Iraq sets two stages of time to invest gas and stop its burning completely
Oil Minister Hayan Abdul Ghani confirmed on Saturday that the process of investing gas and stopping its burning completely in all fields will be carried out through two stages.
“The investment of all the gas currently being burned has been contracted, but investing gas in its nature needs relatively long periods,” Abdul Ghani said.
He added that “the Ministry of Oil has divided the investment process into two stages: the first is three years, and the second stage is five years to stop the burning of gas completely,” noting that “this gas will be used, and directed towards electricity projects and other industrial projects such as petrochemicals, fertilizers and other projects.”
Earlier this month, the Ministry of Oil launched the fifth supplementary licensing round and the sixth round, for oil and gas fields, in the presence and sponsorship of Prime Minister Mohamed Shia Al-Sudani.
The two licensing tours included 29 projects for oil and gas exploration fields and patches, distributed among 12 Iraqi governorates.
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