Iraq's Energy Leap: Massive Oilfield Expansion and Development

Iraq has signed a contract with Geo-Jade Petroleum and Basra Crescent to enhance Tuba oilfield's output. The deal includes building a refinery, petrochemical, and fertilizer plants. Geo-Jade will invest $848 million. Iraq is the second-largest OPEC+ producer.

Iraq has embarked on a significant energy project by signing a contract with a consortium that includes Geo-Jade Petroleum Corp and Basra Crescent. The goal is to boost the Tuba oilfield's production from 20,000 to 100,000 barrels per day.

The South Basra project encompasses building a refinery with a 200,000-barrel capacity, in addition to establishing a petrochemical plant and a fertilizer plant. According to Iraq's Oil Minister Hayan Abdel-Ghani, this investment marks a 'leap' in optimizing Iraq's oil resources.

Geo-Jade Petroleum, a China-based corporation, announced an $848 million investment into this integrated project. This development comes after the company secured contracts last year to develop oil and gas fields in Iraq, reinforcing Iraq's status as the second-largest producer within the OPEC+ coalition.

(With inputs from agencies.)