$4m of Gas Wasted Daily in Basra

A senior official at Shell  said that Iraq is losing $50 dollars per second, more than $4 million a day, as a result of flaring the gas associated with oil production in the province of Basra.

The company's Vice-President for the Middle East and North Africa, Mounir Bouaziz, reportedly said his company was currently awaiting approval from the Iraqi government regarding gas investment contracts.

Some sources estimate the cost at about $12 billion. Iraq would retain a stake of 51% of the project, which is expected to export about 600 million cubic feet of gas per day from fields in Basra.

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