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Energy sector

 

Energy sector

 

OIL

The oil and gas sector is strategic for the country as their revenues account for over 90% on the budget revenue and about 65% of GDP. The sector began to benefit from the effects of contracts concluded with the "majors" international for the exploitation of some among the major Iraqi fields (and worldwide).

According to the Iraqi Energy Outlook published by International Energy Agency (IEA), Iraq weighbridges is the fifth in the world for oil reserves and the thirteenth for natural gas reserves without considering the significant areas which are still completely unexplored or not explored in depth.

Despite the great resources nevertheless infrastructural limits still persist for the extraction and export of crude oil as well as the lack of necessary technologies, for which Iraq must seek outside, in search of the high professionalism and know-how of the large specialized industries in the field, both for the extraction and for the supply of components.

Iraq, and specifically, the Minister of Oil Mr. Abdelkarim al-Luaybi, hold OPEC presidency during 2012.


GAS

Iraq has significant gas reserves, particularly in the south, which places it in thirteenth place in the world rankings and placing the country among the top five producers in the world.

The contract between Shell, Japan's Mitsubishi and South Gas Company of the Ministry of Oil will allow the exploitation for twenty-five years of associated gas fields in the province of Basra, currently burned in the atmosphere, mainly for the purpose of electricity production, also largely insufficient to meet the electricity supply in the country (in the capital, the supply of electricity service is provided to households for no more than three or four hours during the day).

The Government intends also to build a major gas pipeline that should be targeted first for internal use, which consumption, according to estimates from the International Energy Agency (IEA) has increased fourfold in the last thirty years.

 
 

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