Gas projects unveiled by Iraq over the past months will allow the OPEC member to become a gas exporter and save money on imports, the country’s Prime Minister Mohammed Al-Sudani was reported on Monday as saying.
Sudani, speaking at a weekend seminar in New York, said Iraq is losing $4-5 billion annually because of gas flaring while it is saddled with an Iranian gas import bill of $4 billion.
“We are importing nearly one billion cubic feet of gas from Iran, with an import bill standing at nearly $4 billion per year…we are also losing $4-5 billion due to flaring of associated gas,” he said in comments published on Monday by the official Iraqi news agency.
Sudani said Iraq’s gas resources are massive but have not been exploited by most previous governments, adding that concessions being awarded to foreign companies would largely boost recoverable gas in the OPEC member.
“We are undertaking large projects in the gas sector with the help of foreign firms, including TotalEnergies…these projects will turn Iraq into a gas exporter in the future,” he said, referring to the recent $27 billion agreement signed with the French energy giant.
“We are a country which is producing 4.65 million barrels-per-day of oil…imagine the large quantities of associated gas which are being wasted…but my government is working to establish the right basis for utilising these resources and stopping this waste.”
(Writing by Nadim Kawach; Editing by Anoop Menon)
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