Oil Minister Jabbar Ali al-Allaibi said on Wednesday that Iraq’s gas reserves amounted to 135 billion cubic feet, indicating the presence of 73 oil fields discovered 30 percent of which are under development.
“The current reserve of gas in Iraq is 135 billion cubic feet,” KUNA quoted Al-Allaibi as saying at a session of investment in the Kuwait International Conference, calling on international companies to “invest in this important sector.”
“Iraq is a country rich in gas and investment in this area will put Iraq in the ranks of developed countries in the production of gas,” he said.
He added that “Iraq comes fourth in the world in terms of oil reserves,” noting that “with the intensification of oil explorations will increase Iraqi oil production and Iraq will be at the forefront of countries with high oil reserves.”
Al-Allaibi said that “the Ministry of Oil has giant plans to develop the oil sector, including oil refineries and the establishment and development of oil reservoirs and oil pipelines and everything related to the oil field in view of its importance and vitality and its contribution to the rise of Iraq.”
He pointed out that “the presence of 73 oil fields discovered 30 percent of them under development,” stressing that “Iraq’s endeavor to develop the rest of the fields to raise the efficiency of Iraq in various energy fields.”
The Kuwait International Conference for the Reconstruction of Iraq, with the participation of hundreds of international companies, was launched on 12 February. Iraq will present investment opportunities of 122 opportunities to participating companies.