Minister of Oil: We succeeded in achieving a significant increase in the financial revenues of the state treasury

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Minister of Oil: We succeeded in achieving a significant increase in the financial revenues of the state treasury

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani confirmed today that the Ministry has significantly increased state treasury revenues.

Abdul Ghani gave a speech on the one-year anniversary of the government’s formation, saying that the oil and energy sector has received exceptional attention from the government. Their decisions have been characterized by boldness, courage, and future vision. The government aims to develop and improve the oil industry, including activating contracts for the fifth licensing rounds and concluding contracts with winning companies. Last February, the government’s efforts added a quantity of 1,000 Mqmq of gas and more than 250 thousand barrels of crude oil. The Ministry also announced the fifth and sixth rounds of oil and gas licensing, which aim to enhance optimal investment opportunities for the national wealth of the 30 oil and gas sites and fields. This will hopefully add large quantities of oil and gas to the national oil reserve and production. Abdul Ghani emphasized the importance of the government’s decision to proceed with concluding a group of contracts.

Total Energy Company has contributed to the advancement of the oil and energy industry, infrastructure and renewable energy on a global scale. They recently secured a seawater treatment contract. The purpose of this contract is to provide suitable water for reservoir support for oil fields that can produce up to 5 million barrels per day, thereby directly contributing to sustaining and increasing the national production of crude oil. Additionally, they’ve secured a contract for investing in associated gas from 4-5 oil fields, with a capacity of 600 megameters. This contract represents a qualitative addition to the gas and environment sector, and enhances national production. Another contract they secured is for developing the Artawi field and increasing production to 220 thousand barrels. They also secured a contract for investing in solar energy to generate electricity with a capacity of one kilowatt (1000 megawatts), which is a pioneering project in Iraq and the region.

The Minister of Oil emphasized the importance of the government’s program to support the national economy and sustainable development by investing in associated gas projects. The plan aims to stop the burning of gas and instead convert it into useful energy to enhance the national production in the oil fields located in the north, center, and south of the country. The government is also looking forward to concluding more contracts in governorates such as Basra, Maysan, Dhi Qar, Anbar, Diyala, and other cities to achieve full investment of the available quantities of national wealth.

The Deputy Prime Minister for Energy Affairs and Minister of Oil highlighted the most significant achievements in the refinery sector, stating that operating the Karbala refinery with a refining capacity of 140,000 barrels is a crucial step to meet a considerable part of the local demand. It will also contribute to reducing the amount of imported fuel, thanks to the quality of the petroleum products. The Minister of Oil also commended the Southern Refineries Company for implementing several projects to increase production and refining capacity, improve the quality of fuel, and reconstruct the Baiji refinery. These efforts reflect the national commitment to enhancing the production of petroleum derivatives.

He mentioned that the government and the ministry have been putting efforts in strengthening infrastructure projects and enhancing export capabilities from the southern port. There is also an active interest in renewable energy projects, preserving the environment and climate, and making effective contributions to “OPEC Plus” for stabilizing global markets. The government and the ministry have achieved great success in generating financial revenues for the state treasury. The Ministry of Oil has been focusing on promoting and stabilizing electrical energy throughout Iraq. Additionally, it has been taking initiatives for the betterment of the community and providing great support to the health, humanitarian and cultural sectors, as well as to the families of the martyrs and the wounded.