How many oil and gas fields are included in new licensing rounds?

Question

Accepted Answer

Iraq Launches New Licensing Rounds for 29 Oil and Gas Fields to Boost Reserves

Iraq has initiated new licensing rounds encompassing 29 oil and gas fields as part of its strategy to significantly increase its crude oil reserves. The nation currently holds proven oil reserves of 145 billion barrels, which, according to the World Bank, is sufficient for 96 years of production at current rates, placing Iraq among the countries with the largest crude reserves globally.
Focus on Expanding Crude Reserves

The primary objective behind these new licensing rounds is to elevate Iraq's total crude oil reserves to over 160 billion barrels. Oil Minister Hayan Abdel Ghani stated that the ministry has identified 29 promising projects to be put forward for bidding. This initiative represents a strategic effort to further enhance the country's substantial hydrocarbon assets.
Scope of New Licensing Rounds

The newly launched rounds cover exploration blocs and fields across 12 different provinces, in addition to an offshore bloc. This offshore component marks the first exploration effort in Iraqi territorial waters in the Gulf, signalling an expansion into new, potentially rich areas for hydrocarbon discovery.
Anticipated Production Increases

Iraq anticipates substantial gains in both oil and natural gas production from these licensing rounds. The projections indicate a potential daily output of over 3,459 million standard cubic feet of gas and more than one million barrels of oil per day. These figures are crucial for Iraq's economic development and its ambition to reduce reliance on imported natural gas, particularly from Iran.

Reading history

Hide →

This history is cleared when the page is closed.

How many oil and gas fields are included in new licensing rounds?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends