Minister of oil highlights 2023 achievements and future plans

BAGHDAD, January 3 — Iraq’s Minister of Oil said on Wednesday that his ministry surpassed projected revenues in 2023.

Minister Hayan Abdulghani chaired a senior-level meeting on operations, which included the Deputy Prime Minister for Energy Affairs.

Abdulghani highlighted the following points:

1. Commendation for the achievements in the oil sector during the past year.

2. Emphasis on implementing the government’s agenda and accelerating the execution of strategic projects in extraction, refining, gas, distribution, export outlets, renewable energy, infrastructure, and more.

3. Aspirations to see the implementation of several strategic projects, achieving milestones, and contributing significantly to the oil industry during the coming year.

4. Efforts in the extraction sector are directed towards enhancing sustainable projects and increasing oil production, implementing requirements of the five-year plan, aiming for a production rate of six million barrels per day.

5. In the refining sector, a substantial increase in production has been achieved. Plans are in place to achieve self-sufficiency and halt imports; and upcoming periods will witness the completion of promising projects that align with set objectives.

6. We have succeeded in enhancing associated gas investment projects, witnessing an increase in the quantities of invested gas from oil fields in the past period. This year will see the addition of 200 compressors from invested fields as part of the tasks of Basra Gas Company, in addition to promising increases from the fields of Maysan and Dhi Qar oil companies.

7. Efforts are directed towards reinforcing the strategic reserves of oil products to support the electricity-generation sector and meet local needs.

8. We are working on resuming crude oil exports through the northern outlet to boost financial revenues supporting the state treasury. The ministry achieved an increase in financial revenues in 2023 beyond the planned figures, and we hope for further accomplishments in the new year.

9. Emphasis is placed on the importance of holding the leadership meeting for operations to discuss the implementation plans of strategic projects and expedite their execution.

10. The meeting addressed various important topics and projects listed on its agenda, with actions and recommendations taken accordingly.

11. The meeting was attended by ministry deputies and officials from companies and departments within the ministry headquarters.