The Iraqi Ministry of Oil announced on May 21 it is planning to increase oil and gas production and reserves, stressing the government’s interest in achieving self-sufficiency in gas production, the state news agency (INA) reported.
The spokesperson of the Oil Ministry, Asem Jihad, explained that the ministry’s call for developing oil fields and exploration sites in northern, central, and southern governorates aims to maximize the national reserves of oil and gas.
Jihad elaborated that the ministry is focusing on hydrocarbon compositions, especially gaseous ones, to maximize national production, meet the local need, and sell the surplus to global markets.
The Iraqi official clarified that the ministry is working to transform exploration sites into oil and gas-producing fields, noting that this process takes time.
Jihad added that the ministry’s plans include optimal investment in oilfields containing gas or oil near Iraqi borders to increase national production and reserves.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, called on international companies last week to participate in developing 13 oil fields and exploration sites in northern, central, and southern governorates, according to INA.
In March, Abdul-Ghani stated that the government would offer licenses to develop more than ten exploration sites in western Iraq, most of which are for gas, and indicated plans for large investments in the oil sector within the next five years.
Source: Iraqi News