Comment & Analysis: Iraq’s oil and gas challenges and opportunities

Technical analysis and opinion by an Iraqi oil consultant, a founding executive of the Iraqi National Oil Company, and an author of the 2006 draft Iraqi oil law.
Comment & Analysis: Iraq’s oil and gas challenges and opportunities
partial view shows the Iraqi oil field of Rumaila near the southern port city of Basra on December 11, 2009. (ESSAM AL-SUDANI/AFP/Getty Images)

Iraq’s proven oil reserves of over 115 billion barrels can support a production plateau of 10 million barrels per day (bpd) without the need for a single barrel of new reserves. The immediate need is to rehabilitate its infrastructure, develop capacity and monetize reserves. It’s attractiveness is evident by the major global oil companies willingness to accept less than $2 per barrel remuneration fee in most of the projects offered in the first and second bidding rounds last year.[captio...

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