Oil Reserves148.8 billion barrels
Oil Production4,52 million bopd
Gas Reserves3.5 tcm
Gas Production10.4 bcm
Iraq: Emerging from Uncertainty
The second-largest producer in OPEC and the fourth-largest producer worldwide, Iraq is an oil and gas powerhouse. Scarred by decades of war, sanctions and civil strife, the Iraqi oil and gas industry is also one of the most resilient. Since 1960, output has almost consistently been above the 1-million-bopd mark. Today, the country produces around 4.7 million bopd.
Lower oil prices have hit Iraq hard. Its technical services contracts put it at a disadvantage vis-à-vis the operators it has to reimburse, necessitating prolonged negotiations. In mid-2016, the country said BP, Lukoil and Shell had agreed to resume investment in oilfield development projects. The Oil & Gas Year Iraq publications, with partners the Ministry of Oil, the Oil Marketing Company and the Iraq Britain Business Council, extensively cover oilfield development. The most recent edition paid special attention to environmental rehabilitation and risk management.
In the second half of 2016, the Iraqi government and Ministry of Oil signalled a readiness to abandon the technical services contracts. In November 2017, a planned bid round for nine blocks was announced. With some of the world’s largest oilfields and lowest lifting costs, prospects for the market appear bright.
Earlier in the year, the country marked a gas milestone when it exported its first-ever cargo of excess condensate, thanks largely to the work of the Basrah Gas Company.
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