Iraq intends to increase foreign investments in gas sector
Azerbaijan, Baku, Nov. 5 / Trend A.Taghiyeva/
The Iraqi Oil Ministry's major priority is to increase foreign investments in the gas sector, spokesman for the Iraqi oil ministry Asym Jihad told Trend today.
"Foreign investments mainly fall to Iraq's oil sector," he stressed. "But the investments in the country's gas sector, which is not being developed actively, are the priority for us."
He added that Iraq is going to become one of major gas producers in the coming years. The country is preparing several measures, namely, holding the fifth round of issuing licenses to foreign companies to operate in the country and simplifying the investors' activity in Iraq.
Jihad stressed the cooperation agreements will be signed this week with the companies that have obtained the licenses for hydrocarbon exploration in the fourth round of licensing.
The licenses were issued to 3 consortiums headed by the Russian LUKOILI, Turkish TPAO and Pakistan Petroleum respectively within the fourth tour of issuing the licenses on exploration and development of oil and gas fields to the foreign companies, previously declared by the Iraqi Oil Ministry.
The fourth round of license issuing on development of oil and gas fields took place on May 30 and 31 of this year with participation of 47 international companies from different world countries.
According BP, Iraq's proved gas resources amounted 3.6 trillions cubic meters as of late 2011.