Iraq has secured preliminary agreements for the development of 13 oil and gas exploration blocks and fields, as announced by the country’s oil ministry on Wednesday. These contracts have the potential to significantly boost the nation’s output, adding an estimated 750,000 barrels of crude oil per day and 850 million standard cubic feet (mscf) of gas.
In a press statement, Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani highlighted the ministry’s commitment to enhancing oil production and optimizing gas investment through the development of these exploration blocks and fields. He emphasized that these efforts are part of a broader strategy to increase Iraq’s oil production and to secure a more reliable supply of gas for power generation stations, thereby bolstering the energy sector in the country.
The signed contracts will soon be reviewed by the Ministerial Energy Council for approval and final endorsement before moving forward with the direct implementation of the development operations, according to Bassem Mohammad Khudair, Undersecretary for Extraction Affairs.
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