Iraq is set to offer 10 gas exploration blocks for investment in a forthcoming licensing round, according to Oil Minister Hayan Abdul Ghani, who revealed the plans during an interview with the Iraq News Agency. These new opportunities are part of the country’s broader effort to expand its natural gas sector and reduce reliance on imported energy, particularly as global demand for natural gas continues to grow.
The Iraqi Oil Ministry plans to target American companies for these investment opportunities, aiming to attract major international players to its energy sector. Minister Abdul Ghani emphasized that Iraq is eager to increase foreign participation in its gas development projects, especially as the country seeks to boost production to meet both domestic and international needs.
In addition to the 10 new gas exploration blocks, Iraq’s fifth and sixth licensing rounds have included 29 blocks and fields, with contracts already awarded for 14 of them. This underscores Iraq’s commitment to expanding its natural gas production and its drive to improve energy infrastructure throughout the country. These licensing rounds form a critical part of Iraq’s strategy to tap into its vast untapped gas reserves, which remain largely underdeveloped.
Highlighting recent advancements, the minister announced the start of drilling operations at an exploratory well in the Al-Anz block, which boasts a capacity of 1,000 cubic meters of gas. This marks a significant step toward unlocking the gas potential in that region and reflects the country’s focus on bolstering its energy independence.
Additionally, Abdul Ghani disclosed that a new associated gas project is set to be launched by the end of the year at the Al-Faihaa oil field. Associated gas projects are vital in capturing and utilizing the natural gas that is produced as a byproduct of oil extraction, which would otherwise be flared. This initiative aligns with Iraq’s broader environmental and economic goals, aiming to reduce flaring, minimize environmental impact, and harness gas resources for electricity generation and export.
As Iraq positions itself to capitalize on its rich gas reserves, the upcoming investment opportunities are seen as a pivotal move toward fostering partnerships with global energy companies, boosting domestic energy production, and advancing the country’s standing in the global gas market.