(MENAFN- Iraq Business News)
By John Lee.
Iraq's Oil Minister, Hayan Abdul Ghani, has unveiled the draft of an investment project for the Nahr Bin Umar gas field in Basra Province.
The project will be submitted for approval to the Ministerial Energy Council and later to the Cabinet. This announcement came during a meeting of the advisory body to discuss the project's draft, following a technical presentation by the committee responsible for technical and contractual aspects.
The project aims to harness the gas resources from the Nahr Ben Umar field, with a capacity of 300 million cubic feet per day (MMCF). It will be executed in two phases, with 150 MMCF dedicated to raw gas and 150 MMCF for sour gas. Additionally, it will produce significant quantities of liquid gas and condensates.
Deputy Prime Minister Hiyam Abdulghani noted that this project will follow the Build-Own-Operate-Transfer (BOOT) model and will be implemented by international companies with expertise in the field. This initiative aligns with the government's strategy to enhance national gas production.
Asim Jihad, the Ministry's spokesperson, explained that the project encompasses the establishment of gas gathering stations, processing units, pipeline networks, reservoirs, power generation stations, and an export platform. This project aligns with the government's agenda to curb gas flaring, reduce environmental pollution, and convert gas into clean energy. It will satisfy a significant portion of local demand for dry gas for power stations and various industries. Furthermore, any surplus liquid gas and condensates will be exported, generating substantial financial revenues for the state treasury.
(Source: Ministry of Oil)
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