Buried Riches”: Gas Discovery in Iraq a Ray of Hope for Economic Development, 4 SEPT

  Buried Riches”: Gas Discovery in Iraq a Ray of Hope for Economic Development

 Iraq has recently achieved remarkable progress in the energy sector, especially in the field of natural gas discovery. These discoveries represent an important strategic step towards achieving energy security and strengthening the economy in general, and they also open new horizons for investment and development in this vital sector.

In recent years, oil companies and the Iraqi government have announced new discoveries of gas patches in several areas. Among these discoveries, the Anbar region stands out as a major location where important gas deposits have been discovered.

According to industrial sources, the new discoveries include large quantities of dry gas, a type of natural gas that contains low levels of sulfur and is used in many industrial applications. This type of gas is used in power generation, as an industrial fuel, and in the production of chemicals, making it an important resource for the industrial and energy sectors.

The Iraqi government is working to enhance investment in these discoveries through partnerships with international energy companies. Agreements have been signed with multinational companies to develop the infrastructure necessary to extract and purify gas. It has also been agreed to implement projects to extend gas pipelines and modernize refining stations.

Building infrastructure is an important step, as extracting natural gas and delivering it to markets requires complex facilities including pipelines, refining facilities, and pumping stations.

These projects require huge investments and careful coordination between the various parties concerned, and the government is working to improve the legal environment to attract foreign investment, including improving contracting terms and simplifying bureaucratic procedures.

Despite the optimism that accompanies new gas discoveries, there are a number of challenges facing the exploration and production process. These challenges include the need for modern technology and technical expertise, in addition to the difficult geographical conditions that may affect drilling and transportation operations.

Great economic opportunities

On the other hand, developing the natural gas sector in Iraq opens up great economic opportunities. In addition to improving energy security, this sector can contribute to creating new job opportunities, increasing national revenues, and enhancing economic growth. Exporting gas to international markets can also provide an important source of financial returns.

“The discovery of new gas blocks in Iraq represents an important strategic opportunity for the country as it provides a strong foundation for developing the energy sector and enhancing economic independence,” said retired gas expert Dr. Sami Al-Jubouri, who held positions in major energy companies. “However, it is necessary to focus on improving the infrastructure and applying the latest technologies to ensure efficient and safe gas extraction, through cooperation with international companies, which will enhance Iraq’s ability to optimally exploit these resources.”

“The challenges facing the country include the need to develop local technical capabilities and increase operational efficiency, as well as manage resources sustainably to ensure long-term benefits,” Dr. Al-Jubouri added to the Iraq Observer.  link