Iraq eyes to tap potential of hydrocarbon reserves: minister

0 Comment(s)Print E-mail Xinhua, September 22, 2021
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BAGHDAD, Sept. 21 (Xinhua) -- Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said Tuesday that the ministry is preparing a comprehensive plan to make better use of the country's hydrocarbon reserves, the ministry said in a statement.

The minister's remarks were made during a meeting that discussed the final touches of an integrated plan for hydrocarbon reserves' exploitation, especially on natural gas, the statement said.

The ministry expects to discover "huge hydrocarbon reserves, especially from free gas. The plan aims to translate the country's potential and prospects in the industry to tangible investment, it added.

Ismail also said that the plan will be submitted to the Council of Ministers for approval and to be financed from the coming annual state budget, the statement added.

Iraq holds 132 trillion cubic feet of proven natural gas reserves and is keen to invest in this area to meet the country's needs.

Iraq's economy relies heavily on the export of crude oil, which brings in more than 90 percent of the country's revenues. Enditem

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