PM:06:12:17/05/2022
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SULAIMANI — The Iraqi
Minister of Oil, Ihsan Abdul-Jabbar, said on Monday (May 16) that the
production of oil and natural gas will increase to the value of $17 billion in
the next few years according to the ministry’s plan.
Abdul-Jabbar said all
licensed companies have been told to speed up plans for the increase of oil and
gas production and have signed new contracts with major investors, such as
TotalEnergies company.
"The amount paid to
license companies that invest in the country is $14 billion annually,” Abdul-Jabbar
said.
He stated there is
currently a discussion with Chevron Corporation over oil and natural gas
production in southern Iraq.
The country has a goal
to fill the gap in investment created by the crises in 2014, 2017 and 2020, the
oil minister said.
Abdul-Jabbar noted the
price of oil is currently between $100 and $110 per barrel.
(NRT Digital Media)