The site is already producing 100 million cubic feet of gas daily, read a statement from the ministry. Gas from the field will be used to electricity generation.
ISIS militants had destroyed the oilfield.
Oil Minister Jabar al-Luaibi said his ministry is “planning new increases in the production in the field during next year.”
Iraq’s economy is dependent on its oil and gas sector. The ministry is hoping for international investment in Basra during a conference ongoing in Istanbul.
The Basra Megaprojects Conference has brought together government officials and industry stakeholders “to discuss how they can reinforce Iraq’s economy by developing Basra Governorate’s oil and gas sectors,” read a synopsis from sponsor CWC’s website.
Luaibi sent a message to the conference, calling on international companies to contribute to the reconstruction of Basra province in a conscientious way.
Investors must address issues of environmental pollution and actively contribute to the establishment of projects that “will contribute to improving the level of services provided to people or change current conditions to better ones in the fields of infrastructure, education, health, water, housing, social entertainment,” read his letter.
Deadly protests rocked Basra this summer. Protesters demanded basic services and job opportunities. They complained that international companies working in the province’s rich oil fields depended on foreign labourers, rather than hiring locals.
Luaibi said new contracts in the province will require companies to hire 85 percent of their workers from within Iraq.
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