Iraq will cover about 40% of the world’s oil needs during the next two decades

Announced Crescent Petroleum Emirates, Tuesday, exceeded its investments in Iraq barrier $ 1.5 billion during the past five years, and as confirmed the presence of the potential for significant economic growth in Iraq due to rising oil production, which predicted that covers 40 percent of the needs of the world during the next two decades, called more reliance on UAE companies, which it said could “compete with foreign companies.”

Said Executive Director of Crescent Petroleum Arab Emirates to oil and gas projects, energy, Majid Jafar, during his speech at the conference of energy projects in Iraq held in Dubai that “Iraq has great potential for economic growth,” noting that “UAE companies are able to play an active role in several sectors major in the country vary between oil and gas, electric power, construction and other logistics services to compete with other foreign companies operating in the country. “

And between Jafar “You have exceeded the value of contracts concluded by Iraq since 2008 in the sectors of oil and gas, power, water and petrochemical about $ 36 billion, and this suggests that Iraq has one of the biggest opportunities and most rapidly growing in the region.”

He Jafar during the conference that “there are investment opportunities latent and massive in Iraq because of the country’s need to investments in infrastructure that exceed their costs ten billion dollars, reminding that” the volume of trade exchange between the UAE and Iraq reached $ 4.5 billion in 2011, while The average non-oil trade to a record during the first eight months of 2012 to reach more than 3 billion dollars. “

Director predicted UAE’s Crescent “initiates Iraq during the next six years to invest about $ 200 billion in exploration and production sector of oil and the development of oil fields, which allocates approximately $ 20 billion for the refining sector, processing and distribution.”

Said Majid Jafar, during the conference as well, “according to the global outlook, Iraq will 40% of the growth of oil exports in the world during the next twenty years, and the country’s need to pump huge investments in infrastructure projects to the oil sector should focus on attracting managerial expertise and heads money located in the international private sector companies to achieve the benefits of mutual benefit to the investor and the country. “

The Minister of Iraqi oil Abdul Karim and coffee, on Saturday (16 March 2013), that Iraq’s oil exports amounted to 2.9 million barrels a day, as he emphasized that this rate can be raised to nine million barrels per day within five years, but he pointed out this needs to be $ 130 billion for the development of the oil sector, while economists and accused the oil ministry to “deliberately marginalizing” national oil companies in favor of foreign companies.

The U.S. Agency for International Development announced on Sunday (17 March 2013), signed a memorandum of understanding with the Iraqi Oil Ministry aims to “improve the effectiveness and transparency” of the ministry, confirmed that the memorandum, signed at the headquarters of the U.S. Embassy in Baghdad will help the ministry to “modernize” Methods work and “fix” its administrative machinery.

Seeks oil ministry to develop its energy sector through licensing rounds oil and gas began granted to international companies, since 2009, and the number of those contracts 11 contracts went to companies worldwide most important (Exxon Mobil) and (BP) and (Shell).

The Oil Ministry signed last decades the fourth licensing round in the twenty-seventh of January 2013 to explore the area in Basra and ninth decade went to a consortium of Kuwait Kuwaiti Energy and UAE Drakoun Oil.

The Ministry of Oil that the current year will witness the signing of a lot of oil contracts, made it clear that there is a fifth round of licenses subsequently intends declaration.

The Iraqi Deputy Prime Minister for Energy Affairs Hussain al-Shahristani, on 18 December 2012, that Iraq is looking forward to the arrival in 2017 to the energy productivity College at 9 – 10 million barrels of oil a day, a report showed the International Atomic Energy Agency that Iraq will reach produce 6 million barrels of oil a day by 2020, and that he would not reach the level of production of 8 million barrels per day but by the year 2035. The Ministry of Oil revealed, on 18 January 2012, announced a plan to increase oil production during the current year 2012 to reach more than three million and 400 thousand barrels per day and increase its oil exports to two million and 600 thousand barrels per day.

The survey prepared by the Organization of Petroleum Exporting Countries OPEC experts and officials in the international oil companies, in the second of this month, that exports Iraq and Saudi Arabia’s oil raised the rate of oil exports monthly organization in the month of February, in what was described survey Iraq as “the fastest exporters growing in the world” .

Have been surveyed only 10% of the area of Iraq for deposits of gas and oil in estimated reserves is installed in all parts of the country estimates ranging between 45 and 215 billion barrels of oil, which creates a great opportunity for international investors who seek to enter the market Iraqi oil and gas through the rounds tender announced by the Ministry of Oil Iraq needs to investments worth 15-20 billion dollars in investments for the construction of four new refineries and expanding energy sector.

Iraq relies on Moisnath financial year on oil and up to more than 90%, as the Iraqi government announced the budget in 2013 and a budget of 138 trillion dinars, which adopted the exports by 2.9 million barrels at a rate of $ 90 per barrel.