Iraq says that it has launched “the first direct invitation” to firms interested in adding 12mn cfd gas capture capacity financed through carbon credits at the 30,000 b/d East Baghdad – South heavy oil field operated by China’s Zhenhua. The oil ministry’s 23 October press release did not provide details on how the finance mechanism is envisioned to work. Based on article 12 of the 1997 Kyoto protocol, the Clean Development Mechanism allows emission reduction projects in developing countries to earn tradeable emission reduction credits, with each equivalent to one ton of CO2. While carbon trading is still a small market, credits can be sold on exchanges. Oil Minister Hayan Abdulghani says that his country aims to grow its “balance of carbon credits” through planned reduction of flaring. Iraq, which has vowed to reach zero-flaring by 2030, burns 50% of its raw gas production and has a 1.5bn cfd pipeline of processing projects (MEES, 28 April). In April, Mr Abdulghani said that he wanted Zhenhua to increase the field’s targeted production from 40,000 b/d to 80,000 b/d. The field currently produces 50mn cfd of associated gas, which is all flared.