Iraq awarded 14 deals for gas development — TradingView News
By N Saeed
Iraq has awarded 14 contracts to foreign companies to develop its gas resources to meet domestic demand and phase out gas imports, the country’s oil minister says.
Basim Khudair confirmed that the country is currently producing 2.7 million barrels per day (bpd) of oil, with exports ranging between 1.5 and 1.7 million bpd.
He told a local press conference at the weekend that the ministry is working to develop the oil industry, increase production and exports, build infrastructure, boost investment, and attract global companies to optimally invest in oil and gas.
He noted that Iraqi exploration teams are conducting surveys in several provinces to offset depleted reserves, adding that the ministry is pursuing two parallel tracks on the gas file including ending gas flaring and investing in gas fields.
“Iraq spends large sums on gas, so we are working to invest in it, with 14 contracts awarded to global companies for this purpose,” he said.
Khudair said his recent visit to the United States marked “a new chapter of cooperation with global companies,” stressing that the presence of American firms in Iraq “reflects the attractiveness of the country’s investment environment.”
The minister also added that three memoranda of understanding signed with American companies would provide significant investment capacity, pointing also to a plan related to an export project through the port of Aqaba.
On the oil agreement with Turkey, Khudair said the deal had been renewed with certain conditions, while Ankara had proposed limiting the arrangement to oil transport with Iraqi participation in some projects, clarifying that the planned quantity of 700,000 barrels cannot be supplied through Kirkuk.
(Writing by N Saeed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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