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Iraqi Oil 2003 Development and Investment opportunities in the post Saddam era
Description:
Iraqi Oil 2003: development and investment opportunities in the post Saddam era' examines the current state and fundamentals of the Iraqi energy sector, explores the industry's massive potential and its impact on world energy markets.
This study, written in mid April, 2003, just a week after the fall of Baghdad to US and coalition forces, examines the Iraqi energy sector, paying particular attention to its oil and gas reserves, past production, infrastructure, and the potential for international involvement. While the hurdles to rebuild Iraq will be considerable, Iraq's oil wealth is capable of generating the billions of dollars necessary to successfully complete this task.
This study, written in mid April, 2003, just a week after the fall of Baghdad to US and coalition forces, examines the Iraqi energy sector, paying particular attention to its oil and gas reserves, past production, infrastructure, and the potential for international involvement. While the hurdles to rebuild Iraq will be considerable, Iraq's oil wealth is capable of generating the billions of dollars necessary to successfully complete this task.
Contents:
TABLE OF CONTENTS
Summary & Overview 7
Introduction 7
The socio-political landscape of Iraq 9
A rennaisance for Iraqi oil 12
The Iraqi Energy Industry - Profile 13
Introduction 13
Crude oil production 14
Oil reserves 17
Natural gas 22
Non-associated gas 23
Crude oil sales and pricing 24
Revenue and economy 28
Iraq's Oil Infrastructure 30
Introduction 30
Oil wells 31
Pipelines 32
Refineries 34
Export terminals 36
Iraqi Oil Between the Wars 37
Deals with France, Russia and others 37
Production during the last years of the Iraqi regime 40
Alternate export routes 42
The Future - International Investment and Redvelopment 44
Introduction 44
Extent of war damage 45
Post war redevelopment 46
US Agency for International Development (USAID) 47
Estimates for resumption of production 53
Cost of energy sector reconstruction 54
Insurance issues 54
Financing 55
Running Iraq and its oil sector 57
Impact on global oil markets 59
Potential for greater Iraqi production 60
OPEC's response 62
Iraq and its "Elephants" 63
TABLES
Table 1: Timeline of Iraqi oil industry development 13
Table 2: Rumailia field crude oil properties 19
Table 3: Basrah crude yields (weight % at boiling) 20
Table 4: Kirkuk crude yield (weight % at boiling) 20
Table 5: History of U.N. "Oil for Food" Iraqi crude sales 25
Table 6: Humanitarian aid purchases with "Oil for Food" money 26
Table 7: Iraqi real GDP per capita (adjusted in 1980 dollars): 29
Table 8: Iraq's major oil fields 31
Table 9: Iraq's smaller oil fields 32
Table 10: Refineries (capacity) bbl/day 35
Table 11: International interest in Iraqi oil fields 53
Table 12: OPEC production data 62
FIGURES
Figure 1: Iraq – borders and key locations 8
Figure 2: Iraqi crude oil production 1965-2002 14
Figure 3: Iraqi oil production and consumption, 1980-2002E 15
Figure 4: Iraq – Crude oil output 01/2003-02/2003 16
Figure 5: Top world crude oil producers 17
Figure 6: World oil reserves billion barrels, 2001 18
Figure 7: Iraq – Crude oil geology 18
Figure 8: Iraq - Natural gas reserves, 1981-2001 22
Figure 9: Major Middle Eastern natural gas reserves 23
Figure 10: Basrah/Kirkuk daily price averages 28
Figure 11: Iraqi oil infrastructure 30
Figure 12: Iraqi refinery capacity 1965-2002 35
Figure 13: Iraq/Iran OPEC Production Quotas, 1982-2002 63
Summary & Overview 7
Introduction 7
The socio-political landscape of Iraq 9
A rennaisance for Iraqi oil 12
The Iraqi Energy Industry - Profile 13
Introduction 13
Crude oil production 14
Oil reserves 17
Natural gas 22
Non-associated gas 23
Crude oil sales and pricing 24
Revenue and economy 28
Iraq's Oil Infrastructure 30
Introduction 30
Oil wells 31
Pipelines 32
Refineries 34
Export terminals 36
Iraqi Oil Between the Wars 37
Deals with France, Russia and others 37
Production during the last years of the Iraqi regime 40
Alternate export routes 42
The Future - International Investment and Redvelopment 44
Introduction 44
Extent of war damage 45
Post war redevelopment 46
US Agency for International Development (USAID) 47
Estimates for resumption of production 53
Cost of energy sector reconstruction 54
Insurance issues 54
Financing 55
Running Iraq and its oil sector 57
Impact on global oil markets 59
Potential for greater Iraqi production 60
OPEC's response 62
Iraq and its "Elephants" 63
TABLES
Table 1: Timeline of Iraqi oil industry development 13
Table 2: Rumailia field crude oil properties 19
Table 3: Basrah crude yields (weight % at boiling) 20
Table 4: Kirkuk crude yield (weight % at boiling) 20
Table 5: History of U.N. "Oil for Food" Iraqi crude sales 25
Table 6: Humanitarian aid purchases with "Oil for Food" money 26
Table 7: Iraqi real GDP per capita (adjusted in 1980 dollars): 29
Table 8: Iraq's major oil fields 31
Table 9: Iraq's smaller oil fields 32
Table 10: Refineries (capacity) bbl/day 35
Table 11: International interest in Iraqi oil fields 53
Table 12: OPEC production data 62
FIGURES
Figure 1: Iraq – borders and key locations 8
Figure 2: Iraqi crude oil production 1965-2002 14
Figure 3: Iraqi oil production and consumption, 1980-2002E 15
Figure 4: Iraq – Crude oil output 01/2003-02/2003 16
Figure 5: Top world crude oil producers 17
Figure 6: World oil reserves billion barrels, 2001 18
Figure 7: Iraq – Crude oil geology 18
Figure 8: Iraq - Natural gas reserves, 1981-2001 22
Figure 9: Major Middle Eastern natural gas reserves 23
Figure 10: Basrah/Kirkuk daily price averages 28
Figure 11: Iraqi oil infrastructure 30
Figure 12: Iraqi refinery capacity 1965-2002 35
Figure 13: Iraq/Iran OPEC Production Quotas, 1982-2002 63
Contents:
Iraq, a Middle Eastern nation of 23 million people, has enormous energy resources. Proven crude oil reserves have been calculated at 112 billion barrels, 10 percent of the world's total and the second largest after Saudi Arabia. In addition, Iraq has 110 trillion cubic feet of natural gas reserves. The vast majority of these natural resources have not yet been fully developed, offering considerable opportunity for investment and profit.
The relatively small volume of Iraqi crude oil that has come to market continues to play a critical role in the US and world economies. According to a 2002 USGS Mineral Industry Report, crude oil from Iraq accounted for 8.5% of total US crude imports and 32% of Iraqi oil production. This import activity is especially significant when one considers that during the latter half of the 1990's Iraq's crude oil sales were under U.N. regulation and tensions between Iraq and the US were building.
As a result, Iraq's infrastructure and its citizen's standard of living have suffered dramatically. Iraq's Gross Domestic Product (GDP) has fallen sharply since the Iraqi invasion of Kuwait, with per-capita income and living standards far below pre-war levels. Iraq has a heavy debt burden of around $200 billion and lacks a formalized taxation
The relatively small volume of Iraqi crude oil that has come to market continues to play a critical role in the US and world economies. According to a 2002 USGS Mineral Industry Report, crude oil from Iraq accounted for 8.5% of total US crude imports and 32% of Iraqi oil production. This import activity is especially significant when one considers that during the latter half of the 1990's Iraq's crude oil sales were under U.N. regulation and tensions between Iraq and the US were building.
As a result, Iraq's infrastructure and its citizen's standard of living have suffered dramatically. Iraq's Gross Domestic Product (GDP) has fallen sharply since the Iraqi invasion of Kuwait, with per-capita income and living standards far below pre-war levels. Iraq has a heavy debt burden of around $200 billion and lacks a formalized taxation
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