Iraq’s NIC inks deal to utilize flared gas in Nahr Bin Omar gas field
A technician turns a valve at the Nahr Bin Omar natural gas field, north of Basra, Iraq. Photo: AFP/Getty Images
Baghdad (IraqiNews.com) – Iraq’s National Investment Commission (NIC) announced on Tuesday that it reached an agreement with a local company to utilize associated gas in one of the gas fields in southern Iraq.
The project will be carried out within 36 months at a cost of $2.6 billion, the Iraqi News Agency (INA) reported.
The NIC’s chairman, Haider Makiya, told INA that a license has been issued to the Raban Al-Safina Group of Companies to utilize associated gas in the Nahr Bin Omar gas field in Basra governorate and to reduce gas imports.
Makiya explained that the gas field will be developed to produce 300 million standard cubic feet of gas in two stages, 150 million cubic feet for each stage, adding that this quantity is equivalent to one-third of the gas Iraq imports.
The Executive Director at ALTAMEER System Solutions at Raban Al-Safina Group of Companies, Saadi Waheeb, indicated that Raban Al-Safina is the first Iraqi company to invest in this field with the support of the Iraqi Prime Minister, Mohamed Shia Al-Sudani, and the NIC.