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Financial Times: Iraq affects the global oil industry frustration
2013-03-19 18:10:08
BAGHDAD / future Iraqi when the oldest Iraq on the first round of oil licensing after the war in June 2009, had come to Baghdad groups such as «ExxonMobil» and »Royal Dutch Shell» and »BP» for event industry was waiting eagerly too, as one of the most important events in the Rules of Court. But in the fourth round last May, did not come any of them. The attendance reflects the weak public disappointment in the Iraqi oil sector, which was once the hottest ticket in the field of global energy. And the expected boom widely for Western oil companies in Iraq after the war, failed to achieve the same. The resulting political instability, and the terms of the contract is encouraging, and infrastructure bottlenecks to decline in the attractiveness of the country sharply to the major oil companies. Several companies turned their attention from the south to the semi-autonomous Kurdistan region, angering Baghdad. Says CEO of a major Western oil company: «Iraq is the most difficult environment we operate and will be so for many years to come. This result is a paradox. When U.S. forces invaded Iraq a decade ago, conspiracy theorists predicted that American oil companies Ststole immediately on vast oil fields in the country. Said Robin Mills, Al-Manar energy consultancy based in Dubai: «Many people believe that the Iraq war was fought for oil. He added: «But U.S. companies now virtually absent from the Iraqi scene. With the fifth-largest proven oil reserves in the world, and nature of geological easy, and low production costs, had been expected to become Iraq hotspot for global oil investments. Americans have put the victors planned to rehabilitate the vast oil fields and increase production by 1.5 million barrels per day, almost in 2003, and investment has poured into the country. In August more than Iraq on Iran to become the second largest oil producer in OPEC, and for the first time since the late eighties, after possible pumping more than three million barrels per day - the highest level since the invasion the United States - but the business climate has become bad. The political volatility, and concerns about security, and infrastructure problems, including the lack of pipelines and pumping stations and storage facilities, to the slow pace of recovery in the oil sector. And speaks Iraq now for increasing the production capacity to about nine million barrels a day by 2020, an amount well below the level of 12 million barrels per day, which was targeted earlier. Said Raad Alkadiri, of PFC energy consultancy: «Given the resources available to him, Iraq is still far from achieving its potential. He added: «policy has always been plaguing the oil industry in Iraq. So far not passed the country legally of hydrocarbons released for the first time in 2007, it is possible to solve the question of who controls the oil and gas resources. One part of Iraq retained بجاذبيته groups have Western energy - but increased them - is Iraqi Kurdistan, the region that enjoys semi-autonomous and runs its own affairs for nearly 20 years. Has signed the Kurdish regional government 50 deal with foreign oil companies, including Exxon, Chevron, Total and Gazprom Russian Hnevic. Officials want there boost production from about 200 thousand barrels per day now to one million barrels per day by 2015. The production-sharing contracts offered by the Kurdistan more generous to big companies of contracts for technical services provided in southern Iraq, where oil companies earn a uniform fee per barrel of oil produced, while you go for the lion's share of the profits to the government. But Baghdad Kurdish deals are illegal and refuses to pay to the oil companies operating in Kurdistan share of export revenues. In retaliation, the KRG suspended oil exports through the main pipeline in Iraq. Baghdad told oil companies that they can work either in the south or in Kurdistan, but not in both. Faced with this choice, Exxon decided last year to sell its stake in the oil project «West Qurna - 1, which amounts to $ 50 billion. Say people close to the two sides that Baghdad might be willing to ease the conditions of the Exxon contract in order to maintain the company in Iraq. In January, he met Rex Tillerson, CEO of Exxon, Nouri al-Maliki, the Iraqi prime minister, in Baghdad. But not yet show any signs of a breakthrough. Western companies have found that other Iraq ungainly. The Norwegian Statoyl left the country last year in a state of frustration. But state oil companies witnessed a state of prosperity, most notably Chinese firms. And China National Petroleum participates in the Union to develop the Rumaila field, led by BP, one of Iraq's largest oil fields, which is also running Ahdab field. And be operated by PetroChina Halfaya field, while running a company Cnooc group Maysan fields. According to the International Energy Agency, will travel a quarter of Iraq's oil, or about two million barrels per day, to China by the year 2035. According to Fatih Birol, chief economist at the International Energy Agency: «being the formation of a new axis of trade between Baghdad and Beijing. According to analysts, probably to a lesser extent that inhibition of state-owned companies, as opposed to the big oil companies, low fees and low returns, because the key for her is to get the hydrocarbon resources and quantities of crude that are allowed to be exported. But in the end, was the winner of the last decade is the Iraqi state. The agency expects to reap the International Energy Baghdad revenues of almost $ Khosma trillion from oil exports by the year 2035, offers 'transformational opportunity' of the economy. Qadri said, of PFC Energy: «I've got Iraq on a huge amount of international investment and assistance for the development of the energy sector, while gave up very little. He added: «Iraqis are working well and control the oil industry actually.
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