Prime Minister Mohammed Shiaa Al-Sudani described Iraq today, Saturday, as "a key player in the energy equation and oil wealth in the region and the world," emphasizing the Ministry of Oil's commitment to halting associated gas flaring within a period of up to 5 years. This statement was made during a speech at the launch ceremony for the fifth supplementary licensing round and the sixth round, which includes 29 projects for oil and gas fields and exploratory blocks across 12 Iraqi provinces.
Al-Sudani stated, "Although we have been late in achieving optimal investment of oil and gas wealth, from this effort over the past year and a half, we can confidently say that Iraq is a key player in the energy equation and oil wealth in the region and the world." He added, "From the first day of forming the Iraqi government, we set the goal to invest this wealth, starting with stopping associated gas flaring, which will cease within 3 - 5 years after completing the projects signed in the past months. This will also stop the environmental impacts of this process, in addition to being a waste of resources, as it has devastating effects on climate, the environment, and human life."
Al-Sudani also pointed out his government's focus on transforming oil production into petrochemical and refining industries, noting a goal to convert 40 percent of oil production in the next ten years. Finally, he highlighted the investment in free gas being implemented through the sixth licensing round, stating that "it is an important goal to invest this dormant wealth for decades."
