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 importance of setting a price for raw gas and ensuring its full utilization, while also reducing gas flaring.
To follow up on the raw natural gas pricing, a meeting led by Bassem Mohammed Khudair, the Ministry’s Deputy for Extraction Affairs, and attended by Deputy for Gas Affairs Izzat Saber, general directors from relevant departments, and representatives from Dhi Qar Oil Company and South Gas Company.
According to a statement released by the ministry, the discussions focused on the investment of gas produced in the Dhi Qar governorate and strategies to expedite its full utilization, alongside the development of a comprehensive 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 gas investment, calling for establishing a unified pricing policy for all extraction companies and urging the preparation of studies and plans to develop the gas sector. The statement explained.
Moreover, the deputy affirmed the ministry's “commitment to creating effective policies for raw gas pricing and developing the necessary infrastructure to ensure its full exploitation. This effort aligns with the government'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 is associated gas found in oil reservoirs.
Iraq's proven reserves of conventional natural gas are estimated to be around 3.5 trillion cubic meters, placing it 13th globally. The country produces a substantial amount of raw associated gas, averaging 3.12 billion cubic feet per day (cfd) in 2023.
