Iraq aims to bolster oil reserves, gas output through new licensing rounds

(MENAFN) Iraqi Oil Minister Hayan Abdul Ghani articulated his optimism regarding the country's oil reserves, expressing hope that they would surpass 160 billion barrels. This announcement coincided with the launch of two new licensing rounds aimed at attracting investment in 29 fields and exploration blocks for oil and gas.

During the inauguration of the three-day licensing rounds, Abdul Ghani emphasized the significance of these projects in advancing the oil and gas industry, marking a new phase of development following five previous licensing rounds initiated in 2008. The scope of the two rounds encompasses exploration fields and territories spanning 12 governorates, including areas within Iraqi territorial waters.

Abdul Ghani underscored the government's commitment to supporting winning companies and facilitating their operations to maximize the potential of Iraq's oil and gas wealth. He expressed confidence that with government backing, the country's proven oil reserves could exceed 160 billion barrels, signaling a promising outlook for the sector.

Prime Minister Muhammad Shiaa Al-Sudani echoed Abdul Ghani's sentiments, emphasizing the strategic importance of these projects in driving investments and enhancing economic prospects across participating governorates. Al-Sudani outlined ambitious production targets, envisioning a substantial increase in gas output to over 3,459 million standard cubic feet per day and oil production exceeding one million barrels per day.

Furthermore, Al-Sudani highlighted the broader socio-economic benefits of these initiatives, anticipating a positive impact on local economies and service infrastructure in the designated governorates. The government's focus on fostering investment in oil and gas projects reflects its commitment to leveraging Iraq's natural resources for sustainable economic development and national prosperity.

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