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Could Iraq Really Become OPEC’s Largest Oil Producer? By Simon Watkins - Apr 21, 2021, 7:00 PM CDT
Iraq’s Oil Minister, Ihsan Abdul-Jabbar, announced last week that the country plans to increase its oil production capacity to 8 million barrels per day (bpd) by 2029, compared to current production of around 3.8 million bpd that factors in OPEC-mandated cuts.
Based on its vast oil resources there is no insurmountable reason why this output level should not be attained by that time or indeed even the 9 million bpd or 11 million bpd that were posited by the International Energy Agency in its 2012 production scenario analysis for Iraq. Even the lower of these two figures would allow Iraq to overtake Saudi Arabia as the number one oil producer in the Middle East, with the Kingdom producing just 8.17 million bpd on average from 1973 to this year. To reach these new output goals, Iraq announced last week initiatives including boosting the production from t
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Iraq Moves To Exploit Its Massive Natural Gas Reserves By Simon Watkins - Apr 05, 2021, 7:00 PM CDT
Official estimates are that Iraq’s proven reserves of conventional natural gas amount to at least 3.5 trillion cubic meters (tcm), or about 1.5 percent of the world’s total, placing Iraq 13th among global reserve-holders, with around three-quarters of this figure comprising associated gas that is found in the same reservoirs as oil. The International Energy Agency, though, estimates that ultimately recoverable resources will be considerably larger, at 8.0 tcm, of which around 30 percent is thought to be in the form of non-associated gas. Despite these huge potential gas resources, Iraq has made little substantial progress over the years on developing this potential either for associated or non-associated gas, mainly flaring the former and overlooking the latter. Last week, though, a heads-of-agreement deal was announced with French oil and gas giant, T
Total signs $7bn Iraq energy deal
MEED 2 April 2021 (Last Updated April 1st, 2021 11:43)
The Oil Ministry has said that Iraq has signed a heads-of-agreement deal with France’s Total spanning four projects involving natural gas, solar energy and seawater reprocessing.
The deal spans four major projects, including the $4bn Common Seawater Supply Project. Credit: MEED.
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The Oil Ministry has said that Iraq has signed a heads-of-agreement deal with France’s Total spanning four projects involving natural gas, solar energy and seawater reprocessing.
Iraq’s Oil Minister Ihsan Abul Jabbar said in a ministry statement that Total will make a ‘multibillion-dollar’ investment and the four initial deals will be submitted to the cabinet for final approval.
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