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New Investments are Ensured for Iraq's Prospering Oil Industry

Numerous oil giants' recent announcements of new investments in Iraq signals the country's quick recovery from the Covid-19 outbreak.

Following numerous oil giants' recent announcements of new investments in Iraq, the country appears to be recovering quickly from the coronavirus outbreak aiming to keep its oil reputation while also establishing itself as a renewable energy innovator.

Total, a French supermajor, announced last week that it will build four large energy projects in Southern Iraq in a $27 million deal that will begin before the end of 2021.

A gas processing plant, improved crude recovery, boosting the Iraqi gas market through increased production and lower pricing, and a solar power plant project are all part of the arrangement.

Iraq will be able to increase crude output at its Artawi oilfield from 85,000 barrels per day (bpd) to 210,000 bpd, as well as achieve gas production levels of 300 million cubic feet per day, thanks to the funds.

However, this is only the latest in a string of encouraging improvements in Iraq's oil and gas business in 2021 which follow months of developments following the global oil downturn in 2020.

Iraq's oil exports increased to 3.054 million barrels per day in August, up from 2.9 million barrels per day in July. This reflects a rise in global oil demand throughout the summer months, with Iraq's oil income in August hitting $6.5 billion and an average barrel price of $69.

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