Iraq's oil, gas production to increase by $17 billion in coming years - ministry


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SULAIMANI — The Iraqi Minister of Oil, Ihsan Abdul-Jabbar, said on Monday (May 16) that the production of oil and natural gas will increase to the value of $17 billion in the next few years according to the ministry’s plan.

Abdul-Jabbar said all licensed companies have been told to speed up plans for the increase of oil and gas production and have signed new contracts with major investors, such as TotalEnergies company.

"The amount paid to license companies that invest in the country is $14 billion annually,” Abdul-Jabbar said.

He stated there is currently a discussion with Chevron Corporation over oil and natural gas production in southern Iraq.

The country has a goal to fill the gap in investment created by the crises in 2014, 2017 and 2020, the oil minister said.

Abdul-Jabbar noted the price of oil is currently between $100 and $110 per barrel.

(NRT Digital Media)