Shafaq News – Vienna/Baghdad
Iraq’s proven reserves have surpassed 145 billion barrels of crude oil and 132 trillion cubic feet of natural gas, Iraqi Deputy Prime Minister for Energy and Oil Minister Hayan Abdul Ghani Al-Sawad announced on Wednesday.
During a panel discussion at the Ninth International OPEC Workshop in Vienna, Al-Sawad emphasized the need for strong and consistent government commitments to finance energy projects across all sectors to ensure long-term energy security.
He underscored the continued importance of fossil fuels in meeting global energy demands, describing them as a key driver not only for infrastructure growth but also for advancing clean energy efforts, especially in developing countries that require economic support to improve vital sectors such as healthcare, education, and essential services.
Al-Sawad highlighted that “sustained investment in oil and gas remains critical for both global energy stability and inclusive economic development.” However, he warned that current investment levels are insufficient to meet future demand, particularly as the global population and industrial activity continue to grow.
Adequate financing, he stressed, is necessary to balance traditional energy supply with progress in clean energy technologies.
The minister also outlined Iraq’s role in the global energy transition, pointing to major initiatives aimed at capturing associated and natural gas that would otherwise be flared. “These efforts align with Iraq’s climate commitments and aim to strike a balance between economic development and environmental responsibility,” he affirmed.
Iraq is currently advancing large-scale projects to convert flared gas into electricity, helping to cut carbon emissions, improve domestic energy security, and reduce dependence on imported fuels.
Al-Sawad also noted Iraq’s ongoing efforts to develop independent natural gas fields in partnership with leading international companies, "a move intended to position the country as a future player in the global gas market."