The US and its allies have stepped up airstrikes on oilfields in the control of Islamic State militants in eastern Syria in an attempt to unsettle the one of the…
READ MOREIraq's Energy Industry
in figures
Oil reserves145 billion barrels
Oil Production4.1 million bopd
Gas reserves3.5 tcm
Gas production9.4 bcm
Iraq: Emerging from Uncertainty
Iraq’s oil and gas industry has remained stable during the country’s ongoing challenges and conflicts. The country remains the fourth-largest producer of hydrocarbons and the second-largest producer in OPEC. Iraq’s impressive reserves are the third largest in the world behind Saudi Arabia and Iran. The national oil and gas industry is overseen by the Ministry of Oil. The government is involved in E&P activities through the following state-owned entities: North Oil Company, Midland Oil Company, Dhi Qar Oil Company, Basrah Oil Company and Missan Oil Company.
The majority of the country’s hydrocarbons are found in the country’s eastern edge near its border with Iran. The super-fields in the southeast near Kuwait form the greatest concentration of such finds worldwide and contain more than 70-80% of the country’s reserves. About 20% of its reserves are found in the northern region. Production comes predominantly from the nation’s NOCs. The country is looking to up production from its maturing assets, which will require fresh-water injection. Given that fresh water is a rare commodity in Iraq, opportunities exist in building related infrastructure. Iraq’s impressive gas potential has also been largely overlooked, with Iraq relying on gas imports to meet demand. Work continues to bring down gas flaring and develop related transport infrastructure.
Iraq has significant refining capacity, but assets have largely become antiquated and function at around 50% capacity. The aged facilities produce more heavy fuel oil than refined products, which does not match the nation’s demand requirements. The state has discussed imposing measures to move investment focus from its oil and gas production towards developing its downstream capacities to spur direct economic growth for the country.
Another requirement for upping production on Iraq’s oil and gas fields is a rise in power generation capacity. The hydrocarbons industry traditionally takes up 10% of total energy demand in the country, which is expected to rise as output increases. Despite an almost entirely resistant hydrocarbons industry, political turmoil has taken a toll on investment in its power generation sector. Efforts to curb consumption have been made by the government, but further investment is needed to meet the country’s industrial targets.
The Iraqi government has signed a deal for the supply of up to 50 mcm per day of gas from Iran.
READ MOREThe National Iranian Oil Company has awarded contracts to local players for projects aiming to boost output by up to 400,000 bopd.
READ MORESeveral OPEC+ members have extended voluntary oil production cuts of 2.2 million bpd into Q2 2024.
READ MORESaudi Aramco has received orders from the government to set its maximum sustainable capacity to 12 million bpd.
READ MOREEnergy giant TotalEnergies has signed a contract with Vallourec for supply of casing and tubing for its Gas Growth Integrated Project in Iraq, the contractor announced…
READ MOREBoth OPEC and the International Energy Agency (IEA) have forecast a rise in global oil consumption in 2024, Reuters reported on Thursday.
The IEA has raised its…
READ MOREIran signed a new contract with Iraq to export natural gas to the latter’s southern port city of Basra on Wednesday. Under the deal, Iran will send 25 mcm (883 mcf)…
READ MOREInternational major and the fourth-largest US oil producer, Occidental Petroleum, is set to offload its stake in the Zubair oilfield to Iraq’s state-run South Oil…
READ MOREFrom mid-2014 onwards, the operating environment in the Kurdistan Region of Iraq has been under pressure from the slump in oil prices and the proximity of Islamic State…
READ MOREFormer Iraqi Deputy Prime Minister Rowsch N. Shaways talks to TOGY about the impact of low oil prices on the local market, federal policy and the national approach to…
READ MOREGreg Hammond, head of international oil and gas at international law firm Eversheds, talks to TOGY about the changing legal environment in Iraq, the hurdles that…
READ MORERichard Devine, partner at Houston-headquartered law firm Baker Botts, talks to TOGY about Iraq’s contractual arrangements and the limitations of the present economic…
READ MOREGulf Keystone has received $15 million from the Kurdistan Regional Government in Iraq in a payment tied to exported crude.
The company said on Thursday it had…
READ MORE<a href='https://theenergyyear.com/companies-institutions/petrofac/’>Petrofac has been awarded a “multimillion-dollar” technical training services…
READ MOREOil is once again flowing to Ceyhan through the pipeline connecting the Kurdistan region of Iraq to Turkey, read a statement released on Friday from the Kurdistan…
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