Latest news with #Abdul-Ghani
Iraqi News
03-06-2025
- Business
- Iraqi News
Iraq launches program to increase oil and gas reserves
Baghdad ( – 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.
Shafaq News
21-05-2025
- Business
- Shafaq News
Iraq turns to carbon markets to power clean energy shift
Shafaq News/ Iraq will launch its first solar-powered electricity generation plant by the end of 2025, Oil Minister Hayan Abdul-Ghani announced on Wednesday. Speaking at the inaugural of the first Conference on Carbon Economics in Iraq, held in Baghdad, Abdul-Ghani emphasized the country's growing awareness of the global climate crisis and the fast-evolving landscape of the energy sector. He stressed that reducing carbon emissions presents not only an environmental imperative but also a real opportunity to attract financing, boost technological development, and stimulate investment—particularly through carbon markets and carbon bonds. 'We have already taken concrete steps in this direction,' Abdul-Ghani stated, highlighting ongoing flare gas recovery initiatives and Iraq's commitment to ending routine gas flaring by 2029. He also noted ongoing collaborations with international markets and global partners aimed at identifying and implementing emission reduction strategies. Under the framework of the Paris Agreement, Iraq had pledged to cut its greenhouse gas emissions by 2% by 2023. According to the minister, this target has already been surpassed through a pioneering project in Basra. Abdul-Ghani revealed that several agreements have been signed with energy companies to halt gas flaring, with expectations that these initiatives will reduce thermal emissions by over 23%—exceeding Iraq's original Paris Accord commitment more than tenfold. Held under the patronage of Prime Minister Mohammed Shia Al-Sudani, the conference drew regional and international stakeholders, including diplomats and environmental experts. Minister of Environment Nizar Mohammed Saeed noted that the event aims to diversify national income sources and strengthen Iraq's green economy by tapping into carbon markets and unlocking new opportunities in climate finance. The carbon economy is built on a market-based framework that assigns value to emissions reductions. Tools such as carbon pricing, carbon credits, and emissions trading enable governments and companies to monetize their climate efforts. For oil-reliant economies like Iraq, investing in carbon market mechanisms offers a strategic pathway to diversify revenues, attract global investment, and align with international climate commitments.
Iraqi News
07-05-2025
- Business
- Iraqi News
Iraq increases condensate output
Baghdad ( – The Iraqi Minister of Oil, Hayan Abdul-Ghani, said in a statement on Wednesday that natural gas output and flared gas utilization projects have increased in Iraq. A statement released by the Iraqi Oil Ministry mentioned that the country's efforts to lessen gas flaring and satisfy local demand have resulted in the availability of substantial amounts of condensates, reaching about 160,000 barrels per day, according to Reuters. Condensate, a light oil, is mostly used as a mixture for heavy crude or processed in separators to produce naphtha, a petrochemical product. To improve its characteristics, the majority of the condensates generated are mixed with crude oil. Iraq's attempts to maximize its energy resources and lessen its environmental effect through improved utilization of flared gas have taken a significant stride with the growth in condensate output. As part of the government's plan to quickly become self-sufficient in gas and energy, Iraq plans to increase the utilization of flared gas wasted in oil operations to 70 percent by the end of 2025. Abdul-Ghani told the state-run news agency (INA) last month that promising projects are underway to maximize the production and utilization of flared gas in oil fields throughout the country. According to the oil minister, flared gas utilization in Iraq is predicted to rise from its present level of around 67 percent to 70 percent by the end of 2025. As part of the government agenda, gas flaring is scheduled to completely stop in Iraq by 2028, with efforts being made to turn this wasted energy into useful energy.
Iraqi News
30-04-2025
- Business
- Iraqi News
Iraq signs deal with EBS to develop 15 billion barrels of oil reserves
Baghdad ( – In support of the country's ambitions to boost oil output to six million barrels by 2029, the Iraqi government inked an agreement on Wednesday to develop oil reserves of more than 15 billion barrels. The Iraqi Minister of Oil, Hayan Abdul-Ghani, confirmed the ministry's commitment to maximizing production through the development of oil fields, in line with the ministry's plans and the government's agenda. Abdul-Ghani sponsored a ceremony to sign a deal with China's EBS to develop the southern part of the East Baghdad field, according to a statement cited by the Iraqi News Agency (INA). The new agreement will develop an estimated oil reserve of over 15 billion barrels, following a series of recent discoveries that have increased the oil field's reserves by more than two billion barrels. The Iraqi oil minister clarified that by extending the deal's coverage area, oil output from the East Baghdad field will rise by as much as 100,000 barrels per day. The field, which is more than 120 kilometers long and five to seven kilometers wide, now produces between 45,000 and 50,000 barrels per day, according to Abdul-Ghani. The agreement was reached around three months after Iraq's Midland Oil Company, working with EBS, declared that the field's oil reserves had increased by almost two billion barrels as a result of successful drilling operations that revealed substantial oil reserves that contained medium and light crudes. When the development deal with the Chinese firm was signed in 2018, the East Baghdad field's proven reserves were estimated to be at 7.5 billion barrels. However, this amount has doubled to 15 billion barrels due to exploration and assessment activities. In addition to the construction of four tanks with a capacity of 10,000 cubic meters and 3,000 cubic meters, the agreement with EBS includes drilling six horizontal wells to increase the field's production, according to Abdul-Ghani.
Iraqi News
25-04-2025
- Business
- Iraqi News
Iraq's clean energy projects to generate 12,000 megawatts
Baghdad ( – The Iraqi Minister of Oil, Hayan Abdul-Ghani, confirmed on Thursday that Iraq's renewable energy projects are planned to generate 12,000 megawatts. Abdul-Ghani's remarks took place during his participation in the international Summit on the Future of Energy Security held in the British capital, London, where he emphasized that fossil fuels will remain an important source of energy in the coming years, according to the Iraqi News Agency (INA). The Iraqi minister cited the government's intentions to increase the use of renewable energy, particularly power generation from solar energy projects, which aim to produce 12,000 megawatts. Abdul-Ghani also discussed the advantages of using associated gas through a number of initiatives, such as the Gas Growth Integrated Project (GGIP), which is being carried out in collaboration with France-based TotalEnergies. The initiative involves the first-ever use of seawater to assist with oil extraction operations, according to Abdul-Ghani. In collaboration with the British government and the International Energy Agency (IEA), the summit is attended by top officials and energy ministers from over 60 countries, as well as significant international energy corporations.
