Iraqi
oil minister Jabar al-Luaibi announced a plan for the oil rich country to begin
construction on three natural gas processing plants. Natural gas in the country
is currently being flared at southern oil fields due to the lack of facilities
needed to capture and process it into usable fuel.
This
plan will hopefully increase the nation's income from energy exports while also
adding resources aiding in power generation nation wide. Luaibi touched on some
of the challenges in an emailed statement, "the ministry is seeking to end
the flaring of associated gas in the next few years, despite the economic and
financial challenges."
Once
the plants are up and running, Iraq's natural gas output will potentially triple
to 1,700 million cubic feet per day by 2018.
As
OPEC's second largest crude producer, Iraq is hoping to add to its oil and gas
income that already accounts for almost all of its public budget.
After
crude dropped in 2014, Iraq has struggled to pay its bills. Also in 2014, the
Islamic State seized close to a third of Iraqi territory.
Source:www.oilpro.com
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