MENA Climate Week 2023 to Discuss Progress, Solutions in Riyadh

Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)
Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)
TT

MENA Climate Week 2023 to Discuss Progress, Solutions in Riyadh

Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)
Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)

Saudi Arabia, in coordination and collaboration with the UN Framework Convention on Climate Change, is set to host the MENA Climate Week 2023 in Riyadh on October 8-12.

The event will bring together numerous countries, policymakers, influential organizations from around the world, in addition to representatives from the UN and related bodies, civil society, and the business sector.

The aim is to exchange perspectives on climate solutions, cooperate in finding practical and rational approaches to address climate change and mitigate its effects.

Discussions will encompass policy frameworks, investment opportunities, research and development initiatives, and the spread of various technological solutions, such as renewable energy, energy efficiency efforts, hydrogen, carbon capture and storage, and carbon dioxide removal.

MENA Climate Week 2023 will provide the Kingdom with an opportunity to showcase its efforts and accomplishments in tackling the challenges posed by climate change.

In 2021, Prince Mohammed bin Salman, Crown Prince and Prime Minister, launched the Saudi and Middle East Green initiatives.

The Saudi Green initiative aims to reduce carbon emissions by 278 million tons annually by 2030.

The other initiative seeks to mobilize efforts of various stakeholders to reduce carbon emissions, equivalent to 10% of global contributions, and reduce carbon emissions from oil production in the region by over 60%.

On December 4, the third edition of the Saudi Green Initiative Forum will be launched, coinciding with the COP28 conference. This move reflects the Kingdom’s commitment and ongoing efforts to support the global climate action agenda and take tangible actions to address environmental challenges.

Furthermore, in October 2021, the Crown Prince announced the Kingdom’s target of achieving net-zero emissions by 2060 through a circular carbon economy approach, aligning with its development plans and promoting economic diversification.



BP Nears Deals for Oil Fields, Curbs on Gas Flaring in Iraq

British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
TT

BP Nears Deals for Oil Fields, Curbs on Gas Flaring in Iraq

British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)

Iraq and British oil giant BP are set to finalize a deal by early February to develop four oil fields in Kirkuk and curb gas flaring, Iraqi authorities announced Wednesday.

The mega-project in northern Iraq will include plans to recover flared gas to boost the country's electricity production, they said.

Gas flaring refers to the polluting practice of burning off excess gas during oil drilling. It is cheaper than capturing the associated gas.

The Iraqi government and BP signed a new memorandum of understanding in London late Tuesday, as Prime Minister Mohammed Shia al-Sudani and other senior ministers visit Britain to seal various trade and investment deals.

"The objective is to enhance production and achieve optimal targeted rates of oil and gas output," Sudani's office said in a statement.

Iraq's Oil Minister Hayan Abdel Ghani told AFP after the new accord was signed that the project would increase the four oil fields' production to up to 500,000 barrels per day from about 350,000 bpd.

"The agreement commits both parties to sign a contract in the first week of February," he said.

Ghani noted the project will also target gas flaring.

Iraq has the third highest global rate of gas flaring, after Russia and Iran, having flared about 18 billion cubic meters of gas in 2023, according to the World Bank.

The Iraqi government has made eliminating the practice one of its priorities, with plans to curb 80 percent of flared gas by 2026 and to eliminate releases by 2028.

"It's not just a question of investing and increasing oil production... but also gas exploitation. We can no longer tolerate gas flaring, whatever the quantity," Ghani added.

"We need this gas, which Iraq currently imports from neighboring Iran. The government is making serious efforts to put an end to these imports."

Iraq is ultra-dependent on Iranian gas, which covers almost a third of Iraq's energy needs.

However, Teheran regularly cuts off its supply, exacerbating the power shortages that punctuate the daily lives of 45 million Iraqis.

BP is one of the biggest foreign players in Iraq's oil sector, with a history of producing oil in the country dating back to the 1920s when it was still under British mandate.

According to the World Bank, Iraq has 145 billion barrels of proven oil reserves -- among the largest in the world -- amounting to 96 years' worth of production at the current rate.