Iraq‘s economy will rise to 230 billion barrels of oil and no drop of gas burned in 2022

  In Oil 

Oil Minister Jabbar al-Allaibi predicted that the proven reserves of crude oil in Iraq will increase from 153 to 230 billion barrels if exploration activity expands, adding that the gas burning process will be completely halted in 2022.

Al-Luaibi said in an interview with the official newspaper “Sabah” that “the proven reserves of crude oil is 153 billion barrels, and the infiltration of Iraq among the countries of OPEC ranks second and fourth in the world, but if you ask me as an engineer in oil, I say Iraq’s reserves much more, “If the exploration activity is activated intensively, the proven reserves may reach 230 billion barrels, but because of the wars in the country, the exploration has been delayed a lot.”

“The proven reserves are 135 billion cubic feet, and this is also the first, and if the expansion of the exploration area, it is 250 billion cubic feet, throughout the country.”

The minister pointed out that “Iraq was losing annually from 7 to 8 billion dollars, because of the burning of gas accompaniment, so the ministry sought through its contracts to prevent it, and after 2003 Iraq signed a contract with Shell to invest about 40 percent of the South gas, but they did not As well as signed a contract with a US company to invest Nasiriyah gas with a capacity of 200 million cubic feet. ”

“Our plans in the ministry are going to burn one drop at the end of 2022, by investing all the gas associated with oil extraction operations while completing the main gas infrastructure.”