Iraq Invites Global Energy Titans To Develop Its Oil, Gas Reserves

Iraqi Oil Minister Hayan Abdul Ghani issued an open invitation on Monday to international energy companies, asking them to develop 13 of the country’s untapped oil and gas fields and exploration blocks, a move that underscores Iraq’s push to bolster its fossil fuel industry.

These prospective areas are scattered across the provinces of Basra, Maysan, Wasit, Baghdad, Salahudin, and Nineveh, according to the ministry’s official statement. Ministry spokesman Asim Jihad stated that companies keen on joining the fray have until June 15, 2023, to submit their interest.

This call comes as Iraq recently announced a substantial increase in its oil and gas reserves, by 10 billion barrels and 8 trillion cubic feet respectively. These fresh estimates, yet to receive OPEC’s seal of approval, would catapult Iraq’s confirmed crude oil reserves to approximately 155 billion barrels and natural gas to around 140 trillion cubic feet.

Iraq’s economy, heavily reliant on crude oil exports, stands to gain significantly from this initiative. Oil and gas exports make up over 90% of the nation’s revenue.