Iraq aims to achieve self-sufficiency in gas within 5 years
Gas flare burning in the Zubair-1 storage zone of the Zubair oilfield, southwest of Basra in southern Iraq. Photo: AFP
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, said that Iraq aims to achieve self-sufficiency in gas within the coming five years.
Abdul-Ghani explained that Iraq issued licenses for the exploration of oil and gas fields in western Iraq, which will enable Iraq to produce more than 1.5 billion cubic feet of gas.
In a statement to Emirates News Agency (WAM), the Iraqi Oil Minister, during his participation in the OPEC conference in Vienna, elaborated that Iraq possesses oil reserves exceeding 144 billion cubic meters of oil and more than 133 trillion cubic feet of gas.
Abdul-Ghani pointed out that a contract has been signed with British Petroleum (BP) to develop the Rumaila oilfield, which is one of the largest oilfields in Iraq and currently produces 1.38 million barrels per day, in addition to the associated gas available in large quantities.
The Iraqi minister clarified that contracts have been concluded with Eni to develop the Zubair oilfield, which produces 450,000 barrels per day, as well as contracts with Exxon Mobil to develop the West Qurna 1 oilfield.
The Iraqi Oil Minister also confirmed that the oil production capacity in Iraq is currently 5.4 million barrels per day, while the current total production according to OPEC’s quota is 4.43 million barrels per day.
Abdul-Ghani added that Iraq has promising plans to raise oil production capacity to six million barrels per day.