Iraq flares the second largest quantity of gas in the world Deal with Baker Hughes to capture 200 million standard cubic feet per day from major oilfields Flaring deals could turn Iraq into gas/petrochemical exporter As a corollary of its new target for oil production of seven million barrels per day (bpd) by 2025, Iraq has repeatedly stated that it is to stop flaring gas by the same point. As with all statements by Iraq, this commitment should be regarded with scepticism, but any move towards this will allow the country to monetise this burnt off resource and to begin to develop a true gas export business into Asia in the first instance. It will also allow it to use some of these resources in power generation, which would allow it to end its dependence on power and gas imports from neighbouring Iran, a situation which consistently brings pressure […]