Iraq wants U.S. gas investment as part of new energy-independence projects

He announced that Iraq will offer 10 gas exploration block to U.S. firms during a visit to the United States by Oil Minister Hayan Abdul-Ghani.

Baghdad is trying to bring U.S. investors into its energy sector after previous rounds of licensing where Chinese firms dominated the available fields.

Iraqi state-run media announced that the 10 gas blocks left unclaimed after six licensing rounds will be offered in a fresh bidding round. This comes at a time when Iraq is looking to boost its domestic gas production.

Abdel-Ghani said Iraq would launch a new investment project in gas by the end the year on the Al-Faihaa field of oil in southern Iraq. The project is an important part of Iraq's energy infrastructure strategy. It has a capacity to 125 million standard cubic feet (mscf).

This latest initiative comes after recent agreements for the development of 13 oil and natural gas blocks. The goal is to increase Iraq's crude oil and gas production to provide power plants that currently depend heavily on Iranian gas. Reporting by Hatem Maer, Writing and Editing by Adam Makary

(source: Reuters)