Iraq Announces New Investment in Nasiriyah, Gharraf Gas Fields

Oil field in Iraq (Reuters)
Oil field in Iraq (Reuters)
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Iraq Announces New Investment in Nasiriyah, Gharraf Gas Fields

Oil field in Iraq (Reuters)
Oil field in Iraq (Reuters)

The Iraqi Oil Ministry announced that it would launch a gas investment project in the Nasiriyah and al-Gharraf fields with the US company Rico Hughes in Dhi Qar in southern Iraq.

The Oil Ministry stated that the project has a capacity of 200 million standard cubic feet per day, explaining that this project is one of Iraq's most significant strategic projects in the gas investment sector associated with crude oil.

Over the past months, Iraq has embarked on implementing giant gas investment projects with Chinese companies and France's Total to achieve record levels of gas production to meet the requirements of operating power plants.

Iraq aspires to launch new projects for gas investment in the Akkas field in the al-Anbar governorate and Mansouriya in the Diyala governorate.

Gas prices rose recently due to seasonal and circumstantial factors, in addition to an increase in oil prices. However, the prices fell on Friday as energy companies in the US Gulf of Mexico region resumed production after two successive hurricanes in the area halted production.

Brent crude futures fell 33 cents to settle at $75.34 a barrel. US West Texas Intermediate crude futures fell 64 cents to settle at $71.97 a barrel.

Over the week, Brent increased 3.3 percent, and US crude rose 3.2 percent, supported by tight supplies due to the hurricane outages.

The decline on Friday came after five consecutive sessions of rises for Brent crude.

On Wednesday, Brent hit its highest level since late July, and US crude hit its highest level since early August.

Gulf crude oil exports are flowing again after hurricanes Nicholas and Ida took out 26 million barrels of offshore production.

Reuters reported on Thursday that the resumption of activities continued with the suspension of about 28 percent of US Gulf of Mexico crude output.

Last week, US energy firms added oil and natural gas rigs for the second week in a row, although the number of offshore units in the Gulf of Mexico remained unchanged after hurricane Ida hit the coast more than two weeks ago.

Energy services firm Baker Hughes said 14 offshore rigs in the Gulf of Mexico had closed two weeks ago due to the continuing shutdown caused by Ida.



Al-Abdulqader to Asharq Al-Awsat: COP16 to Advocate for Strategies Against Desertification

A green space in Saudi Arabia (Asharq Al-Awsat)
A green space in Saudi Arabia (Asharq Al-Awsat)
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Al-Abdulqader to Asharq Al-Awsat: COP16 to Advocate for Strategies Against Desertification

A green space in Saudi Arabia (Asharq Al-Awsat)
A green space in Saudi Arabia (Asharq Al-Awsat)

Dr. Khalid Al-Abdulqader, CEO of Saudi Arabia’s National Center for Vegetation Cover Development and Combating Desertification, stated that the upcoming 16th Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification (UNCCD), set to kick off in Riyadh on Monday, represents a significant opportunity to strengthen international collaboration.

He added that the event will serve as a platform to showcase Saudi Arabia’s achievements in combating desertification, highlight successful initiatives such as tree-planting and sustainable projects, and encourage other nations to adopt similar strategies.

Speaking to Asharq Al-Awsat, Al-Abdulqader revealed that the conference would present numerous investment opportunities for local and international private sectors in nature-based solutions to combat desertification. These include plans for 10 investment projects in wild plant nurseries, proposals to involve private companies in the afforestation and management of selected national parks, and the development of 30 eco-tourism sites within vegetated areas. These initiatives aim to expand green spaces and mitigate desertification across the Kingdom.

Additionally, he pointed to the establishment of a dedicated unit to support and guide investors by fostering innovative ideas and providing necessary assistance in accordance with national regulations.

Green Belts and Desertification Control Efforts

Saudi Arabia prioritizes combating desertification and protecting vegetation, particularly given its challenging climatic conditions. The government is actively working to expand forests, rehabilitate degraded lands, develop national parks, conduct ecological research, and protect native plant species through initiatives like green belts.

Al-Abdulqader emphasized the importance of global cooperation in addressing desertification. COP16, he said, would strengthen international efforts to combat drought, land degradation, and their adverse effects, adding that hosting the conference underscores Saudi Arabia’s growing role in global environmental advocacy.

He also said that the Kingdom has launched significant initiatives, including the Saudi Green Initiative, which aims to plant 400 million trees by 2030 and a total of 10 billion trees by 2100, restoring approximately 40 million hectares of degraded land.

Additionally, the Saudi official revealed that the National Center for Vegetation Cover is preparing to launch the 2024 National Afforestation Season under the slogan “We Plant for Our Future”. Sponsored by the Minister of Environment, Water, and Agriculture, this campaign seeks to involve government agencies, local communities, and individuals in afforestation efforts to expand green cover, rehabilitate degraded lands, raise awareness, reduce harmful practices, and improve overall quality of life, he told Asharq Al-Awsat.

Al-Abdulqader stressed that Saudi Arabia’s environmental efforts reflect its commitment to achieving the goals of Vision 2030, which prioritizes sustainability and environmental protection.

He highlighted the center’s vital role in fulfilling the vision’s environmental objectives by managing natural resources, supporting afforestation projects, rehabilitating damaged areas, and raising awareness of the importance of vegetation cover through public campaigns.

Al-Abdulqader further noted that the center contributes to international initiatives, including Saudi Arabia’s commitment to achieving net-zero carbon emissions by 2060.

Global and Regional Cooperation

The center also supports the goals of the Middle East Green Initiative and the Saudi Green Initiative. To date, more than 95 million trees have been planted in collaboration with public, private, and nonprofit sector partners, increasing green spaces and restoring degraded lands, the official underlined.

He pointed to several international partnerships through memorandums of understanding (MoUs) with countries such as Pakistan and organizations including the United Nations Convention to Combat Desertification, the Food and Agriculture Organization (FAO), and ELAWCAT for sustainable land management.

Al-Abdulqader revealed that future agreements are in progress with China, the International Center for Agricultural Research in Dry Areas (ICARDA), and Morocco for vegetation development and desertification control, adding that Saudi Arabia is also collaborating with Egypt on stabilizing sand dunes and engaging in partnerships with Somalia, Albania, Costa Rica, Burkina Faso, and Tajikistan on environmental protection and sustainability.