Iraq, the second-largest oil producer in OPEC, plans to cut its non-productive gas consumption to around 20% by next year. This move aims to meet rising demand and curb imports. Deputy Minister for Gas Affairs, Ezzet Saber Ismael, stated that by the end of 2024, the country will capture about 67% of its oil field gas, aided by a new project with TotalEnergies (TTE, Financial) in the south. Iraq plans to eliminate wasteful gas flaring by the end of 2029 or early 2030.
The country ranks high in gas flaring alongside Russia, Iran, and the U.S., often wasting fuel instead of harnessing it for power generation. This has led to reliance on imports, particularly from Iran, requiring periodic U.S. sanctions waivers. Iraq has reduced its gas flaring rate from 47% in 2021 to approximately 33% this year. By next year, Iraq aims to utilize 290 million cubic feet of gas daily from southern oil fields, including 50 million cubic feet from the TotalEnergies project.
