Iraq Seeks U.S. Investment in Gas Exploration

Iraq plans to offer 10 gas exploration blocks to U.S. firms during Oil Minister Hayan Abdel-Ghani's visit to the United States. This initiative is part of Baghdad's efforts to attract U.S. investment to its energy sector, enhance domestic gas production, and reduce its reliance on Iranian gas imports.

Iraq is set to offer 10 gas exploration blocks to U.S. companies during Oil Minister Hayan Abdel-Ghani's forthcoming visit to the United States, he announced on Saturday.

This decision is part of Baghdad's broader strategy to lure U.S. investments into its energy sector. Previously, Chinese firms dominated earlier licensing rounds, securing most of the available fields. These 10 gas blocks, left unclaimed after six licensing rounds, will now be up for a new bidding process, as reported by Iraqi state media. The move aims to strengthen Iraq's domestic gas production capabilities.

Additionally, Abdel-Ghani revealed plans to initiate a new gas investment project at the Al-Faihaa oil field in southern Iraq by the year's end. With a capacity of 125 million standard cubic feet, this project is crucial to Iraq's strategy to boost its energy infrastructure. This follows recent agreements for developing 13 oil and gas blocks to increase crude and gas output, aiming to supply power plants that currently rely heavily on Iranian gas imports.

(With inputs from agencies.)