According to the Iraqi Ministry of Oil, the South Gas Company and the Halfaya Gas Company (HGC) have signed an agreement to utilize and process flared gas in the Nahr Bin Omar field located in Basra Governorate.
The project is expected to produce 150 million cubic feet per day, with the possibility of adding another 150 million in the second phase.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, stated that the project would boost Iraq’s economy by increasing gas production, processing flared gas, and reducing imports. This was according to a statement released by the Oil Ministry.
In addition to halting dangerous emissions, protecting the environment, and exporting condensates and liquefied natural gas by building a terminal at the port of Umm Qasr was suggested by Abdul-Ghani.
The Iraqi Oil Minister announced an agreement that would create 5,000 jobs and prevent the release of over eight tons of pollutants.
The statement clarified that the first phase is expected to be completed in 36 months.
The contractor will own and operate the project during the project period as part of a build-own-operate-transfer (BOOT) agreement.
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