Iraqi oil push offers opportunity

Hampered by budget deficit, the Iraqi government is ramping up efforts to increase the country’s oil production. In its Iraq Special Report, Edinburgh-based NewsBase assesses the myriad opportunities this will present in terms of and investment, exploration, production and infrastructure.

While current estimates put Iraq’s oil reserves at 143 billion bbls, by exploring new areas and reassessing existing licences with the latest techniques, the country has the potential to rival neighbouring Saudi Arabia’s reported 268 billion.

There are thought to be around 530 potentially hydrocarbon-bearing geological structures in the country, with large quantities of oil expected, in addition to the southern part of the country already home to some of the world’s largest oil and gas deposits.

Baghdad has set ambitious production targets, and while the reserves are in place to achieve these, pipeline and export terminal bottlenecks mean that the government’s attention has turned to revamping the midstream sector.

“While Iraq’s fields are capable of producing far greater volumes, progress is hampered by a lack of water, and pipeline and export infrastructure. The opportunity for engineering firms is just as big as that for oil companies,” said Middle East Editor, Ian Simm. “The influence of neighbouring Iran will soon be seen in terms of Baghdad’s re-worked oil contracts, which will present a more sustainable, and thus mutually attractive model for future exploration, development and production.”

NewsBase’s Iraq Special Report presents an in-depth assessment of the major southern oilfields, planned increases in production and efforts to ease infrastructure bottlenecks as well as tracking government’s financial shortcomings as it seeks to address corruption and mismanagement. The report also includes an overview and assessment of unexplored areas of Iraq, where large quantities of oil may yet be discovered.

The full report can be accessed here.

Adapted from a press release by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/26112015/iraqi-oil-push-offers-opportunity/