Iraq to drill for 15 new oil wells for the economy and power
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Alaina
- . June 3, 2025
- . Update: June 3, 2025 9:22 pm
Iraq launched a major program to drill 15 new exploratory wells in a bid to raise state income and strengthen its economy. The program was formally started on Sunday at a signing ceremony attended by Iraqi oil minister Hayan Abdul-Ghani, reported the Iraqi News Agency. Under the plan, the drilling of the first well will take place to explore new reserves. Abdul-Ghani said the purpose was to increase Iraq’s oil and gas reserves on the world stage as one of the important oil producers.
The contract was signed by the major Iraqi oil companies: the Iraqi Drilling Company the Oil Exploration Company, and the North Oil Company. In this situation, power shortages have gripped Iraq because of somewhat limited gas imports from Iran. During the scorching summer months, the country is increasingly turning toward its crude to fulfill energy demands. According to some expert opinions, Iraq’s domestic oil use for power generation is expected to increase by 150,000 barrels per day between April and August 2025 as a measure to curb power outages.
