Iraq advances LNG terminal and plans oil production increase to 5.5 mb/d

Excelerate Energy has announced it received an official Award Letter from the Government of Iraq to develop an integrated floating LNG import terminal. The proposed facility will enable LNG imports to support domestic power generation and contribute to stabilizing the national electricity grid. The Award Letter represents an initial step in the project’s development. Progress remains contingent on the successful negotiation and execution of binding commercial agreements. Meanwhile, Iraq’s Oil Minister stated that the country aims to increase daily oil production from 4.4 million barrels to 5.5 million barrels by the end of 2025, underscoring the role of 28 U.S. companies currently operating in Iraq’s oil sector.