The Iraqi Ministry of Oil has announced the signing of 13 preliminary agreements to develop 13 oil and gas exploration blocks and fields.
The agreements are a component of the Iraqi government’s fifth and sixth licensing rounds, which were initiated to augment the country’s oil and gas production. This is essential for the operation of Iraq’s power facilities.
The agreements are expected to increase the production of crude oil and gas by 750,000 barrels per day and 850,000 cubic feet per day, respectively, according to Iraqi Oil Minister Hayan Abdul-Ghani. The ministry is enthusiastic about enhancing oil and gas production by optimising the utilisation of available resources.
These additional volumes will be utilised as fuel to operate power plants, which will subsequently generate electricity to assist Iraq’s energy sector, according to the Iraqi Oil Minister.
The Ministry of Electricity’s spokesperson, Ahmed Musa, recently disclosed figures that indicate Iraq presently generates slightly more than 27,000 megawatts of electricity. However, the country requires 48,000 megawatts to satisfy its own needs.
Musa asserts that 80 percent of Iraq’s power facilities utilise gas, a portion of which is imported from Iran under a five-year agreement that provides 50 million cubic meters of gas per day.
Iraq has recently made significant investments in a variety of initiatives to begin utilising renewable energy and flared gas to generate electricity, despite the fact that the country imports a significant amount of gas from Iran.
Iraq is unable to produce electricity without importing petroleum from Iran. The United States’ sanctions against Iran have made it challenging for Baghdad to pay for Iranian gas.
Power disruptions that can last for as long as ten hours occur in Iraq on a daily basis. The situation becomes even more dire during the sweltering summer, when the temperature surpasses 50 degrees Celsius (122 degrees Fahrenheit).
Ziyad Ali Fadel, the Iraqi Minister of Electricity, announced in mid-March that Siemens Energy had reached an agreement to convert ignited petrol into fuel within six months.
Fadel verified that the agreement is a part of the Iraqi government’s endeavours to cease the combustion of gas and utilise it to produce electricity.
