Iraq develops new oil field
Iraq has completed 2D and 3D seismic surveys at the Naft Khana oil field in the Northeastern Diyala governorate, paving the way for exploratory drilling under the fifth licensing round, a senior Iraq oil official has said.
Deputy Oil Minister for Extraction Affairs Basim Mohammed Khudair described the field as a 'promising site for oil and gas development,'
He said the project, carried out by Iraqi technical teams on behalf of the Chinese firm Geo-Jade, is now entering the drilling phase, with plans underway to draft a full development strategy aimed at boosting national energy output.
'The government seeks to transform all provinces into oil-producing regions as part of a broader energy strategy, which also targets an end to gas flaring and expansion of current oil blocks,' he told local reporters on Thursday.
Khudair revealed that Iraq is also finalising agreements to establish a floating terminal to diversify its gas supply sources.
'We are prepared to offset any decline in Iranian gas by activating new fields or importing through this terminal.'
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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