Gas investment...a quantum leap in Iraq's export capabilities during 2025
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The Independent Arabic Saturday 26 February 2022 10:14
Iraq intends to enhance its capabilities to invest in natural gas (AFP)
Iraq intends to invest free and associated natural gas in its fields, which will enhance its capabilities to export liquefied gas (LPG) and heavy drops of gas, and accelerate its programs aimed at substituting gas as a fuel to produce electric power instead of liquid fuel.
Minister of Oil stressed investing in gas, which guarantees a significant improvement in the outputs of electric power production and a reduction in harmful emissions to the environment..
Iraq is proceeding with a national effort to increase reliability in calculating the reserve storage of free gas in the desert of western Iraq, which will constitute a qualitative leap in Iraq's export capabilities for liquefied gas and other drops during the year 2025,
and end the use of liquid fuels in the production of electric power, especially as Iraq is coming On the need to secure about 50 thousand megawatts of energy to cover the large population growth.
"Investment in the field of gas is a lagging industry in Iraq, as it always tends to invest its money in quick-return projects,"
Iraq has huge reserves of oil and gas, and is the second country in the Organization of Petroleum Exporting Countries (OPEC), and oil accounts for more than 90 percent of its revenues,
but it is facing a severe energy crisis and suffers from continuous power outages, and it imports dry gas from Iran to operate its electrical stations.
Iraq's current production of natural gas is about 2.7 billion cubic feet.
According to previous estimates, Iraq has a stockpile of 132 trillion cubic feet of gas, 700 billion cubic feet of which were burned, as a result of the poor ability to exploit it.
Iraq still imports gas from Iran , through two pipelines, at a rate of about 20 million cubic feet per day, to operate the country's electric power plants, while
the country's need is about 70 million cubic feet per day.
Iraq came second after Russia in the world among the highest gas burning countries in 2020.
According to estimates, Iraq burns ten times the quantities of gas it imports, and it still depends on Gas imports from Iran, and
after the decline in gas supplies from Iran for several reasons, the electric power system lost 35 percent of the energy produced, and this led to a crisis in electric power.
Therefore, the government is seeking to find quick solutions before the summer."
if Iraq succeeds in investing gas wealth, in addition to the positive environmental effects resulting from stopping the burning of associated gas, it can be an influential party in the global gas industry, as
the quantities of gas available in Iraq are estimated at more than 124 trillion cubic feet."
It could be a substitute for Iraqi oil exports."
A promising future in the energy market
"Iraqi gas was and is still burning in huge quantities, and it is supposed to start contracting with foreign companies and benefit from international expertise to develop gas fields, reduce burning, and increase national production for a long time, .
"Although this step has been delayed for political and security reasons and poor planning, but it is better late than not, and it is a good gesture by the current government to invest Iraq's wealth, and
the next government should continue in this aspect, and focus more on developing Gas production, because of its good advantages, may constitute an alternative to oil in the next few years.
"Iraq possesses large gas reserves and has a promising future in the energy markets if the optimum investment of these wealth is proceeded."