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Iraq plans to soon launch sixth hydrocarbon licensing round

Iraq will sign a much-delayed investment contract with France’s TotalEnergies for flare gas recovery project in two weeks, the OPEC member’s Oil Minister said.

The state-owned Iraqi News Agency INA), quoting Minister Hayan Abdul Ghani, that the project will recover 600 million cubic feet of gas being flared in oil fields in Basra.

In April 2023, Reuters had reported that TotalEnergies reached an agreement with the Iraqi government on a long-delayed $27 billion energy project. A key component of the project is the Gas Growth Integrated Project (GGIP), which aims to improve Iraq’s electricity supply by recovering flared gas on three oil fields to supply power generation plants.

In a separate report, INA said Iraq will launch its new hydrocarbon exploration licensing round in the next two month. The report quoting the oil minister said the sixth licensing round will cover three provinces in the Western region including Diwaniyah and Muthanna, and will mainly focus on gas in line with the government’s goal of reducing Iraq’s dependence on gas imports.
Source: Reuters (Writing by Majda Muhsen; Editing by Anoop Menon)

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