Baghdad, Iraq – Oil reserves in Iraq have risen to more than 160 billion barrels on May 12th, the Ministry of Oil announced, stressing that Iraq has achieved self-sufficiency in liquid gas and began exporting the surplus.
“The fifth and sixth supplementary licensing rounds come in line with the governmental program that aims to optimize the investment of oil and gas wealth,” Assem Jihad, the spokesman for Iraq’s oil ministry, told the Iraqi News Agency (INA).
“22 international companies are competing for the development projects in the current fields of the country,” he added.
He continued while explaining that most of the exploration blocks that are up for competition in Iraq are gas exploration blocks. The energy sector in the country will consequently receive further reinforcement.
“The Ministry of Oil has made significant strides in gas optimization projects in Maysan province with 300 million standard cubic feet per day and in Dhi Qar/Nasiriyah and Gharaf with 200 million standard cubic feet per day,” Jihad said.
“The contracts signed by the ministry for the Nahran Omar field will provide 300 million standard cubic feet in two phases, while the contract with TotalEnergies will provide 600 million standard cubic feet per day,” he added.
The spokesperson stated that the fifth licensing round and Basra Gas Company’s efforts will produce over 800 million standard cubic feet of gas. The company has already invested in 1,200 million standard cubic feet per day.
“It is hoped to add 200 million standard cubic feet this year, so in total Iraq aims to achieve self-sufficiency to support the energy sector and reach the stage of self-sufficiency,” Jihad told the INA.
Self-sufficient in liquid gas
Iraq has now become self-sufficient in liquid gas, according to the spokesperson, and the surplus is usually exported abroad, strengthening the Iraqi economy.
“It is expected that Iraq’s oil reserves will increase to over 160 billion barrels, thereby boosting Iraq’s position in the global oil market,” Jihad added.
Regarding the activities of the fifth supplementary licensing round and the sixth for the second day, Jihad explained that “the activities of the second day included competing for 11 fields and exploration spots, which started with the Abu Khaima field in Muthanna province, which was referred to the Chinese company Zhenhua.”
Jihad added: “The competition is underway for Anez in Anbar province, and the competition will be held for block 7 in Diwaniya province, Zafariya field in Wasit province, Sumer plot in Muthanna province, Tal Hajar in Nineveh province, Balkhana in Salahuddin province, Anah in Anbar, block 11 in the holy city of Najaf, the Anbar plot in Anbar province and the Qalaat Saleh field in Maysan province,” he said.
He expressed the hope that “these projects will be submitted to competing international companies to achieve a major change in this framework.”
Earlier on Saturday, Prime Minister Mohammed Shi’a al-Sudani sponsored a ceremony to announce the licenses for the complementary fifth round and the entire sixth round, which includes a total of 29 oil and gas exploration projects, distributed among 12 provinces.
This news is sourced from the Iraq News Agency (INA)