A jetty at the Basra terminal
Iraq’s oil cash bonanza masks deeper problems
Soaring oil prices are spurring renewed IOC investment but exposing infrastructure gaps
Iraq’s oil export revenues hit an eight-year high in February as prices surged, while the completion of an expansion project at one of the country’s largest fields supports ambitions that high prices might spur renewed IOC investment. However, as Opec eases production limits, underlying constraints to growth are re-emerging. The commissioning of a 50,000bl/d expansion at the giant West Qurna-2 field—raising capacity to 450,000bl/d—is cause for celebration but also demonstrates how expectations for Iraq’s oil sector have been downgraded. The contract signed with Russia’s Lukoil at the turn of the last decade envisioned production from the 14bn bl asset reaching 1.8mn bl/d five years ago. And
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