Iraq pushes for fresh oil expansion
Despite hurdles, energy sector ambitions abound
Despite the campaign against Islamic State (IS), the strain on the federal budget, the crippling of some oil and electricity assets, the Opec quota, and the unresolved dispute between Baghdad and the Kurdish Regional Government (KRG), 2017 brought success for Iraq's energy sector. Oil production stabilised at around 4.4m barrels a day, higher than in 2016. Some new export capacity came on stream in the south. Electricity generation reached 15 gigawatts for the first time. Thanks to higher oil prices, Iraq's crude export revenue last year came in at $60bn—its highest in three years. The government wants to build on this platform and the plans are ambitious. Oil output capacity may reach 5m b/
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
