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Thread: Oil Production Capacity in Iraq

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    Oil Production Capacity in Iraq

    Oil Production Capacity in Iraq
    March 9, 2010 · Posted in NEWS
    March 8, 2010

    ■Analysis by: GLG Expert Contributor
    ■Analysis of: Iraq Unlikely To Meet Oil Target
    ■Published at: www.iraqupdates.com
    Summary
    Oil production capacity in Iraq is critical to many concerns and always questioned. The answers to the country’s production capacity or target are varied and subject to the conditions underground and above the ground, plus the pace and extent of international participation in the efforts. There are some scenarios ahead of the country. There are some uncertainties over the likelihood now and will remain in the years to come.

    Analysis
    Currently, crude oil production in Iraq is about 2.5 million barrels per day. This is absolutely not the level of production to support reconstruction in the oil rich country after the war. Theoretically, 10+ million barrels per day is possible in terms of its current reserves, plus potential. Some senior oil experts familiar with the geology and history of Iraqi oil industry argue some level around 10 million barrels per day is highly likely extracted from the existing proven reserves if all the problems and hurdles paved on the ground. However, big concerns are right coming from both underground and on the ground. Talking about underground, it remains difficult to resume mass production because of mess extraction and shut down impacts. The extraction capacity is subject to careful review technologically and geologically. On the ground, the legal system, centrally hydrocarbon law and regulations, and management are presenting other concerns. Finally, the country’s service contract with tight fiscal terms are less favorable to international participation. The two rounds of bidding witnessed coined some cooperation model in much favor of the resources. The success of these bidding rounds lie in both international entry strategies and huge attractiveness of the oil and gas in the country. No Big Oils neglect their (re)expansion into last, existing and conventional oil province – Iraq. However, the production from the fields operated by international consortia remains not big enough to realize the oil production target 10 or over 10 million barrels per day. More oil and gas bidding rounds, open policy and positive fiscal terms are required. Let wait and see the consequences of the election in this month in Iraq and possible policy ahead. The 10+ million barrels per day is a potential, but not reality in the next five years ahead.

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    Thanks great post

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