Latest news with #HayanAbdul-Ghani
Iraqi News
4 days ago
- 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 rejects KRG-US energy deals: Only federal government can authorize
Shafaq News/ On Wednesday, Iraq's Oil Ministry dismissed the two energy agreements recently signed between the Kurdistan Regional Government (KRG) and American companies. Oil Minister Hayan Abdul-Ghani told Shafaq News that only the federal government has the legal mandate to authorize contracts. 'The management of Iraq's oil wealth falls under Iraq's authority,' he clarified. The KRG earlier announced two contracts in Washington with US-based firms HKN Energy and WesternZagros, worth tens of billions of dollars, to expand oil production and infrastructure. However, the ministry formally rejected the deals, citing Federal Supreme Court rulings that invalidate contracts signed unilaterally by the KRG after 2012 and 2019 decisions. The KRG's Ministry of Natural Resources defended the agreements. 'These contracts are lawful and were approved through judicial processes,' the ministry said in a statement, rejecting Baghdad's interpretation. Tensions between Baghdad and Erbil over oil governance have long fueled disputes, particularly around control, revenue-sharing, and the legality of Regional contracts.
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
20-05-2025
- Business
- Iraqi News
Iraq opens government palace's 2-megawatt solar power plant
Baghdad ( – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, inaugurated on Tuesday a two-megawatt solar power plant built to supply the cabinet's headquarters, known as the government palace, with electricity. The step is part of the Iraqi government's initiative to employ renewable energy to generate electricity for government buildings, according to a statement released by the Prime Minister's Office (PMO). This action sends a strong political message to increase the use of solar energy in the public, private, commercial, industrial, and agricultural sectors. It will also lessen the strain on the electrical system and help lower the need for traditional energy sources. Iraq's electricity shortage, one of the main issues facing the current government, may be strategically resolved with solar energy. Accordingly, Iraqi Oil Minister Hayan Abdul-Ghani and the Ministry of Electricity unveiled a collaborative strategy to generate 12,000 megawatts of renewable energy by 2030. According to Abdul-Ghani, one of the main solutions to increase Iraq's electricity output is the use of solar energy, which is a top priority for the government. The Iraqi Ministry of Electricity and the Ministry of Oil are collaborating on a plan to boost solar energy production to over 5,000 megawatts in the first phase, which would culminate in the production of 12,000 megawatts of clean energy. In order to promote the use of solar energy to mitigate the effects of climate change, Al-Sudani revealed in March that Iraq seeks to join the International Solar Alliance (ISA). The main goal of the ISA, which has more than 120 member countries, is to promote the effective use of solar energy and reduce dependency on fossil fuels. The Iraqi government is working to achieve sustainability in the energy industry and diversify its energy sources in response to the country's increasing need for electricity.
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.
