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Iraq Signs Contracts to Develop 13 Exploration Blocks, Oil and Gas Fields

The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)
The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)
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Iraq Signs Contracts to Develop 13 Exploration Blocks, Oil and Gas Fields

The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)
The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)

Iraq has signed initial deals for 13 oil and gas exploration blocks and fields, the country’s oil ministry said on Wednesday.

The agreements could increase output by 750,000 barrels of crude and 850 million standard cubic feet (mscf) of gas.

In a press statement, Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani stressed the ministry’s keenness and serious endeavor to maximize oil production and achieve optimal investment of gas through the development of oil and gas fields and exploration patches.

He added: “These contracts will add large quantities of oil production estimated at 750,000 barrels per day, in addition to investing 850 cubic feet per day of gas.”

These quantities and production capacities aim to achieve flexibility in supplying power generation stations with gas fuel, in addition to supporting the energy sector in Iraq.

The contracts will be sent to the Ministerial Energy Council for approval and final signature ahead of proceeding with the direct implementation of development operations, said Undersecretary for Extraction Affairs Bassem Mohammad Khudair.

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SAMA’s Reserve Assets Rise to $467.7 Billion

The headquarters of SAMA (Asharq Al-Awsat)
The headquarters of SAMA (Asharq Al-Awsat)
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SAMA’s Reserve Assets Rise to $467.7 Billion

The headquarters of SAMA (Asharq Al-Awsat)
The headquarters of SAMA (Asharq Al-Awsat)

The Saudi Central Bank (SAMA) reported an annual growth rate of 5.5 percent in its reserve assets, with an increase of approximately SAR 92.049 billion ($24.5 billion).
The growth brought the total reserve assets to SAR 1.754 trillion ($467.7 billion) by the end of the second quarter of the current year, compared to SAR 1.662 trillion ($443.2 billion) during the same period last year.
According to the Saudi Central Bank’s latest monthly statistical bulletin, reserve assets reached their highest levels at the end of June. On a quarterly basis, reserve assets grew by 2.7 percent, an increase of approximately SAR 46.724 billion, compared to the first quarter, which stood at SAR 1.707 trillion. On a monthly basis, the reserve assets grew by 0.1 percent, with an increase of about SAR 1.146 billion.
Reserve assets have seen a 6.6 percent increase from the beginning of the year until the end of June.
Reserve assets are composed of five main components. The largest of these is "Investments in Securities Abroad," which constitutes approximately 58 percent of the total, amounting to around SAR 1.016 trillion at the end of the second quarter of 2024.
The second largest component is "Foreign Exchange and Deposits Abroad," which represents about 37 percent of the total, amounting to approximately SAR 646.3 billion.
The third component, "Special Drawing Rights," accounts for around 4 percent of the total, amounting to SAR 77.2 billion.
The fourth item is the "Reserve Position with the International Monetary Fund," which totals SAR 13.3 billion.
Finally, "Monetary Gold" makes up the fifth component, with a value of approximately SAR 1.624 billion.