Hayyan Abdul Ghani, Iraq’s Oil Minister, emphasized on Sunday the necessity for the government to cease importing gas by investing in initiatives in this sector, noting that Iraq’s oil reserves have increased to 6 billion barrels.
This was said in a speech he gave at the start of the activities of the first Iraqi conference and exhibition for oil projects and licensing rounds in the sphere of oil and gas, which is taking place in Baghdad for three days.
In his speech, which was attended by a Shafaq News Agency correspondent, Abdul Ghani stated that in order to dedicate the Ministry of Oil’s pioneering role in providing the necessary and basic resources to finance the Iraqi state budget, and supporting these resources with strategic projects that double the financial return and provide various opportunities in all sectors, this vital ministry went to sponsoring and supporting exhibitions and conferences that are in the works.
“This ministry has sought to create opportunities to develop the national economy and invest in all natural resources available in Iraq,” he continued, “and the ministry has undertaken to distribute production from all governorates of Iraq because these resources have a direct impact on the economic and cultural reality of all cities in Iraq.”
“Wherever there is oil and gas, the local economy will develop,” Abdul-Ghani said, adding, “and the Ministry hopes that specialized international companies will participate in these promising rounds and contribute to gas investment projects and maximize your production to reach self-sufficiency for this vital material and export the surplus abroad.”
He stated that the Ministry of Oil will assist all firms in making the tours a success by streamlining the appropriate processes for these companies’ activity in the governorates of Iraq that are associated with these fields and exploratory patches.
The Minister of Oil went on to remark, “We in Iraq have made great strides to enhance areas of investment in the oil sector through the rounds of petroleum licensing, starting from the first round to the fifth round, whose contracts were signed at the beginning of the formation of this government.”
He revealed an increase in the national oil and gas reserves of six billion barrels of oil and 32 billion standard cubic feet of gas, adding: “We can proudly display the progress made by the Ministry of Oil during the year of this government’s life, as a contract to develop a field was signed.” Erido Oil Company with a capacity of 250 thousand barrels per day, and the completion and operation of the strategic Karbala refinery with a capacity of 140 thousand barrels per day, which is now in the final stages of final trial operation as this refinery operates according to the international specifications “Euro Five” and is considered one of the environmentally friendly refineries.