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Positive Response To Iraq's Second Licensing Round Paves The Way For Its Leading Role In The Global Oil Industry
GlobalData, Dec 2009, Pages: 21
Positive Response To Iraq’s Second Licensing Round Paves The Way For Its Leading Role In The Global Oil Industry
Summary
Iraq has the world’s third largest proven petroleum reserves, a vast majority of which are yet to be exploited. Iraq’s potential oil wealth remains largely unrealized. Oil production has been slow as the country is limping back to normalcy after being ravaged by war. Iraq has close to 115 billion barrels of oil reserves accounting for 9.1% of the total global oil reserves as of 2008. Only Saudi Arabia (21%) and Iran (10.9%) account for more reserves than Iraq. Even with huge reserves, Iraq’s oil production is considerably less due to political and economic instability. However, the second licensing round has seen a positive turn around, as compared to the first round and has resulted in seven of the 15 fields being awarded. The total estimated combined reserves on offer in the second round are about 41 billion barrels. The seven oil fields awarded in the second licensing round in Iraq are expected to add more than 4.7 million barrels a day of oil to its total production. Increase in production from these huge fields paves the way for Iraq to play a leading role in as a global oil supplier.
Scope
- The study provides information on the Iraqi oil reserves and production in 2008.
- It discusses the fields offered in the second petroleum licensing round.
- It also covers the top crude oil producers in 2008, comparing Iraq to the top 10 in the global market.
Reasons to buy
- Develop business strategies with the help of specific insights from GlobalData on the key events happening in the oil and gas industry.
- Gain a strong understanding of the energy market and analyze the major trends in the global oil and gas industry today
- Identify opportunities and challenges with the help of our analysis of the latest news and deals in the oil and gas industry
- Increase future revenue and profitability with the help of information on latest operational, financial, and regulatory events
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