Iraq Seeks to Increase Oil Production to 6 mmbbl/d by 2030

Iraq Seeks to Increase Oil Production to 6 mmbbl/d by 2030

Chinese and Iraqi international companies have won bids to explore some Iraqi oil and gas fields during a licensing round for 29 projects that was held in Baghdad, Iraq.

“The ministry is offering today 29 promising projects within the fifth and sixth complementary licensing rounds, to start a new phase towards the advancement of the industry and oil and gas wealth after the experience of five licensing rounds that started in 2008,” said Oil Minister Hayan Abdul Ghani in his speech during the activities of the launching ceremony.

The exploration blocks are located in 12 governorates across central, southern, and western Iraq. For the first time, an offshore exploration block in Iraq’s Arab Gulf waters was included in the bidding process.

Five fields were won by Chinese companies. Zhongman Petroleum and Natural Gas Group (ZPEC) took the northern extension of the Eastern Baghdad field, in Baghdad, and the Middle Euphrates field that straddles the southern Najaf and Karbala provinces, the oil ministry said.

China’s United Energy Group Ltd won a bid to develop the Al-Faw field in southern Basra, while ZhenHua won a bid to develop Iraq’s Qurnain field in the Iraqi-Saudi border region and Geo-Jade won a bid to develop Iraq’s Zurbatiya oil and gas field in the eastern Wasit.

Two oil and gas fields were taken by Iraq’s KAR Group, the Dimah field in eastern Maysan province, and the Sasan & Alan fields in Iraq’s northwestern Nineveh province, the oil ministry said.

“Iraq has achieved self-sufficiency in liquid gas, and the surplus has been exported abroad,” said Iraqi Oil Minister Spokesman, Assem Jiha said, noting that “this is an important step in strengthening the Iraqi national economy”.

“The government’s efforts have focused during the past period on intensifying exploratory operations, so this will lead to maximizing Iraq’s oil reserves,” Jihad said, adding, “It is hoped to announce in the coming period that Iraq’s oil reserves will rise to more than 160 billion barrels, which will enhance Iraq’s role in the global oil market.”

According to Reuters, Falah Al-amri, the Iraqi prime minister’s advisor for oil and gas issues, said the government hoped the new projects would raise oil production to 6 million barrels per day by 2030 from around 5 million now.

The government also wants the projects to produce enough natural gas so that, along with plans to all-put eliminate gas flaring by 2030, Iraq could end imports.

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