Iraq

in figures

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.

Iraq launches gas processing plant
NEWS
Iraq - September 20, 2021

Iraq has relaunched a gas processing project with Baker Hughes in the southern province of Dhi Qar, the oil ministry announced…

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TotalEnergies signs $27 billion worth of deals in Iraq
NEWS
Iraq - September 06, 2021

France’s TotalEnergies has been contracted to construct four hydrocarbons and solar projects worth USD 27 billion in Iraq,…

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Iraq books

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green hydrogen H2pro Gates startup
Articles
Abu Dhabi - April 23, 2021

The UAE is positioning itself to become an international leader in the future hydrogen economy, which has an estimated USD…

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Asab Ghanem Saeed AL MAZROUEI
Interview
Abu Dhabi - April 21, 2021

Ghanem Saeed Al Mazrouei, chairman and managing director of Al Asab, talks to The Energy Year about the company’s growth,…

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Iraq Upstream and Midstream Assets 2016 Map

Iraq maps

Iraq Upstream and Midstream Assets 2016

ALL MAPS
Total to invest billions in Iraq energy projects
NEWS
Iraq - March 31, 2021

Total has signed a heads of agreement with the government of Iraq covering projects in natural gas, solar energy and seawater…

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Iraq to build 10 GW of solar by 2030
NEWS
Iraq - February 22, 2021

The Iraqi government plans to build 10 GW of solar power capacity by the end of 2030, the country’s oil minister said on…

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Interview
Abu Dhabi - February 16, 2021

Salem bin Ashoor, BP’s chief representative and general manager in the UAE, talks to The Energy Year about the company’s role in the energy transition and its…

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Oil slumps as Europe locks down
NEWS
Multinational - November 02, 2020

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,…

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Ravi Varrier Al Rashed
Interview
Kuwait - August 17, 2020

Ravi Varrier, CEO of Al Rashed International Shipping Company, talks to The Energy Year about how the company has navigated Covid-19 and the oil price drop and how the…

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Oguz Kirkgoz ENKA
Interview
Iraq - August 12, 2020

Oğuz Kirkgӧz, executive vice-president of ENKA, talks to The Energy Year about how the company’s projects in Iraq have been affected by the Covid-19 pandemic and…

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