Shafaq News/ On Saturday, Iraqi Prime Minister Mohammed Shia Al-Sudani launched the fifth supplementary round and full sixth round of oil and gas exploration licenses encompassing 29 projects spread across 12 governorates.
The Iraqi government anticipates substantial outcomes from these projects, aiming to achieve a daily production capacity of over 3,459 million standard cubic feet of gas and more than one million barrels of oil.
Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdulghani expressed optimism regarding Iraq's oil reserves, "aiming to surpass 160 billion barrels, a testament to the country's vast energy potential."
According to OPEC's annual report, Iraq has the fourth-largest proven crude oil reserves, trailing only Venezuela, Saudi Arabia, and Iran globally. Additionally, Iraq possesses major natural gas reserves of 132 trillion cubic feet.
During the launch ceremony, Al-Sudani emphasized Iraq's role as a "challenging player in the energy and oil wealth equation in the region and the world," highlighting the Ministry of Oil's commitment to halt associated gas flaring within five years.
"This commitment is part of Iraq's broader strategy to optimize investment in its oil and gas resources."
"Since the first day of the formation of the Iraqi government, we have set a goal of investing in this wealth, starting with halting associated gas flaring."
The prime minister outlined a comprehensive approach that includes converting oil production into value-added industries like petrochemicals and refineries, aiming to achieve a 40% conversion rate within the next decade. This shift underscores Iraq's commitment to economic diversification and sustainable development.
Al-Sudani also stressed the importance of the sixth licensing round's investment in associated gas, noting its potential to "unlock dormant wealth and contribute to Iraq's long-term energy strategy."
Notably, Iraq heavily relies on crude oil exports, contributing to approximately 95% of its general budget revenues.