Shafaq News/ The Minister of Oil, Hayan Abdel-Ghani, provided an update on the progress of the gas sector in Iraq, highlighting the government's support for optimizing gas wealth investment, reducing emissions, and converting them into energy to bolster related industries.

During a meeting in Vienna with the Secretary-General of the Gas Exporting Countries Forum, Muhammad Hamel, Abdul-Ghani discussed global developments in the growth of the gas sector, supporting gas and renewable energy investment projects, and the role of the oil and gas sector in addressing environmental impacts.

Abdul-Ghani highlighted Iraq's national strategy, which aims to capitalize on the country's free and associated gas resources. He intends to develop and invest in hydrocarbon-gas exploration sites through collaboration with specialized international companies and using intelligent technologies to enhance energy efficiency.

The Secretary-General of the Gas Exporting Countries Forum commended Iraq's significant role in the oil and energy sector, recognizing its efforts in developing promising gas projects within the country.

Abdul-Ghani further outlined Iraq's goals, stating that the ministry aims to produce 1,500 million cubic feet of natural gas while striving for an oil production capacity of 6 million barrels daily.

Later, in an interview with the Emirates News Agency (WAM), the minister discussed the licensing rounds for the exploration of oil and gas fields in Iraq.

The fifth complimentary round included over ten oil and gas fields in western Iraq. In contrast, the sixth round encompassed 13 exploratory fields and sites along the western borders, potentially producing over 1,500 million cubic feet of gas. These efforts align with Iraq's objective of achieving self-sufficiency in the gas sector within the next five years.

Abdul-Ghani highlighted Iraq's significant oil reserves of 144.5 billion cubic meters and over 133 trillion standard cubic feet of gas. He emphasized the country's collaboration with various global companies to produce substantial quantities of oil and gas, citing contracts with British Petroleum, Eni, Exxon Mobil, and Lukoil in different regions.

With the current oil production capacity reaching 5.4 million barrels per day and total production at 4.43 million per day, according to OPEC's share, Iraq aims to raise its production capacity to 6 million barrels per day through upcoming licensing contracts.

Oil and gas contribute significantly to Iraq's gross domestic product, with 90% of the state's imports reliant on oil wealth. The country remains committed to allocating these resources to strategic projects in sectors such as industry and agriculture, strengthening Iraq's overall resources.

Abdul-Ghani also highlighted investment opportunities in the oil sector, with the fifth complementary licensing round offering opportunities in gas and oil fields, including gas fields on the eastern side of the Iraqi borders. The sixth round of licensing contracts also focuses on gas exploration blocks along the western borders, attracting investments worth tens of billions of dollars.