April 10, 2018 / 9:41 AM / 3 months ago

Iraq exports 9 shipments of gas condensates, 21 of gas liquids in Q1

BAGHDAD, April 10 (Reuters) - Iraq exported nine shipments of natural gas condensates and 21 shipments of gas liquids in the first quarter of the year, the oil ministry reported on Tuesday.

Iraq started exports of natural gas extracted alongside crude oil at its fields in the southern region in 2016.

The gas is processed and exported by the Basrah Gas Company, a joint venture between state-owned South Gas Company, Shell and Mitsubishi.

Basrah Gas is helping Iraq reduce flaring gas associated with oil. Iraq plans to stop flaring by 2021 and is building facilities to process gas captured at its fields into fuel for local consumption or export. Gas flaring costs nearly $2.5 billion in lost revenue for the government and would be sufficient to meet most gas‐based power generation needs, according to the World Bank.

Reporting by Maher Chmaytelli; editing by Jason Neely

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