On Saturday, Iraqi Prime Minister Muhammad Shiaa Al-Sudani presided over a ceremony announcing licenses for the fifth supplementary round and the entire sixth round of oil and gas projects. These strategic initiatives will increase investments in various governorates, enhancing their economic and service realities.
According to an Iraqi government statement, the country expects to produce more than 3,459 million standard cubic feet per day of gas and over one million barrels of oil per day through these rounds. Al-Sudani welcomed representatives of Arab and foreign companies at the ceremony, commending the efforts of the Iraqi Ministry of Oil and expressing optimism about the economic impact of these projects.
He highlighted the government’s program aimed at maximizing investment in oil and gas resources, emphasizing a commitment to creating a favorable business environment and utilizing expected revenues to support other economic sectors. Al-Sudani outlined plans to end the burning of associated gas, develop oil production into petrochemical industries, and increase oil product manufacturing over the next decade.
Al-Sudani emphasized the importance of investing in free gas in the sixth round, alongside ongoing discussions on integrated oil projects. He mentioned plans to establish a fixed gas platform in the Grand Al-Faw Port and develop infrastructure for oil and gas transportation. The Ministry of Oil has been working with international companies to attract more investment by implementing tax, customs, and banking reforms.
Al-Sudani urged investors to swiftly develop investment plans while assuring full government support from both parliamentary channels. He encouraged investing companies to commence operations promptly while emphasizing that projects must be distributed across multiple governorates to ensure comprehensive development nationwide.
