Iraq is considering exporting crude oil to Africa amid a market expansion plan, oil minister Hayan Abdul Ghani has said.
“The government is evaluating the feasibility of entering African markets,” he told state-run Iraqi News Agency.
Iraq signed 44 contracts under the latest oil licensing rounds across 14 provinces. The state-owned Basra Oil Company, which oversees the country’s oil operations, holds the largest share with 12 contracts.
Oil exports range between 3.2 million and 3.5 million barrels per day, with 70 percent shipped to Asia. China is the largest buyer, followed by India.
Iraq is also accelerating the growth of renewable projects, the minister said. France’s TotalEnergies is set to generate 1,000 megawatts through a solar power plant.
Iraq expects to export 350,000 barrels per day through Turkey’s Ceyhan port, but the oil ministry does not oversee production in Kurdistan.
“We have informed Opec that Kurdistan is currently producing 286,000 barrels per day,” Abdul Ghani said.