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Iraq Looking to Transfer its Investment Priorities from Oil to Gas

For the first time in Iraq's history, the country wants to shift its investment priority from oil to gas.

Oil minister Ihsan Abdul Jabbar announced in a gas exporters conference in Doha that Iraq seeks to transfer its investment priorities from oil to gas.

According to Reuters, Abdul Jabbar announced that this course of action will allow Iraq to enhance its production of liquefied petroleum gas (LPG) and distillates.

Iraq, OPEC's second-largest petroleum producer, plans to achieve gas self-sufficiency by 2025, as reported by Bloomberg.

The government is working on a strategy to develop its massive gas fields with the goal of generating 80% of its gas domestically and only importing LNG during the summer months of June, July, and August. During that time is when temperatures frequently reach 50 degrees Celsius and demand for air conditioning surges.

Iraq relies on oil sales for more than 90% of its government revenue and has been pressed by the US to minimize its reliance on Iranian gas imports.

Because it lacks the infrastructure to process its own gas, the country flares much of it and relies on Iranian power imports to create energy.

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