Saudi oil giant Aramco will develop a gas field in Iraq that could produce more than 400 million cubic feet of gas per day, Iraqi Oil Minister Hayan Abdel-Ghani said on Thursday.
Presently, this field yields 60 million cubic feet of gas, but it is projected to substantially increase its production to over 400 million cubic feet. This surge in output aims to provide Iraq’s national grid with an ample supply of gas required for electricity generation.
Abdel-Ghani revealed that two rounds of licenses have been granted for investment and development purposes in numerous exploration fields situated in both the eastern and western regions of Iraq.
These areas boast significant reserves of natural gas.
Moreover, the minister expressed his keen desire for the involvement of Saudi companies in the advancement of these fields, with the ultimate goal of generating the required gas for electricity production and fulfilling the local demand for this valuable resource.
A recent meeting encompassed several agreements pertaining to energy-related matters, with a prominent focus on the agreement with Saudi Arabia to supply Iraq with up to 1000 megawatts of electrical energy.
Additionally, Saudi companies will undertake the construction of solar power plants in Iraq’s Najaf province. This solar power plant is set to become the largest of its kind in Iraq.
Abdel-Ghani also clarified that an agreement has been reached with Saudi Arabia to establish industrial cities along the shared borders of both countries.
This initiative aims to foster the development of industry and trade for both nations.
Furthermore, discussions were held regarding the Nebras Project, which is one of the largest petrochemical projects in Iraq and the region.