Iraq Unveils Ambitious Oil and Gas Development Plan with International Partners

Iraq's oil and gas sector is on track for significant development following the implementation of a comprehensive strategy to increase production and exports, diversify export routes, and upgrade refineries. According to Oil Minister Bassim Khudair, international companies have achieved notable progress in increasing oil exports from 200,000 barrels per day (bpd) when the government took office to more than 3 million bpd this month.

The strategy also includes investing in gas and reducing flaring, as well as enhancing the participation of Iraqi companies and building national capabilities. Khudair noted that a number of major projects are set to be launched soon, including the construction of a pipeline from Basra to Baniyas in Syria, which will be undertaken by a consortium of American companies Chevron and TI Capital, along with their Qatari partner UCC Holding.

The refining sector has been prioritized for the next phase, with the goal of expanding refining capacities, ensuring the sustainability of production, meeting domestic consumption, and developing a plan to upgrade refineries. The Ministry has successfully convinced Japanese company JGC to return to Iraq and resume work on the FCC project at the southern refineries, representing an important step in increasing refined petroleum product production.