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According to the Oil and Gas Journal, Iraq's proven natural gas reserves are 112 trillion cubic feet (Tcf), the tenth largest in the world. An estimated 70 percent of these lie in Basra governorate in the south of Iraq. Probable Iraqi reserves have been estimated at 275–300 Tcf, and work is currently underway by several IOCs and independents ...
Iraq faces a budget crunch in 2025 due to the slump in the price of oil, the overwhelming source of government revenue, a top economic adviser to Prime Minister Mohammed Shia al-Sudani said. "We ...
Baker Hughes and General Electric signed a contract with Iraq's government on Monday to process natural gas extracted alongside crude oil at two fields in southern Iraq, the oil ministry said.
Iraq's economy is dominated by the oil sector, which as 2021, provides about 92% of foreign exchange earnings. [1] The lack of development in other sectors has resulted in 13% [ 2 ] unemployed as of 2017 per capita GDP of $7,000. [ 3 ]
BAGHDAD (AP) — A Chinese energy company was awarded a contract to recover natural gas from Iraq's Halfaya oil field, on Wednesday, to fuel power stations in the country's underserved Maysan ...
In 2008, Iraq was the 9th highest crude oil exporter with 88 Mt. [6] In 2023, Iraq exported an average of 3,466,750/barrel/day [7], and in early 2024 was estimated to be the 5th largest oil exporter in the world. [8] Iraq's economy is very oil-dependent and from 2012-2022 oil revenues accounted for more than 99% of Iraq's exports, 85% of the ...
Iraq last year faced disruptions in the supply of Iranian gas, which accounted for about 40% of its imports. Turkmenistan is heavily reliant on revenue from sales of the gas in its vast reserves.
The Ministry of Oil (Arabic: وزارة النفط) is the cabinet-level ministry of the Iraqi government responsible for managing and developing the natural resources (oil and gas) in Iraq. The Minister of Oil since October 2022 is Hayyan Abdul Ghani. Abdul Ghani, a former director general of the South Gas Co, was also previously director ...