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Iraq aiming for oil production and export boost
28 May 2013
Possessing 5th largest oil reserve of the world and being OPEC’s 2nd largest oil producer, Iraq has established itself as a sound economic giant with terrific oil revenue base. In the year of 2012, the country has been reported to produce 2.8 million a day.
The country’s only drawback in oil sector is the infrastructure. The war torn county has revised its oil reserve by the year of 2013. Previously, it was reported that the country possesses 115 billion barrels – according to the figure of 2011. In the year of 2013, the figure has reached to 141 billion. The country is now seeking foreign investments and help from the foreign companies for the oil exploration in the country which would enhance its economy in a positive manner. The Energy Exchange has organized ‘Iraq Energy 2013/14: Business and investment opportunities in oil and gas sector’ – a conference for figuring out different aspects of oil industry in Iraq.
The conference opened by Shaikh Nahyan bin Mubarak Al Nahayan, Minister for Culture, Youth and Community Development, was largely attended by the senior executives of the UAE-based oil and gas companies.
Dr Ali Al Mashat, a member of an advisory commission to Iraqi Prime Minister that by the year of 2017, Iraq will focus to derive around 10 million barrels per day. Apart from oil exploration, natural gas will also be explored and would be used for the domestic purposes. However, Robin Mills, head of Consulting at Manaar Energy, stated this target of the country as ‘over-ambiguous’. He clearly stated that hitting 10 million barrels a day seems quite impossible by the year of 2017.
Mills thought the oil-rich nation could achieve output of six-seven million barrel per day by the end of the decade. Speaking on the occasion, Amin Talib Khan, a board member of Abu Dhabi’s Iraqi Business Council (IBC) stated that despite of different internal security issues, the country is gaining great responses from the foreign companies in its oil sector, which is a positive side of the country.
He stressed over the importance of having foreign partners and through strategic projects the overall process can be streamlined.A new Hydrocarbons Law will be introduced soon to lay out the legal framework required to boost the foreign investment, the businessman said. [/color]He also remarked that the oil and gas infrastructure of the country is old and being rusted due to the war situations. Infrastructure needs significant and drastic changes to bring in all the positive things, as he believes. The IBC official remarked on this regard, The Basra-Aqaba oil pipeline project is part of the government’s efforts to develop its oil transportation infrastructure to export crude oil through the Jordan’s Aqaba port to the Red Sea. We need strategic partners to build this mega project, that’s why the Iraqi Business Council has invited top Iraqi officials to Abu Dhabi to brief the oil and gas and investment companies here.”
A former Iraqi minister of planning, Dr Mehdi Hafedh, stated that corruption issue in the country is rampant and can be noted as biggest issue right now. The bureaucracy is inefficient and over 25,000 rules and regulations.
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28 May 2013
Possessing 5th largest oil reserve of the world and being OPEC’s 2nd largest oil producer, Iraq has established itself as a sound economic giant with terrific oil revenue base. In the year of 2012, the country has been reported to produce 2.8 million a day.
The country’s only drawback in oil sector is the infrastructure. The war torn county has revised its oil reserve by the year of 2013. Previously, it was reported that the country possesses 115 billion barrels – according to the figure of 2011. In the year of 2013, the figure has reached to 141 billion. The country is now seeking foreign investments and help from the foreign companies for the oil exploration in the country which would enhance its economy in a positive manner. The Energy Exchange has organized ‘Iraq Energy 2013/14: Business and investment opportunities in oil and gas sector’ – a conference for figuring out different aspects of oil industry in Iraq.
The conference opened by Shaikh Nahyan bin Mubarak Al Nahayan, Minister for Culture, Youth and Community Development, was largely attended by the senior executives of the UAE-based oil and gas companies.
Dr Ali Al Mashat, a member of an advisory commission to Iraqi Prime Minister that by the year of 2017, Iraq will focus to derive around 10 million barrels per day. Apart from oil exploration, natural gas will also be explored and would be used for the domestic purposes. However, Robin Mills, head of Consulting at Manaar Energy, stated this target of the country as ‘over-ambiguous’. He clearly stated that hitting 10 million barrels a day seems quite impossible by the year of 2017.
Mills thought the oil-rich nation could achieve output of six-seven million barrel per day by the end of the decade. Speaking on the occasion, Amin Talib Khan, a board member of Abu Dhabi’s Iraqi Business Council (IBC) stated that despite of different internal security issues, the country is gaining great responses from the foreign companies in its oil sector, which is a positive side of the country.
He stressed over the importance of having foreign partners and through strategic projects the overall process can be streamlined.A new Hydrocarbons Law will be introduced soon to lay out the legal framework required to boost the foreign investment, the businessman said. [/color]He also remarked that the oil and gas infrastructure of the country is old and being rusted due to the war situations. Infrastructure needs significant and drastic changes to bring in all the positive things, as he believes. The IBC official remarked on this regard, The Basra-Aqaba oil pipeline project is part of the government’s efforts to develop its oil transportation infrastructure to export crude oil through the Jordan’s Aqaba port to the Red Sea. We need strategic partners to build this mega project, that’s why the Iraqi Business Council has invited top Iraqi officials to Abu Dhabi to brief the oil and gas and investment companies here.”
A former Iraqi minister of planning, Dr Mehdi Hafedh, stated that corruption issue in the country is rampant and can be noted as biggest issue right now. The bureaucracy is inefficient and over 25,000 rules and regulations.
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