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Iraq awards investment licenses to boost oil output
Iraq today granted licenses to "Arab and foreign companies" to develop several oil fields in the country, with which it hopes to increase production by more than one million barrels per day.
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Economia Iraque
It also estimates to produce 3.459 million cubic feet of gas.
In a ceremony in Baghdad, the Iraqi Prime Minister, Mohamed Shia al-Sudani, explained that he granted licenses to "Arab and foreign companies" that will develop "29 investment projects in 12 provinces" of the country.
Mohamed Shia al-Sudani did not reveal details about the companies, although sources from the Iraqi Ministry of Petroleum indicated that they are mostly Chinese.
The new investments "are part of the context of the government's new vision for a large investment in oil and gas", said al-Sudani.
The ruler reaffirmed the executive's commitment to "working away from bureaucracy and routine to facilitate the business and investment environment".
Mohamed Shia al-Sudani also stated that investing in the country's wealth is one of the government's objectives, starting "by ending the burning of associated gas, which will stop within three to five years, and stopping the devastating environmental effects of this process".
The Iraqi Prime Minister also intends to "convert 40% of crude oil production over the next 10 years into petroleum products" and to build a gas platform in the port of Al Faw (south).
These investments, about which he assured he is talking "with several companies", "will give Iraq a new position in the energy market", he stressed.
Iraq has one of the five largest crude oil reserves in the world and is the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), after Saudi Arabia.
Read Also: Iraq requests the end of the UN mission by the end of 2025 (Portuguese version)
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