Establishment of Wasit Oil Company: A Crucial Step for Economic Development in Wasit Governorate
In a significant development for Wasit Governorate, approval has been granted to advance the establishment of the "Wasit Oil Company," a project first sanctioned by the Council of Ministers over a decade ago. Despite continued efforts from government officials and local advocates to initiate this endeavor during the past ten years, progress faced various delays.
This year, explicit approval was secured from Prime Minister Mohammed Shia Sudani to move forward with the company’s establishment. In conjunction with several representatives from Wasit, discussions and actions over the past six months have focused on finalizing the necessary procedures, following the endorsement from the Minister of Oil and the Undersecretary for Extractive Affairs.
However, recent developments have revealed that certain political factions within the Ministry of Oil are employing obstructive tactics aimed at hindering this strategic initiative rightfully belonging to the province and its citizens. Notably, the central oil company has been cited as responsible for imposing barriers and offering misinterpretations of legal requirements concerning the founding of the "Wasit Oil Company."
It is critical to underscore that Wasit maintains its legitimate right to establish and operate this company independently. The establishment of the Wasit Oil Company aligns with precedents set by similar companies in other governorates. Efforts to restrict Wasit’s ability to develop oil fields and enhance production are viewed as an infringement on the rights of its residents.
Wasit is poised to leverage untapped fields with substantial investment potential, and oil production is projected to reach up to 200,000 barrels per day. However, inefficiencies and allegations of corruption surrounding the central oil company have impeded these advancements, along with a reluctance to empower local engineers to manage operations effectively.
We present these concerns to Prime Minister Sudani and the esteemed Minister of Oil, advocating for proactive engagement in resolving the longstanding issues surrounding the central oil company’s operations and its relations with sectoral interests within the Ministry of Oil. The people of Wasit seek the recognition and implementation of their long-awaited entitlements.
Wasit Governorate
Date: March 11, 2025
