11-04-2018

Iraq exports nine shipments of gas condensates, 21 of gas liquids in Q1

Iraq exported nine shipments of natural gas condensates and 21 shipments of gas liquids in the first quarter of the year, its oil ministry said on Tuesday.

Iraq started exports of natural gas extracted alongside crude oil at its fields in the southern region in 2016.

Shipments for the first quarter totalled 188,838 cubic metres of condensates and 73,740 tons of liquids, the ministry said, citing Oil Minister Jabar al-Luaibi. He said he expected volumes to increase as more gas is captured at the fields and processed.

Iraq didn’t announce gas exports for the first quarter last year but current volumes are thought to be significantly higher. Luaibi in January said the country exported 677,885 cubic metres of condensates and 143,667 tons of liquids in all of 2017.

The gas is processed and exported by the Basrah Gas Company, a joint venture between state-owned South Gas Company, Shell and Mitsubishi.

Basrah Gas is helping Iraq reduce flaring gas associated with oil. Iraq plans to stop flaring by 2021 and is building facilities to process gas captured at its fields into fuel for local consumption or export.

Gas flaring costs nearly $2.5 billion in lost revenue for the government, an amount that would be enough to meet most of Iraq’s gas-based power generation needs, according to the World Bank.

Iraq’s natural gas output will triple to 1,700 million cubic feet per day (cfd) by the end of 2018, as it implements projects to reduce flaring, Luaibi said a year ago.

Source: Reuters

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