Latest news with #HayyanAbdulGhani
Zawya
23-05-2025
- Business
- Zawya
Iraq's Ministry of Oil advances low-carbon agenda
Iraq's Ministry of Oil is rolling out a series of initiatives aimed at supporting a just transition to a low-carbon economy, in line with the country's international commitments under the Paris Climate Agreement. Speaking at the First Conference on Carbon Economics held earlier this week, the Minister of Oil Hayyan Abdul Ghani outlined key initiatives that includes deployment of solar energy within oil operations and novel financing mechanisms to fund emission reduction projects. He outlined the 1,000 megawatt (MW) Basra Sun project, which is being implemented by TotalEnergies in partnership with QatarEnergy. The project will be delivered in four phases of 250 MW each across Artawi, Siba, Al-Fihaya, and Basra. The first plant is expected to come online by the end of this year. The ministry is also supporting renewable energy development through crude oil payment mechanisms—also known as Payment in Kind (PIK)—to help fund the Ministry of Electricity's solar power projects. It has also extended support to a 400 MW solar project in Basra and a 200 MW project in Siba. Efforts are underway to scale up carbon bond financing, following the Midland Oil Company's successful issuance tied to emission reduction at the East Baghdad oil field. As part of its decarbonisation strategy, the Ministry is investing in methane abatement and associated gas utilisation projects, with a target to eliminate routine gas flaring by 2029. (Writing by Majda Muhsen; Editing by Anoop Menon)
Iraqi News
25-04-2025
- Business
- Iraqi News
Oil Minister: Iraq is working to create a large power plant using solar energy
Deputy Prime Minister for Energy Affairs, Oil Minister Hayyan Abdul Ghani confirmed on Friday that Iraq is working to create a large power plant using solar energy. A statement by the Oil Ministry received by the Iraqi News Agency (INA) said that 'the oil minister, during his meeting with the Executive Director of the International Energy Agency, Fatih Birol, on the sidelines of his participation in the Future Energy Security Summit in London, pointed to the importance of promoting the use of alternative energy sources in Iraq, especially in the field of electricity generation.' 'Iraq has many projects to use clean energy, including projects to establish the largest solar power plant in the country, and other projects to invest gas in national industries, which represents a strategic step within the government's program to diversify energy sources,' Abdul Ghani said. For his part, IEA Executive Director Fatih Birol stressed that "diversifying the energy mix has become an urgent necessity to achieve energy security, reduce dependence on a single source, as well as keep pace with global shifts towards sustainability." The statement continued that "during the meeting, the impact of the current geopolitical situation on global oil markets was discussed, and the two parties stressed the need for continued coordination and joint cooperation to face the emerging challenges in the energy sector."
Rudaw Net
10-03-2025
- Business
- Rudaw Net
Iraq, BP sign deal to develop Kirkuk's oilfields
Also in ECONOMY Oil producers welcome US-Iraq statements on oil exports resumption Baghdad says Kurdish oil exports could restart this month APIKUR demands payment guarantees, contract adherence to resume Kurdish oil exports Oil companies say $16 fee set by Baghdad for Kurdish oil 'temporary' A+ A- ERBIL, Kurdistan Region - Iraq's oil ministry on Monday signed a landmark deal with British energy giant BP to develop four key oil fields in Kirkuk. 'The Oil Ministry put to ink the contract to develop the four Kirkuk fields with BP,' the ministry said in a statement, noting that the agreement was signed through the North Oil Company (NOC) and North Gas Companies (NGC). The state-run NOC and NGC are responsible for the exploration, production, and management of oil and gas resources in the Kurdistan Region and surrounding areas. The fields covered under the contract are Baba Avana, Bay Hasan, Jambour, and Khabbaz in Kirkuk. The oil ministry cited Baghdad's Oil Minister Hayyan Abdul Ghani as emphasizing 'the ministry's keenness to maximize the state's oil and gas resources, which will positively contribute to maximizing the financial resources of the federal budget.' In January, Iraq's Prime Minister Mohammed Shia' al-Sudani led a delegation on an official visit to London to sign a memorandum of understanding (MoU) with BP for the rehabilitation of these four oilfields in Kirkuk. A month later, Baghdad finalized a deal with BP addressing 'technical issues and contractual terms, including the economic model of the project,' which was based on the MoU signed in London. Abdul Ghani on Monday explained that the development and rehabilitation of the four oil fields will boost national production and enhance gas utilization to support electricity generation. This latest development also follows Prime Minister Sudani's review of measures on Sunday, aimed at increasing Iraq's electricity production. The move came shortly after the United States rescinded a key waiver that allowed Iraq to import energy from Iran. The Iraqi government is now seeking alternative energy sources, including domestic production and partnerships with Gulf countries. The BP deal is viewed as a critical step in efforts to increase national energy output and reduce dependence on imports.
Rudaw Net
06-03-2025
- Business
- Rudaw Net
Iraq says may export Basra oil through Kurdistan Region
Also in Iraq Senior US diplomat to attend Baghdad meeting on restarting Kurdish oil exports: Source Nineveh provincial council ousts head over forgery allegations, legal violations Land dispute in Khanaqin district leads to tensions Over 400 vehicles seized at Iraq ports in two months A+ A- ERBIL, Kurdistan Region - Iraq's oil minister said on Thursday that Baghdad is exploring the possibility of exporting oil from the southern Basra province to Turkey through the Iraq-Turkey pipeline, with discussions to resume Kurdish oil exports also ongoing. Chairing a meeting of the Iraqi-Turkish Committee, Minister Hayyan Abdul Ghani discussed 'the imminent activation of the oil export file through the oil pipeline to the Turkish port of Ceyhan and the possibility of increasing exports through this pipeline from Basra's oil,' according to a statement from Iraq's oil ministry. The statement comes as officials from Iraq's oil ministry and the Kurdistan Regional Government's (KRG) natural resources ministry, as well as foreign oil companies, are meeting in Baghdad to discuss the resumption of Kurdish oil exports. A representative from one of the international oil companies invited to the meeting told Rudaw English on Thursday, on the condition of anonymity, that a senior US official from the American embassy in Baghdad is set to attend, noting that Washington is increasingly pressuring Baghdad to resume Kurdish oil exports swiftly. International oil companies operating in the Kurdistan Region have affirmed that they want assurances that payments under Iraq's budget amendment - requiring Baghdad to pay $16 per barrel in production costs to the KRG - will be reliably distributed to the producers. Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline were halted in March 2023 after a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying the latter had violated a 1973 pipeline agreement by allowing Erbil to begin independent oil exports in 2014.
Rudaw Net
24-02-2025
- Business
- Rudaw Net
Iraq-Turkey pipeline ready for Kurdistan Oil exports resumption: Iraq Oil Minister
Also in Iraq Iraq reaffirms OPEC+ commitment as Kurdistan Region oil exports set to resume Iraq announces official census results Iraq awaits Turkey's go-ahead to restart Kurdistan Region's oil exports PM Sudani honors Iraqi doctor for humanitarian efforts in Gaza A+ A- ERBIL, Kurdistan Region - Iraq's Oil Minister confirmed on Monday that the Iraq-Turkey pipeline, designated for the resumption of the Kurdistan Region's oil exports through Turkey's Ceyhan port, is ready to use. Hayyan Abdul Ghani told Iraqi state media that his ministry is engaged in 'ongoing discussions and correspondence with Turkey to resume exports, and once we receive approval from Turkey, the export will resume.' He expressed hope that 'exports will resume within the next two days' after the resolution of 'some technical issues.' On Sunday, Mohammed Khudair, the Iraqi oil ministry's undersecretary, stated that Iraq is awaiting a response from Turkey 'within the next 24 hours' regarding the readiness of the pipeline for exports through Ceyhan port. Khudair's remarks came shortly after the Kurdistan Regional Government (KRG) announced an agreement with Baghdad to restart oil exports from the Kurdistan Region. Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline were suspended in March 2023 after a Paris-based arbitration court ruled in favor of Baghdad against Ankara, stating that the latter had violated a 1973 pipeline agreement by allowing Erbil to begin independent oil exports in 2014. Before the suspension, Erbil was exporting approximately 400,000 barrels of oil per day through the Iraq-Turkey pipeline, in addition to 75,000 barrels per day from Kirkuk. Abdul Ghani also confirmed on Monday that 'the agreed-upon quantity for export through the Kurdistan Region,' ranges 'between 300,000 to 325,000 barrels per day, with part of it allocated for domestic consumption and the rest for export.
