Iraq said Wednesday it had launched commercial production at its Siba gas field in the southern province of Basra in a joint venture with Kuwaiti, Turkish and Egyptian firms.

The oil ministry said initial production at the field is expected at 25 million cubic feet per day (700,000 cubic metres) and will eventually reach 100 million cubic feet (2.8 million cubic metres).

Energy-rich Iraq is looking to boost oil and gas production as it rebuilds its economy following years of turmoil, including the takeover of large parts of the country by the Islamic State group in 2014.

Prime Minister Haider al-Abadi, who is seeking re-election next month, declared victory over IS in December after the jihadists were ousted from their major strongholds including second city Mosul.

The Siba field is jointly managed by Kuwait Energy, Turkey's TPAO, the Egyptian General Petroleum Corporation and Iraq's Maysan Oil Company (MOC).

Gas from the field is expected to be used for domestic electricity supplies.

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Halliburton remains committed to Venezuela
Washington (UPI) Apr 23, 2018
Oilfield services company Halliburton said it was still committed to the market in Venezuela, even as its Latin American segment saw quarterly revenue decline. Halliburton recorded revenue of $457 million for the first quarter from its Latin American operations, down 1 percent from the same time last year. The company attributed part of the decline to a drop in activity in Venezuela, which is the target of Western sanctions. "As a result of recent changes in the foreign currency exchange ... read more