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A general view of a compound of the Basra Gas Company (BGC) is seen in Basra, southeast of Baghdad March 9, 2015. Picture taken March 9, 2015. REUTERS/Essam Al-Sudani /File Photo
Iraq plans to invest $3 billion in the Basra Gas Company over the next five years, the Iraqi News Agency reported on Monday.
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Iraq Moves To Exploit Its Massive Natural Gas Reserves By Simon Watkins - Apr 05, 2021, 7:00 PM CDT
Official estimates are that Iraq’s proven reserves of conventional natural gas amount to at least 3.5 trillion cubic meters (tcm), or about 1.5 percent of the world’s total, placing Iraq 13th among global reserve-holders, with around three-quarters of this figure comprising associated gas that is found in the same reservoirs as oil. The International Energy Agency, though, estimates that ultimately recoverable resources will be considerably larger, at 8.0 tcm, of which around 30 percent is thought to be in the form of non-associated gas. Despite these huge potential gas resources, Iraq has made little substantial progress over the years on developing this potential either for associated or non-associated gas, mainly flaring the former and overlooking the latter. Last week, though, a heads-of-agreement deal was announced with French oil and gas giant, T