The Iraqi Ministry of Oil recently signed 13 preliminary agreements to develop oil and gas exploration blocks and fields, aiming to boost the country’s energy production. These agreements are part of the efforts to increase Iraq’s oil and gas output, necessary for powering the nation’s power plants. The Minister of Oil emphasized the ministry’s commitment to maximizing available resources to enhance production.
These agreements are projected to raise the country’s crude oil production by 750,000 barrels per day and gas production by 850,000 cubic feet per day. The additional energy will be utilized to operate power plants, supporting Iraq’s electricity sector. With a current deficit in electricity production, Iraq heavily relies on gas imports from Iran to generate power.
To address this issue, Iraq has invested in projects to utilize flared gas and renewable energy sources for electricity generation. The ministry has also signed agreements with Siemens Energy to convert flared gas into fuel, aligning with the government’s efforts to reduce gas flaring and enhance energy production. These initiatives aim to mitigate power outages and improve electricity supply in the country.