Iraqi PM courts US energy titans at roundtable in Houston, exploring opportunities in energy sector

Iraqi Prime Minister Mohammed S. Al-Sudani met with leading U.S. oil and gas companies in Houston, Texas, during a pivotal session hosted by the Arab American Chamber of Commerce (AACC) in as part of his official visit to the United States. The meeting served as a platform for Prime Minister Al-Sudani to express Iraq’s ambitious vision for optimal investment in its oil and gas sectors, unveiling ongoing strategic projects in the country.

Speaking to representatives of major US businesses, Prime Minister Al-Sudani highlighted Iraq’s commitment to fostering an environment conducive to foreign investment, highlighting the country’s booming energy landscape and inviting partnerships with the Iraqi private sector. Among the initiatives discussed are the fifth and sixth additional licensing rounds, providing lucrative opportunities in 30 oil and gas fields as well as an exploration gas block in strategic regions such as Anbar, Nineveh, Diwaniyah, Najaf and Samawah .

In a significant announcement, Prime Minister Al-Sudani extended the application deadline for the fifth and sixth licensing rounds by two weeks, demonstrating Iraq’s eagerness to welcome additional participation. Assuring participants of the stability of the security situation in Iraq, he urged American businesses to capitalize on emerging opportunities, emphasizing the overall development taking place in various sectors in Iraq.

Key highlights of Prime Minister Mohammed S. Al-Sudani’s speech at the roundtable included:

• Strategic partnership with the United States: Following discussions with President Biden, Iraq aims to forge a comprehensive partnership with the United States, covering various sectors and emphasizing joint ventures with Iraqi companies.
• Energy potential and resource use: Iraq has significant potential in the energy market, with recent progress towards self-sufficiency in petroleum derivatives. The government is focusing on improving production capacity, exploiting associated gas, and developing the petrochemical and fertilizer industries.
• Green initiatives: Notable initiatives include plans to stop gas flaring through strategic contracts and projects in solar power generation and water injection into oil wells, with a commitment to transfer 40% of the production towards petroleum derivatives.
• Licensing cycles and integrated projects: Details were provided on the fifth and sixth licensing rounds, integrated projects and opportunities for petrochemical and fertilizer complexes in various regions of Iraq.
• Infrastructure development: Prime Minister Al-Sudani outlined plans for multiple export opportunities and major infrastructure projects, including the establishment of a petrochemical and refining complex in Ain Sokhna, Egypt, and the development of the port of ‘ALFaw.

The roundtable symbolized Iraq’s proactive engagement with its international partners, signaling its intention to boost economic growth, foster innovation and consolidate its position as a key player in the global energy landscape.

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