Iraq to Invest in Associated Gas

It is notable that Shell Oil Company confirmed, “Daily, Iraq burns 700 million cubic feet of gas extracted from the fields used by the company. This quantity is enough to generate 4,500 megawatts of electricity a day.”

Jihad added, “Iraq has developed an agreement with companies to start gas collection systems and pump it to the sites of consumption.”

“Iraq has actually started to invest in the gas associated with the extraction of crude oil,” he said, citing contracts signed with “Mitsubishi and Shell companies, which will invest in gas in the Rumaila field in southern Iraq.”

He said, “During the next three years, Iraq will be able to benefit from the production quantities, which will add up to 2 billion cubic feet in the fields of Rumaila alone.”

He also said, “By 2019, Iraq would have reached the stage of self-sufficiency and then will be able to export gas.” Regarding the gas pipeline project between Iran, Iraq and Syria and then Europe through Turkey, he said, “This project is ongoing, given its strategic importance.”

Iran officially announced the implementation of its contract with Iraq, which will see it providing Iraq with natural gas for three years. The Iranian Gas Engineering and Development Co. expected that the new exports, which range between 5 and 10 million cubic meters a day, would yield revenues worth $3.7 billion.

Ali Reza Ghoraibi, the managing director of the company, said, “After the completion of the first phase of the project, Iran will be able to export 5 million cubic meters of natural gas to Iraq per day. The exports may reach 10 million cubic meters a day in coming phases.” He said 75% of the project of extending a gas pipeline from Iran to Iraq is complete.

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