Iraq will sign a memorandum of understanding with a European company to exploit gas in a field in Basra

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The Iraqi Oil Ministry is due to sign a memorandum of understanding with Orion Energy Company to take advantage of the gas found in an oil field in southern Iraq, the Middle East newspaper reported on Monday.
“The Ibn Omar River Field, run by the Southern Basra Oil Company, is the target of the memorandum of understanding, which currently produces more than 40,000 barrels of oil and 25 million cubic feet of gas per day,” the paper said in a statement.
“Despite this huge amount of gas, only a fraction of the gas is being used, as Iraq looks to take advantage of its gas deposits to help overcome the country’s severe electricity shortage,” she said.
Iraq is holding lengthy talks with Exxon Mobil and Chinese companies on the development of the oil sector in this area.

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