The Iraqi Oil Ministry confirmed on Monday that it has plans to fully invest in the associated gas in the country by the end of 2023.
The ministry's deputy minister Hamid Younis said in a statement that Iraq is currently investing in 1,500 million cubic feet (MMCF) of associated gas produced from some of the country's oil wells, out of a total of 2,700 MMCF that come from all the Iraqi oil wells.
The Oil Ministry has plans aimed at fully investing in the remaining 1,200 MMCF through four under-construction projects in southern Iraq. It is hoped that these projects will be completed by the end of 2023, according to the statement.
Younis also said that previously the ministry had plans to invest in free gas from the gas fields in Mansouriyah in Iraq's eastern province of Diyala, and Akkaz in the western province of Anbar, as both were within the country's former oil and gas auctions.
However, the deterioration of the security situation in the country, when the Islamic State (IS) militants took control of these areas, prevented the winning companies from investing in the two gas fields. according to the statement.
Iraq holds 132 trillion cubic feet (Tcf) of proven natural gas reserves and the ministry is keen to invest in the associated and free gas to meet the country's need, the statement added.
Editor: Galia
