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| Sat, 20th Jun 2020 15:28:00 |
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OPEC’s No.2 Is Planning To Develop Huge Gas Reserves |
Iraq is finally moving ahead with plans to develop its associated and non-associated gas resources in the next two to three years, according to a statement last week from its Deputy Oil Minister, Hamed Younis. In total, he said, the Oil Ministry is looking at projects to develop 1.2 billion standard cubic feet per day (scf/d) of associated gas out of the 2.7 billion scf/d produced as an adjunct to oil excavation. It is also looking to develop a number of standalone gas fields, beginning with the combined estimated 700 million scf/d production of Akkas and Mansouriyah. There are three very good reasons why it should do so but, given its history on achieving objectives in this area, whether it will accomplish anything at all is a moot point. The first reason is political, in so far as it needs to have some evidence to show the U.S. that it is intending to reduce its dependence on Iran for electricity and gas imports at some point in the future. As highlighted by OilPrice.com, this long-running arrangement between the two countries has been an equally long-running source of intense irritation to the U.S. To reprise briefly, Washington made it very clear in April that unless Iraq showed the U.S. some compelling evidence that it was intending to reduce its imports of Iranian electricity and gas then there would be no more waivers for Iraq after the 30-day one made in April expired.
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