Iraq launches program to increase oil and gas reserves
Baghdad (IraqiNews.com) – Iraq's attempts to optimize its oil and gas reserves continue with a new program aimed at drilling 15 exploratory wells, which would raise state earnings and assist the country's budget and economy.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, attended a ceremony held on Sunday to sign the first contract marking the launch of a new program by digging the first exploratory well, according to the Iraqi News Agency (INA).
Abdul-Ghani stressed his ministry's dedication to increasing oil and gas reserves and enhancing the country's standing among oil-producing countries.
The new initiative is expected to boost Iraq's oil and gas reserves through more exploration in locations with potential volumes and reserves, according to Abdul-Ghani.
The deal was signed by Iraqi Drilling Company (IDC), Oil Exploration Company (OEC), and North Oil Company (NOC).
Iraq's efforts to optimize its oil and gas reserves coincide with the government's increased use of crude oil to generate power in the country amid limited Iranian gas supplies.
Oil consumption for electricity generation in Iraq is expected to reach record levels in the coming months as part of attempts to avoid periodic power disruptions throughout the summer.
Domestic demand for oil is predicted to increase by roughly 150,000 barrels per day between April and August 2025, boosting power output.
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