Baghdad (IraqiNews.com) Iraq will completely cease the burning of associated petroleum gas (APG) by 2021, Oil Minister Jabbar al-Luaibi said in statements on Monday.
Luaibi told Russian network RT that Iraq has been burning 55% of its production of associated petroleum gas, while only investing nearly 45%.
The minister added that the abortion of APG burning will be carried out in phases to drive investments in the production up to 65%.
Iraq’s gas liquids and condensates exports amounted to 59,370 tons and 356,008 cubic meters respectively, in the first half of 2017 (H1-17), Luaibi revealed late July. He had also expected the country’s oil output to reach five million barrels per day, and associated gas production to hit 1.3 billion standard cubic feet by the end of 2017. Iraq’s oil marketing company said early July that the country exported 592.378 million barrels of petroleum during the first half of 2017.
Iraq is an OPEC member and is the organization’s second largest producer after Saudi Arabia.
The country has been planning to tap into burned gas through large storage and liquefaction facilities, hoping to draw billions of dollars in revenues.
According to RT, it is believed that Iraq possesses a reserve of 132 trillion cubic feet of gas, 70% of which is produced in association with petroleum excavations, which meant that 700 million cubic feet were squandered due to the absence of processing infrastructure.