Iraq Seeks U.S. Investment in Gas Projects to Boost Energy Independence
(Reuters) — Iraq plans to offer 10 gas exploration blocks to U.S. companies during an upcoming visit by Oil Minister Hayan Abdel-Ghani to the United States, he announced on Saturday.
The move is part of Baghdad's efforts to attract U.S. investment into its energy sector, following previous licensing rounds where Chinese firms secured the majority of available fields.
The 10 gas blocks, left unclaimed following six licensing, rounds, will be presented in a new bidding process, Iraqi state media said, and comes as Iraq seeks to bolster its domestic gas production.
Abdel-Ghani also said Iraq will launch a new gas investment project by the end of the year at the Al-Faihaa oil field in southern Iraq. The project, with a capacity of 125 million standard cubic feet (mscf), is a key component of Iraq's strategy to enhance its energy infrastructure.
The latest initiative follows recent agreements to develop 13 oil and gas blocks, aimed at increasing Iraq's crude and gas output to supply power plants, which currently rely heavily on Iranian gas imports.
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