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Iraq in discussion with Total to invest in two gas projects

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Iraq wants to cut down on its gas imports

Iraq is in discussion with France-based major oil and gas company Total with regard to investment in two new gas projects in the country, media reports. Through the projects, Iraq wants to cut down on its import of electricity and gas from Iran.

Iraq is under increasing pressure from the US to ramp up gas production in order to cut down on its imports of electricity and gas from Iran, which has been under US sanctions since 2018.

Iraq’s oil ministry said in a statement that talks with Total revolve around investments in a gas project west of Baghdad and another in the southern city of Basra.

In the statement, the oil ministry also said that Iraq plans to capture an additional 1.2 Bcf/d of flared gas by the end of 2023. Iraq, which has 132 Tcf of gas reserves, currently captures 1.5 Bcf/d of associated gas and wants to boost that figure to 2.5 Bcf/d by the end of 2023.

It is reported that Russia-based oil giant Lukoil is planning to develop new oilfield projects in Iraq amid depleting prices and demand due to the coronavirus pandemic.

Recently, Iraqi Oil Minister Ihsan Abdul Jabbar said at a virtual conference that oil prices will recover during the second quarter of 2021 which will help Iraq and its oil industry to increase its production capacity.

“I think quarter two, 2021 will be more attractive to every aspect of our business,” Jabbar said.

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