Iraq tower energy storage project bidding

Will Chinese companies explore Iraqi oil & gas fields?

REUTERS/Thaier Al-Sudani/File Photo Purchase Licensing Rights BAGHDAD, May 11 (Reuters) - Chinese companies won bids to explore five Iraqi oil and gas fields on Saturday in a licensing round for hydrocarbon exploration that was primarily aimed at ramping up gas production for domestic use.

Will oil projects boost Iraq's oil and gas reserves?

Iraq's Oil Minister Hayan Abdel Ghani said the offered projects will boost the country’s oil and gas reserves. Reuters Iraq Prime Minister Mohammed Shia Al Sudani said his country is committed to “assuring a safe and stable working environment” and to remove “complicated routine and bureaucracy”.

Will Iraq build Mansuriya gas field for 25 years?

A contract was signed to develop the 4.5 trillion cubic feet Mansuriya gas field for 25 years. On Wednesday, Iraq and China's Hualu Engineering also signed an agreement to construct the 300,000 barrel-per-day Al Faw refinery in country’s south, the Iraqi government said.

Will a new oil contract help Iraq's energy crisis?

Crude demand growth is set to fall by 63 per cent from 2023 to 620,000 bpd this year, the IEA said in a report earlier this year. The latest contracts could help Iraq harness its vast natural gas resources, which are key to addressing the country’s chronic electricity shortages, especially during hot summers.

Will Iraq tap natural gas resources?

Deals to tap natural gas resources have also been awarded. Iraq’s oil ministry plans to increase production to 6 million barrels per day in the next five years, from about 4 million bpd currently. It exports around 3.3 million bpd. Smoke billowing from a refinery in Iraq's southern Maysan province. AFP

Who is the new third party in Iraq's Energy deal?

Total will have a 45 per cent stake, while QatarEnergy was confirmed as the new third party in the deals, with 25 per cent. Emad Al-Alaq, the energy adviser to Iraq Prime Minister Mohammed al-Sudani, confirmed the agreed size of the stakes.