According to Hamed Younis, deputy oil minister, the ministry is currently looking at initiatives to generate 1.2 billion standard cubic feet of associated gas per day out of 2.7 billion scf/d currently produced.
“By the end of these projects, we’ll have generated all of the gas related with oil extraction,” Younis explained.
He stated that the 1.2 billion scf/d projects include 200 million scf/d from Nasiriyah, 300 million scf/d from Halfaya, 400 million scf/d from Ratawi, and 300 million scf/d from additional fields.
According to Younis, associated gas accounts for 70% of overall gas reserves in the country, with the rest being free gas.
US waivers
Iraq relies on Iranian gas and power to help bridge the gap between its gas and electricity shortages. In the face of US sanctions on Iran’s energy industry, the government has been granted interim waivers to continue imports.
Iraq extended an agreement to buy Iranian power for 2020 and 2021 in the week ending June 6.
The US extended Iraq’s sanctions waiver to import Iranian power for another 120 days on May 7, as part of President Donald Trump’s efforts to back Iraq’s new prime minister, who was selected that month, and offer some stability to the country’s politically torn nation.
In 2018, the US attempted to squeeze Iran by putting sanctions on its oil exports. The waivers for Iraq have been shortened as a result of US pressure on Iraq to reduce its reliance on Iranian energy supply.
Akkas field
“Investment in both fields was delayed because to the security situation where they are located,” Younis explained, “but the ministry now has plans to develop both of them.”
Mansouriya can produce 300 million scf/d, while Akkas can produce 400 million.
Korea Gas Corp., or Kogas, a state-owned company in South Korea, struck a deal in 2011 to develop Akkas, Iraq’s largest non-associated gas field. During the 2014-2017 war, the Islamic State seized the field during their occupancy of large swaths of Iraq, but Iraqi forces reclaimed it in 2017.
“We’re in talks with the corporation to get the field developed,” Younis added. “They may continue to grow the field or bring in new partners. We want to see the field develop more quickly.”
Do you have to pay for gasoline in Iraq?
Do you believe Big Oil is taking advantage of you? Despite expending fuel at alarming rates in a fight to stabilize a country famed for its oil wealth, US troops in Iraq are paying virtually as much as Americans at home.
According to an Associated Press study and interviews with defense officials, military units in Iraq pay an average of $3.23 per gallon for gasoline, diesel, and jet fuel, or about $88 per day per service man. Fuel price increases of a penny or two can add millions of dollars to US prices.
Is there no oil in Iraq?
With 140 billion barrels of proved oil reserves, Iraq has the world’s fifth-largest proven oil reserves. Sources for this oil are primarily found in Shiite Muslim-dominated areas, while Arab Sunni Muslim-dominated areas are relatively deficient.
Official statistics have not been altered since 2001 as a result of military occupation and civil upheaval, and are mostly based on two-dimensional seismic data from three decades ago. Unexplored region, according to international geologists and analysts, could hold substantially larger reserves. The following cities account for the majority of Iraq’s proven oil reserves: Basra (number one), Baghdad (number two), Ramadi (number three), and Ba’aj (number four) (Being the last oil rich city).
Widely varying estimates illustrate the level of uncertainty surrounding Iraq’s oil reserves. Iraq has 112 billion barrels (17.8%) of oil, according to the US Department of Energy (DOE) in 2003.
What is the price of gasoline in Iraq?
octane-95 gasoline prices per litre: Prices for Baghdad are shown from 31 January to 09 May 2022. During that time, the average price in Baghdad was 750.00 Iraqi Dinar, with a low of 750.00 Iraqi Dinar on 31-Jan-2022 and a high of 750.00 Iraqi Dinar on 31-Jan-2022.
What country provides free gasoline?
Everyone in the American transportation industry is feeling it as the price of diesel and regular gasoline continues to rise every week. But, in comparison to other countries, how inexpensive is our gas? You might be surprised to see how expensive driving is in certain nations and how inexpensive it is in others.
According to Global Petrol Costs, the top ten countries with the cheapest gas prices are:
Venezuela
Venezuela, despite being a poor country overall, is rich in oil deposits and fossil fuels, and exploits this riches to provide nearly free gasoline to its citizens. Yes, it’s strange to consider, isn’t it? However, this is correct. Technically, the price per gallon at Venezuelan pumps is $ 0.10, which means that filling up a rig would cost pennies. It appears to be a fleet owner’s dream.
Iran
Another oil-rich countrythere is certainly a pattern here. The countries with the biggest oil reserves, logically, pay the least. Iranians, who have their own vast oil reserves, charge $0.19 a gallon.
Syria
Syria has been engulfed in a bloody civil war for more than a decade. Despite this, and its impact on oil production, the country ranks fourth in the world with a $1.20 per gallon gasoline price.
Algeria
Algeria is ranked #5 in the world for cheap gas, despite paying more than ten times as much as its western neighbor, Libya. In Algeria, a gallon of gas costs $1.22.
The United States… #72
The average gas price in the United States is $4.46 a gallon. And, while Americans rank 72nd in terms of absolute prices, when you consider our country’s high income levels and wealth in relation to this price, the United States ranks fourth in the world for gasoline affordability (that is, one gallon of gas costs only a tiny fraction of our average daily income).
And, in case you weren’t aware, the most costly petrol rates are found in Europe, with Italy, the Netherlands, and Norway all charging more than $8.00 per gallon.
For fleet owners, rising fuel prices can be a challenge. So, why not look for more ways to be as cost-effective as possible?
Consider Did you know that, in addition to money, factoring businesses offer gasoline cards to trucking companies? Consider factoring for trucking invoices. Learn how collaborating with a factoring firm can help you save money on your fuel expenditures.
Where can you find the cheapest petrol on the planet?
The Top 10 countries that pay the least amount of money for gasoline are shown below. Venezuela is the world’s cheapest place to buy gasoline, with a litre costing only 2 pence (GBP).
This is due to the fact that it is home to some of the world’s largest oil reserves. However, it is also a country with an extremely low income. You’ll also notice that oil-rich Middle Eastern countries have some of the cheapest gasoline prices in the world.
How much gas was there in Iraq during the war?
The energy crises and oil shocks of the 1980s and 1990s were thankfully absent. A combination of circumstances resulted in an oil market excess, as a worldwide recession lowered demand and price-conscious conservation became more important.
These years also shown the impact of increasing petroleum prices on supply sources outside of the Middle East. More oil was brought online from the North Sea, Alaska, and Siberia (the Soviet Union became the world’s greatest producer in the 1980s). The Gulf of Mexico and smaller non-OPEC countries like Brazil and India also increased output. Carter had set a future date for eliminating price limits on all petroleum products in the United States. Reagan took over as his replacement and promptly lifted the controls.
For all of these factors, non-OPEC countries outproduced OPEC countries by 1981, and OPEC’s efforts to keep prices high failed. Later in the decade, disagreements over tactics split the organisation, and it has since struggled to maintain a united front.
All of this resulted in an oil price crash in 1986, which was a big boon to the economy and Reagan’s popularity at the time. And all of this contributed to his vice president, Texas oilman George H.W. Bush, being elected as his successor.
When Iraq attacked its oil-rich neighbor Kuwait in 1990, oil and gas prices spiked once more during Bush’s presidency. However, other producers stepped forward, and the United States launched a military effort that pushed the Iraqis out. As a result, the price effects were minor and transient (as were economic effects of oil well fires that burned for most of a year).
In the early 1990s, global output continued to drive down prices. Gasoline was cheaper in inflation-adjusted dollars at times during the decade than it has been since the federal government began keeping track in 1929.
A bubbly stock market and a period of economic confidence resulted from this set of circumstances, which were compounded by the personal computer boom.
Two decades going mostly higher
That age, however, did not last. As the global economy improved and OPEC became more successful at regulating production, the price of gas jumped back to $1.50 in 2000.
Surprisingly, the terrorist events of September 11, 2001, had no discernible impact on oil or gas prices, which were marginally lower in 2001 than in 2000. However, an era of escalating costs was approaching.
The rise continued after the United States attacked and occupied Iraq, an oil-producing country. The average price of gasoline in the United States rose past $1.50 in its first year (2003) and above $2 in 2005 as a result of that war, which came to dominate George W. Bush’s presidency. Prices continued to rise in the run-up to the 2006 midterm elections, in which Bush’s Republicans lost their House and Senate majority for the first time in a dozen years. The average price in the year Bush left office was $3.27, with a peak of $4.11 in June (adjusted for inflation, that would be almost $5 a gallon now).
Is Iraq a wealthy nation?
Iraq is one of the world’s most oil-rich countries. At the end of 2017, the country had the fifth biggest proved crude oil reserves, with 147.22 billion barrels. Iraq is the third-largest oil exporter in the world, exporting 4 million barrels per day out of 4.3 million barrels produced daily.
Who pays for Iraq’s oil?
Some of the additional demand came from purchasers in Europe, China, and India, according to the source, who added that Iraq’s limited oil export capacity would make fulfilling the requests difficult. According to preliminary oil ministry figures, Somo-marketed crude shipments increased by 3% month over month to 3.32 million barrels per day in February.
Is gas in Dubai cheap?
octane-95 gasoline prices per litre: Prices for Dubai are shown from 07-Feb-2022 to 16-May-2022. During that time, the average value for Dubai was 3.26 UAE dirham, with a low of 2.80 UAE dirham on 07-Feb-2022 and a high of 3.59 UAE dirham on 07-Feb-2022.