PUBLICATION

Oil and Gas Investor

AUTHORS

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.

RELATED INTERVIEWS MORE INTERVIEWS

Petromar speaks of the outlook for Angola’s oil and gas service industry for the next two years.
ENI updates GBR on the progress of its operations across Sub-Saharan Africa.
Grupo Videre looks at the massive LNG developments in Northern Mozambique from the perspective of a service company.
Acrep Angola E&P analyses the difficulties of expanding in Angola during the pandemic and with lower oil prices.

MACIG

Motion Mertics explains how the latest technologies are being deployed in African mines.

SUBSCRIBE TO OUR NEWSLETTER