Production operations at the Siba gas field in Iraq have began with initial production levels of between 25-30m cubic feet of gas per day. Early estimates also suggest that these production levels will gradually increase to between 100 and 120m cubic feet of gas per day.
The General Petroleum Company (GPC) and Kuwait Energy signed an agreement to work on the field back in October 2016. The GPC owns 15% of the field, which contains projected reserves of 555bn cubic feet of gas and an additional 37m barrels of condensates, which may be reviewed upwards following further exporatory drilling.
GPC, an Egyptian petroleum company, also hold a 10% stake in the Faihaa petroleum field in Basra and have future plans to take on further International projects.