PROJECTS: Iraq seeks foreign investors in associated gas

Oil Minister talks to foreign firms

  
Image used for illustrative purpose. A worker adjusts a pipe at the Nassiriya oilfield in Nassiriya, 300km (185 miles) southeast of Baghdad,September 8, 2012.REUTERS/Atef Hassan

Image used for illustrative purpose. A worker adjusts a pipe at the Nassiriya oilfield in Nassiriya, 300km (185 miles) southeast of Baghdad,September 8, 2012.REUTERS/Atef Hassan

REUTERS/Atef Hassan

OPEC member Iraq is talking to international companies to invest in projects to tap its large associated gas deposits within plans to boost revenue, the official Alsabah newspaper reported on Wednesday.

Oil Minister Ihsan Abdul Jabbar, who was approved by parliament in June, has formed a committee to prepare a study to utilize the country's associated gas resources, the paper said, quoting parliament's oil and gas commission member Sadiq Suilaiti.

"The Oil Minister is now in touch with a number of international firms to seek their investments to utilize associated gas in the next period," he said.

Sulaiti said such plans would offset oil price fluctuations, boost Iraq's public revenue and stop wasting gas associated with crude oil by flaring.

Iraq control around 3.7 trillion cubic metres of natural gas and nearly 145 billion barrels of recoverable oil reserves, the world's 7th and 5th largest consequently.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

#Iraq #Oilandgas #Investment

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