The beginning of new steps to invest in oil and gas in Iraqi fields was confirmed today, Wednesday, by the Parliamentary Oil, Gas, and Natural Resources Committee.
“There is a government trend to conduct two new rounds of oil and gas investment to enhance natural resources in Iraq,” said Ala Al-Nashi, a member of the Oil Committee.
“The Ministry of Oil is about to conduct a sixth complementary round, and a seventh round during the next phase,” she went on to say.
“The majority of them will be for gas investments in addition to oil,” Al-Nashi stated.
As part of a persistent government effort to boost investment in associated gas in the country to meet the growing need for electricity production, the Ministry of Oil launched a licensing round in the oil and gas sector last year.
In an effort to increase oil production and invest in associated gas, Iraq has signed four contracts worth $27 billion with the French energy company TotalEnergies. These contracts will provide the nation with approximately 300 million standard cubic feet of gas and produce approximately 1,000 megawatts of electricity through renewable solar energy.
