Home Iraqi News Iraq signs Gas Field Development Contract

Iraq signs Gas Field Development Contract

0
43
Iraq signs Gas Field Development Contract
Iraq signs Gas Field Development Contract

A contract to develop the Mansuriya gas field in Diyala province has been signed by the Iraqi Ministry of Oil.

The consortium of Petro Iraq and China’s Jereh, represented by Mr. Li Weibin, managing director of Jera, received the contract with the goal of increasing gas production by 300 million cubic feet per day.

Following the recent signing of 14 additional contracts that are anticipated to add 850 million cubic feet of gas and 750,000 barrels of crude oil to national production, this project is a component of Iraq’s larger strategy to enhance domestic gas resources.

The field’s initial production is anticipated to begin at 100 MMcf/d and grow to more than 300 MMcf/d, supplying the Mansuriya gas plant. This represents a significant development in the dry gas industry, particularly in Diyala Province.

In Iraq’s third licensing round (2010), the Mansuriyah gas field was initially granted to TPAO (37.5%), Oil Exploration Company (25%) Kuwait Energy (KEC), and Kogas (15%). It was reported that the contract was terminated in 2020. In January 2022, a new contract was signed with Sinopec. Following the company’s requests to amend the contract, press reports in the middle of 2023 suggest that the Sinopec deal was in doubt.

Previous articleIMF warns of global debt crisis threatening financial stability
Next articleIraq reduces oil exports to 3.3 million barrels per day
Dinar Opinions
Dinar Opinions Editorial Team is an independent group of researchers and writers dedicated to tracking Iraqi Dinar developments, Iraq economic news, and related currency topics. Our team monitors Central Bank of Iraq announcements, official Iraqi government statements, and community commentary on a daily basis.We have backgrounds in news aggregation, Middle Eastern economic affairs, and digital publishing. Our editorial approach is straightforward: we clearly separate verified news from community opinion and speculation, so readers always know what type of content they are reading.We do not provide financial advice. All content on Dinar Opinions is for informational and community interest purposes only. Readers are encouraged to consult a licensed financial professional before making any investment decisions related to the Iraqi Dinar or any other currency.Follow us on Facebook: https://www.facebook.com/dinaropinions Follow us on X (Twitter): https://twitter.com/dinaropinions Contact: [email protected]