Iraq Seeks $1.5 Billion in Gas Investment

Iraq is looking for $1.5 billion [1.8 trillion Iraqi dinars] in investment in its natural-gas industry in the country’s 4th energy licensing round, set for March, according to Bloomberg.

Natik al-Bayati, a senior petroleum expert on the prime minister’s advisory commission, said that gas from the seven or eight concessions to be offered for bids can be brought to market as early as 2015.

He estimated Iraq’s gas reserves at 130 trillion cubic feet, 80 percent of which is associated gas found together with deposits of crude oil, and said the country expects to add about 30 trillion cubic feet in proved reserves over the next 10 years.

Iraq may have additional, unproved reserves of 100 trillion to 300 trillion cubic feet, of which 80 percent is probably non-associated gas, he said.

(Source: Bloomberg)

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