Quantcast
Other Stories

A recent report by International Energy Association says that, Iraq would raise it's existing production capacity of 3 mn barrels per day to 8 mn barrels per day by 2035. This will help Iraq to become the world’..

10 Oct 2012

BAGHDAD (Commodity Online): Iraq, the second largest producer of crude oil despite long period of war, violence, sanctions and considerable internal tensions could emerge as a major supplier of Oil in future to emerging economies such as China.

OPEC member Iraq has the world's fourth-largest oil reserves and is targeting exports of 6 million bpd by 2017, which would see it overtake its neighbour and fellow OPEC member Iran.

A recent report by International Energy Association says that, Iraq would raise it's existing production capacity of 3 mn barrels per day to 8 mn barrels per day by 2035. This will help Iraq to become the world’s second largest oil exporter by the 2030s, overtaking Russia.

"Developments in Iraq’s energy sector are critical for the country’s prospects and also for the health of the global economy," says IEA Chief Economist Fatih Birol in a recent IEA report. Over $530 billion in energy investment in Iraq is essential adds, IEA report.

Due to internal aggression, war and violence the economy of Iraq was stagnant including oil production. But new government is taking initiatives to boost the existing production. As part of it's raising oil production it has secured service contracts with companies such as BP Plc, Exxon Mobil, Eni and Royal Dutch Shell and others.

Iraq has to improve by gone era infrastructure facilities and socio economic life at the earliest to attract the foreign investors to the country.

On the other hand the Iraq's deputy prime minister for energy recently stated that, Iraq is aiming to produce 5-6 million barrels of oil per day by 2015, with a view to reaching a target of 9-10 million barrels per day by 2020, a level that could be sustained for 20 years.

As a proof of growing Oil market- Iraq's state-run South Oil Co. said it had picked US firm CH2M Hill for a contract worth $170 million to help manage a multi billion-dollar water oilfield injection project.


YOUR RESPONSE
Click on the image to reload it
Click to reload image
COMMENTS (0)

@2013 COMMODITYONLINE ALL RIGHTS RESERVED