Oil and Gas Investor


Barnaby Fletcher, Lise Liezenga

Iraq Oil & Gas 2011 OGI Release

January 06, 2011

When discussing Iraq’s potential, it is easy to lapse into superlatives. The sheer volume of reserves and size of investment needed to develop them are on a scale no other country can match. Iraq currently ranks third globally in proven oil reserves, with a total of more than 143.1 billion barrels. The cost of extracting these reserves is approximately US$1 per barrel, the lowest in the world. However, the bulk of Iraq’s data comes from exploration performed more than three decades ago. With more than 70% of the country unexplored and 3-D seismic technology only recently introduced, estimates of total oil reserves still approach 350 billion barrels—a figure that would make Iraq the world’s wealthiest hydrocarbon country.


"We have set an example for other African countries on how to strike a balance between nationalistic development objectives and the attraction of foreign investment. For a company to go deep offshore and spend billions of dollars, you need to create a friendly environment."
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