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Iraq’s Strategic Efforts to Curtail Gas Flaring by 2029
Dec 26, 2024

Iraq’s Strategic Efforts to Curtail Gas Flaring by 2029

Iraq, recognized as the second-largest oil producer within the Organization of the Petroleum Exporting Countries (OPEC), is taking substantial measures to curtail its gas flaring activities, aiming for a significant reduction to approximately 20% next year. According to Bloomberg, Iraq also plans to eliminate this environmentally damaging practice by the end of 2029 or early 2030, illustrated by the country's recent developments in capturing about 67% of gas produced from its oil fields by the end of 2024.

Efforts are being amplified with new projects, particularly in southern Iraq with the participation of TotalEnergies SE. Deputy Minister for Gas Affairs, Ezzet Saber Ismael, detailed plans to utilize 290 million cubic feet per day of gas from oil fields next year, incorporating 50 million from the Artawi field through a TotalEnergies project, which aims to surge up to 300 million by 2027. The scale of investment for the Artawi project alone is around $2 billion, featuring a comprehensive gas complex anticipated to be operational by the end of next year.

According to data insights from the IndexBox platform, Iraq's current gas production stands at 3.122 billion cubic feet per day, with about 1.048 billion cubic feet being flared as of late December. The country's move to address gas flaring aligns with global concerns over environmental impacts caused by this process, as it not only wastes valuable fuel but also contributes significantly to pollution. While gas flaring is less harmful than venting, where methane is directly released into the atmosphere, the emphasis remains on capturing and utilizing gas efficiently.

Moreover, Iraq is exploring options to enhance its energy infrastructure by planning the construction of a liquefied natural gas (LNG) import terminal at the Grand Faw port. This terminal, highlighting a storage capacity of 300,000 cubic meters, is anticipated to attract bids from primarily US companies by early next year. Such advancements are essential for meeting the escalating demand for fuel and reducing dependency on imports, notably those from Iran, which are contingent on sanctions waivers from Washington, with the existing permission active until June 2024.

The strategic initiatives underway to minimize and ultimately eliminate gas flaring signify Iraq's commitment to utilizing its natural resources more efficiently, with potential benefits for both its energy sector and environmental conservation efforts.

Source: IndexBox Market Intelligence Platform

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

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    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

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    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
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  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

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    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2024
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2024
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  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

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  11. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption In 2012-2024
    5. Imports, In Physical Terms, By Country, 2012–2024
    6. Imports, In Value Terms, By Country, 2012–2024
    7. Import Prices, By Country Of Origin, 2012–2024
    8. Exports, In Physical Terms, By Country, 2012–2024
    9. Exports, In Value Terms, By Country, 2012–2024
    10. Export Prices, By Country Of Destination, 2012–2024

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
    5. Trade Balance, In Physical Terms, 2012-2024
    6. Trade Balance, In Value Terms, 2012-2024
    7. Per Capita Consumption, 2012-2024
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2024
    22. Production, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, 2012–2024
    24. Imports, In Value Terms, 2012–2024
    25. Imports, In Physical Terms, By Country, 2024
    26. Imports, In Physical Terms, By Country, 2012–2024
    27. Imports, In Value Terms, By Country, 2012–2024
    28. Import Prices, By Country Of Origin, 2012–2024
    29. Exports, In Physical Terms, 2012–2024
    30. Exports, In Value Terms, 2012–2024
    31. Exports, In Physical Terms, By Country, 2024
    32. Exports, In Physical Terms, By Country, 2012–2024
    33. Exports, In Value Terms, By Country, 2012–2024
    34. Export Prices, By Country Of Destination, 2012–2024

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