commerce, and various specialized companies, Abdul Ghani highlighted Iraq’s commitment to fostering partnerships with diverse entities, particularly noting the historical expertise of German firms in the industrial domain.
Abdul Ghani stated, “Iraq has made substantial progress in developing its oil industry, especially in gas utilization. Since the formation of the current government, there has been a significant surge in associated gas investments, increasing investment rates from 53% to over 67%. Iraq is determined to eliminate gas flaring and aims for self-sufficiency by 2028.”
The Minister detailed major initiatives within the gas investment sector, highlighting the gas development project in Basra, in collaboration with Total Investment Company, which encompasses a total investment of 600 million in two phases. Additional contracts have been signed for the development of the Mansourieh and Akas fields, as well as agreements for the development of 14 exploratory fields presented in the recent licensing rounds.
He continued, “The ministry is actively pursuing investment opportunities in gas and oil exploratory fields from the last licensing round that remain unallocated. Efforts are underway to advance these through partnerships with qualified international firms.”
In response, the German companies presented an overview of their operational capabilities and expressed interest in collaborating with the Ministry of Oil across various domains, including exploration, pipeline construction, laboratories, training, and provision of equipment and materials for oil facilities.
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