Positive Response To Iraq’s Second Licensing Round Paves The Way For Its Leading Role In The Global Oil Industry----Aarkstore Enterprise Market
Author: Aarkstore Enterprise
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Positive Response To Iraqs Second Licensing Round Paves The Way For Its Leading Role In The Global Oil Industry
Summary
Iraq has the worlds third largest proven petroleum reserves, a vast majority of which are yet to be exploited. Iraqs potential oil wealth remains largely unrealized. Oil production has been slow as the country is limping back to normalcy after being ravaged by war. Iraq has close to 115 billion barrels of oil reserves accounting for 9.1% of the total global oil reserves as of 2008. Only Saudi Arabia (21%) and Iran (10.9%) account for more reserves than Iraq. Even with huge reserves, Iraqs oil production is considerably less due to political and economic instability. However, the second licensing round has seen a positive turn around, as compared to the first round and has resulted in seven of the 15 fields being awarded. The total estimated combined reserves on offer in the second round are about 41 billion barrels. The seven oil fields awarded in the second licensing round in Iraq are expected to add more than 4.7 million barrels a day of oil to its total production. Increase in production from these huge fields paves the way for Iraq to play a leading role in as a global oil supplier.
Scope
- The study provides information on the Iraqi oil reserves and production in 2008.
- It discusses the fields offered in the second petroleum licensing round.
- It also covers the top crude oil producers in 2008, comparing Iraq to the top 10 in the global market.
1 Table of Contents
1 Table of Contents 2
1.1 List of Tables 3
1.2 List of Figures 4
2 GlobalData Viewpoint 5
2.1 Summary 5
3 Positive Response To Iraqs Second Licensing Round Paves The Way For Its Leading Role In The Global Oil Industry 6
3.1 Iraq Plays A Key Role In The Global Oil Industry 6
3.2 Iraqs Second Licensing Round Awarded Seven Of The Total 15 Fields 7
3.3 Second Licensing Round Witnessed A Positive Response Despite The Absence Of US Companies And A Volatile Security Situation 11
3.4 Increase In Production From The Newly Awarded Fields Can Propel Iraq Into The Top League Of Global Oil Suppliers 12
4 Recent Developments 13
4.1 License Rounds 13
4.2 License Awards 13
4.3 Strategy and Business Expansion 16
4.4 Other Significant Developments 17
5 Appendix 19
5.1 Methodology 19
5.2 Contact Us 21
5.3 About GlobalData 21
5.4 Disclaimer 21
1.1 List of Tables
Table 1: Iraq, Fields Offered In The Second Petroleum Licensing Round 8
Table 2: Iraq, Unawarded Fields In The Second Petroleum Licensing Round 8
1.2 List of Figures
Figure 1: Iraq, Oil Reserves and Production, 2008 7
Figure 2: Global, Top Crude Oil Producers (Million Barrels Per Day), 2008 12
Figure 3: GlobalData Methodology 19
Keywords
News, Analysis, Opinion, Viewpoint, Oil & Gas, Crude Oil, Natural Gas, Refining, Exploration, Production, Pipeline, Geopolitics, Storage, LNG
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