This paper aims to demonstrate the importance of natural gas as a substantial source of energy as an alternative to crude oil, with the increase in global demand for it in the future, and the importance of this source for Iraq at the economic and environmental level. This article provides an overview of Iraq's natural gas reserves and the geographical distribution of this reserve over the regions of Iraq, in addition to the companies operating and developers there. The challenges facing the export and industry of gas in Iraq, the quantities of gas that are flared annually, and the associated financial and environmental damage were also presented. Finally, if the quantities of produced gas were to be invested, Iraq would achieve a significant improvement in the economic and environmental levels. [ABSTRACT FROM AUTHOR]