2525 West Loop South Freeway
Houston, TX 77027
This 2-day International Energy Investments course provides a comprehensive overview of the Iraq oil&gas industry. Under the guidance of our experts, participants will gain an development of oil&gas market dynamics, future prospects and the key issues affecting its development.
Oil industry is by far the most vital sector of the Iraqi economy, with proven petroleum reserves of 143 billion barrels. Iraq is already the world’s third-largest oil exporter and has the resources and plans to increase rapidly its oil and natural gas production as it recovers from three decades punctuated by conflict and instability. Contracts already in place with international companies imply an extraordinary increase in oil production capacity, to a level almost five times higher than today’s 3 million barrels per day (mb/d), over the current decade. It is expected that Iraq stands to gain almost $5 trillion in revenues from oil export over the period to 2035, an annual average of $200 billion.
Besides the large oil reserves, Iraq is home to huge quantities of natural gas, with known reserves of around 110 trillion cubic feet and another 150 trillion cubic feet in probable reserves. However around 70 percent of the natural gas that has been recovered from oil fields during the process of extracting petroleum has gone to waste, amounting to losses of more than 874 million cubic feet per day.
Iraq has ambitious investment plans for its energy sector, supported by an increasing number of international energy companies. In the last five years, oil production and exports have both increased by more than 40 percent. However, progress is still patchy and the state of Iraq’s energy transport, storage and export infrastructure, while improving, continues to be a serious constraint.
- Explore oil&gas industry in Iraq
- Understand regional relationships
- Learn about fields&companies
- Discover the dynamics of Iraq oil&gas market
- Gain insights into the Iraq energy market