Unlocking southern Iraq’s oil
Baghdad’s revisiting on contractual terms may need to be radical to stop IOC flight and offer alternatives to China
Southern Iraq is home to some of the world’s largest oilfields. Combined with a low cost of extraction, it is easy to see why the country places behind only Saudi Arabia as Opec’s second-largest oil producer. But taking advantage of significant remaining growth potential is a much trickier proposition and may require short-term concessions for longer-term gain. Reserves According to Opec data, Iraq has total oil reserves of 145bn bl, with the majority located in the south of the country. There is also believed to be significant upside potential pending further exploration. Roughly 85bn bl are conveniently spread across south-eastern supergiant fields including Majnoon, Rumaila, West Qurna-1,

Also in this section
23 May 2025
LNG projects need the certainty of long-term contracts, but Henry-Hub–linked deals put buyers at significant risk
22 May 2025
Industry says compliance is near-impossible and have called for more clarity to prevent cargoes being redirected
22 May 2025
The next energy crisis could come from the severing of the link between oil and gas prices, with potentially severe economic consequences
22 May 2025
With contract awards looming on the Kuwait-Saudi backed Dorra field, the long-stalled gas project appears finally to be gaining traction—despite Iranian objections