Iraq's Oil Ministry stresses the need for pricing and full utilization of raw gas
Shafaq News/ On Friday, the Iraqi Oil Ministry emphasized the importanceof setting a price for raw gas and ensuring its full utilization, while alsoreducing gas flaring.
To follow up on the raw natural gas pricing, a meeting led by BassemMohammed Khudair, the Ministry’s Deputy for Extraction Affairs, and attended byDeputy for Gas Affairs Izzat Saber, general directors from relevantdepartments, and representatives from Dhi Qar Oil Company and South GasCompany.
According to a statement released by the ministry, the discussionsfocused on the investment of gas produced in the Dhi Qar governorate andstrategies to expedite its full utilization, alongside the development of acomprehensive gas pricing plan.
Khudair stressed the need for Dhi Qar Oil Company, South Gas Company,and other relevant departments to take necessary measures to accelerate gasinvestment, calling for establishing a unified pricing policy for allextraction companies and urging the preparation of studies and plans to developthe gas sector. The statement explained.
Moreover, the deputy affirmed the ministry's “commitment to creatingeffective policies for raw gas pricing and developing the necessaryinfrastructure to ensure its full exploitation. This effort aligns with thegovernment's plans to increase national gas production and reduce gas flaring,contributing to sustainable development goals and enhancing economic revenues.”
Notably, Iraq has significant reserves of natural gas, much of which isassociated gas found in oil reservoirs.
Iraq's proven reserves of conventional natural gas are estimated to bearound 3.5 trillion cubic meters, placing it 13th globally. The countryproduces a substantial amount of raw associated gas, averaging 3.12 billioncubic feet per day (cfd) in 2023.
