Middle East
Iraq
Iraq is now Opec’s second largest producer after major capacity gains propelled it well clear of its nearest rivals. Major refining investment is required to end costly products’ imports.
State of Play
Opec's second biggest oil producer plans 9mn b/d capacity by 2029, double current levels. But burdensome ‘technical service contracts’ have scared off many IOCs, and Baghdad is increasingly turning to its national oil companies for development. Will Iraq’s new government rise to the immense challenges facing the country’s upstream, downstream and powergen sectors?
2020 In Numbers*
| Crude Output | 4.01 | mn b/d |
| Crude Exports | 3.00 | mn b/d |
| Crude Export Rev. | 41.8 | $bn |
| Gross Gas Output | 2.57 | bn cfd |
*ALL EXCEPT CRUDE OUTPUT EXCLUDE KRG.
23 Apr, 2021
Featured
ExxonMobil Set To Exit Federal Iraq
A decade after securing the giant West Qurna-1 field, ExxonMobil is heading for the exit. The sale to Chinese state firms CNPC and CNOOC is symbolic of Iraq's shifting upstream landscape, with Sinopec, the third of China’s state ‘big 3,’ also snagging the key Mansuriya gas development.
Iraq's Southern Oil & Gas Infrastructure
NEWS IN BRIEF
IS Attacks Iraq’s Bai Hasan
7 May, 2021
Gazprom Hikes Kurdistan Output
30 Apr, 2021
Iraq Fast Tracks Gas Capture At Halfaya
16 Apr, 2021
Tawke Partners Boost Production In 2021
16 Apr, 2021
Iraq To Compensate IOCs ‘In-Kind’ For Opec+ Cuts
19 Mar, 2021
SELECTED DATA
Iraq's Gas Flaring Has Fallen But Still Accounts For 50% Of Gross Output (bn cfd)
Iraq's Rig Count Has Begun To Edge Higher From The Record Low 27 Hit Late Last Year
Iraq's Crude Export Revenues Hit A 12-Month High $4.74bn For January
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