One is to renovate the infrastructure, since for most of the past 25 years it has depreciated due to the sanctions and turmoil. Also, some of these fields have different stratum, so once they use innovative techniques like horizontal drilling, there is a huge potential in the fields they have explored. But there are complicating factors. The big question is how stable it will be after the US leaves? So far it is not looking all that good. Whipple, a fellow at the Post-Carbon Institute, says Baghdad had driven a hard bargain with western oil companies.
Remember it is not all the traditional western oil companies that are in there; the Chinese, Russians and Singapore all want a piece of the action.
A third round [of contracts] took place in December and saw no major western oil companies except Shell win contracts. Article in the Iraqi Constitution sets the legal foundation for the development of the sector, noting that "oil and gas are owned by all the people of Iraq in all the regions and governorates.
In the absence of a Federal law as prescribed by Article of the Constitution to determine a national energy strategy, a series of short term agreements were made between and November and in November to govern the relationship between the Federal Government and the KRG in terms of oil and gas production.
There is currently no law regulating private investment in solid minerals. This is specified in the Service Contracts used in Iraq's five licensing rounds to date. The Ministry of Oil has formalised its commitment to disclose oil and gas contracts and published the contract templates for all licensing rounds concluded to date on its website.
Iraq has approximately 9. In spite of this potential, production over the last decade has been relatively low at around 2. The IEITI Report states that Geosurv-Iraq of Iraq estimates the proved phosphate reserves in the country to be 10 billion metric tons - among the top-ten largest reserves in the world. The mining sector is not currently developed, however, and the IEITI Report does not register any private company payments to the government in the sector. Oil and gas revenues for amounted to USD Although total production has increased over the last few years, revenues peaked in and only started to recover in , due to internal conflict, lack of investment in infrastructure and lower international oil prices.
While Iraq's EITI Reports do not include reconciliation of extractives revenues in the Iraqi Kurdistan region, given Iraq's adapted implementation for these years, some information on the Kurdistan Regional Government's oil and gas revenues, consumption and exports is publicly available in bi-annual reviews prepared by Deloitte and EY. The state-owned enterprise SOMO sells oil and gas on behalf of the state. There are subnational transfers linked to oil and gas revenues in Iraq, 'Petrodollar allocations', although these have only been transferred to al-Basrah Province in The Government of Iraq has not yet implemented these recommendations.
In an unprecedented gathering of civil society representatives from all over the country , Iraq EITI refreshed part of its multi-stakeholder group in December In February , Iraq EITI submitted a request for adapted implementation, being unable to guarantee the comprehensive disclosure of material payments collected by the KRG.
In December , Iraq EITI submitted a new request for adapted implementation, being unable to guarantee the comprehensive disclosure of material payments collected by the KRG. The current objectives for Iraq's EITI implementation in the work plan include improving the enabling environment for the extractive industries, enhancing the transparency and accountability of national and international oil companies, enhancing the environmental sustainability of the extractive industries and improving the broader governance of natural resource management.
That's just not what the United States does," Rumsfeld said. That's not how democracies behave. Nonsense aside, the sands of Iraq in held oil According to data from US Energy Information Administration EIA at the time, "Iraq holds more than billion barrels of oil — the world's second-largest proven reserves.
Iraq also contains trillion cubic feet of natural gas, and is a focal point for regional and international security issues. In the EIA reported that Iraq held the fifth-largest proven crude oil reserves in the world, and was the second-largest crude oil producer in OPEC. In a background analysis, EIA reported that the Iran-Iraq war , the Kuwait war and punishing economic sanctions had greatly deteriorated Iraq's economy, infrastructure, and society during the s and s. Iraq's real GDP was estimated to have grown by only 3.
Other highlights of the Iraqi economy include:. While its proven oil reserves of billion barrels ranked Iraq second in the work behind Saudi Arabia, EIA estimated that up to percent of the county remained unexplored due to years of wars and sanctions.
Unexplored regions of Iraq, the EIA estimated, could have yielded an additional billion barrels. Iraq's oil production costs were among the lowest in the world. However, only about 2, wells had been drilled in Iraq, compared to about 1 million wells in Texas alone. Shortly after its failed invasion of Kuwait and imposition of resulting trade embargos, Iraq's oil production fell from 3.
By February , Iraqi oil production had recovered to about 2. Iraqi officials had hoped to increase the country's oil production capacity to 3. Iraq also claims that oil production capacity expansion has been constrained by the refusal of the United Nations to provide Iraq with all the oil industry equipment it has requested.
EIA's oil industry experts generally assessed Iraq's sustainable production capacity at no higher than about 2. In comparison, Iraq produced 3. US oil rig count down by 2 for week ending Oct. Oil shows limited gains amid mixed demand messages in week ending Oct. Oil prices mixed, yet strong on solid US demand, global energy crunch - Tightening supply raises market concerns as OPEC and allies stick to planned slow supply increase US crude oil inventories down 0.
Oil down on build of US crude stocks, China's effort to ease coal crunch - Oil becomes more desirable for power ahead of winter heating season, triggering demand concerns and outstripping supply Governments' fossil fuel plans 'dangerously' inconsistent with 1. Greater demand ahead of winter drives oil prices up amid energy crunch - Oil, much in demand as alternative fuel to costly coal, gas, is triggering demand concerns and outstripping supply Oil prices up on continuation of energy crunch, demand recovery - Easing restrictions around world could boost fuel consumption US oil rig count up by 12 for week ending Oct.
Oil up as industries continue favoring cheaper oil for power generation - Unexpected rise in US crude oil stocks was not enough to cool down upswing in oil prices US crude oil inventories up 1. Oil prices up as declining US fuel stocks signal rising demand - Crude demand and prices rise as power generators switch from natural gas to oil Energy, food crises growing in UK, expert says - 'We've seen unusual reactions like panic-buying people rushing to get petrol,' Martyn James says Oil prices down as rising commodity prices boost inflation concerns - Strong dollar which renders dollar-indexed crude oil more expensive for buyers also discourages investors Oil prices mixed as supply-induced uncertainties continue - Faster oil demand recovery, supply lagging behind demand, and energy crisis from supply chain disruptions push energy prices up Lebanon says consortium remains committed to exploration deal - Deal signed in covers offshore Blocks 4 and 9 Oil prices up over supply worries coupled with growing demand - Soaring coal and gas prices make oil an attractive, cheaper alternative for power generation Oil resumes gains over rising demand, shelving of US oil reserve sale - US has world's largest strategic reserves of approximately million barrels stored in huge underground salt caverns at four sites Oil declines from multi-year-highs over build of US crude stocks - Commercial crude oil stocks in US increase by 2.
Oil continues climbing with WTI at 7-year-high due to supply concerns - US crude oil inventories are forecast to rise by over , barrels, American Petroleum Institute figures show OPEC to seek ways to minimize adverse effects of oil price hikes: expert -Major oil producing countries are scheduled to hold ministerial meeting later on Monday to decide output November onwards High oil prices threaten already-fragile global energy markets -Knock-on effect continues after soaring prices, induced by low supply, hit energy markets just as industries start recovering from effects of last year's demand shortfall US oil rig count up by 7 for week ending Oct.
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