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Iraq Overview

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.

40 new wells planned to boost Iraq’s Majnoon
NEWS
Iraq - January 31, 2019

Iraq’s Ministry of Oil announced a plan on Thursday to increase oil production by 210,000 bopd by drilling 40 new wells in the…

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Iraq eyes major oil projects
NEWS
Iraq - December 26, 2018

Iraq is to sign a deal with ExxonMobil and China National Petroleum Corporation for a major energy project soon, international…

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Petrofac bags Iraq EPC contract
NEWS
Iraq - August 13, 2018

Iraqi NOC Basra Oil Company has awarded Petrofac an EPC contract worth USD 370 million, the engineering major announced on…

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Shell exits Iraqi field
NEWS
Iraq - June 27, 2018

Iraqi NOC Basra Oil has taken over the Majnoon field from Shell, international media reported on Wednesday.

“The handing…

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Iraq Upstream and Midstream Assets 2016 Map

Iraq maps

Iraq Upstream and Midstream Assets 2016

ALL MAPS
Rosneft hits oil in Iraq
NEWS
Iraq - May 24, 2018

Rosneft subsidiary Bashneft has discovered a new oilfield in Iraq, Russia’s oil giant announced on Wednesday.

The find in…

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BP in Kirkuk deal with Iraq
NEWS
Iraq - May 08, 2018

BP has signed a deal for the development of disputed oilfields near the northern Iraqi city of Kirkuk with Iraqi NOC North Oil…

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Iraq awards six blocks in auction
NEWS
Iraq - April 26, 2018

Iraq’s fifth bidding round ended on Thursday, with six of 11 blocks on offer awarded, international media reported.

Crescent Petroleum will sign exploration and…

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Siba gasfield in Iraq comes on stream
NEWS
Iraq - April 25, 2018

Kuwait Energy has started production at the first gasfield in south Iraq, international media reported on Wednesday.

The Siba field near the city of Basra is…

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Iraq expedites oil auction
NEWS
Iraq - April 02, 2018

Iraq is planning to announce the winners of 11 new blocks on April 15, international media reported on Sunday.

April 15 is also the deadline for the bids to be…

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Shell closes sale of Iraqi field stake
NEWS
Iraq - March 29, 2018

Shell has closed the sale of its Shell Iraq subsidiary and its 19.6% interest in the West Qurna-1 oilfield to Japanese company Itochu for USD 406 million, the…

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