During his upcoming trip to the United States, Iraq’s Oil Minister, Hayan Abdul-Ghani, made the announcement on Saturday that the country will provide ten gas exploration blocks to American businesses.
According to Reuters, the Iraqi government has taken this step in an effort to attract US investment into its energy sector, as Chinese companies won the majority of the available licenses in previous licensing rounds. The new bidding round for the ten gas blocks will be held as part of Iraq’s efforts to increase its gas production.
The ten gas investigation blocks have not been guaranteed in the past six permitting adjusts.
Abdel-Ghani also said that by the end of 2024, Iraq will start a new gas project in the Al-Faihaa oilfield near Basra in southern Iraq.
The Al-Faihaa oilfield project is an important part of Iraq’s plan to improve its energy sector. It has a capacity of 125 million standard cubic feet.
Instead of heavily relying on gas imported from Iran, Iraq is attempting to increase its gas output to fuel power plants.
