Iraq Oil and Gas Report Q1 2012

Thursday, Feb 23, 2012

Research and Markets (http://www.researchandmarkets.com/research/702b13/iraq_oil_and_gas_r) has announced the addition of the "Iraq Oil and Gas Report Q1 2012" report to their offering.

“Iraq Oil and Gas Report Q1 2012”

Iraq has the greatest potential for oil production growth in the Middle East region. BMI forecasts over 8mn b/d of crude output by the end of the forecast period, in line with Baghdad's likely revisions to its ambitious oil production target. There are many downside risks to this outlook, given the slow progress of regulatory reform, security risks to infrastructure and depleting reservoirs. Progress in the natural gas sector is likely to be fitful, with expected production of around 32bcm by 2021.

Bmi Highlights These Trends and Developments in Iraq's Oil and Gas Sector:

• BMI sees Iraq crossing the 6mn b/d oil production mark by 2015, with the largest contributions from the giant southern fields such as Rumaila, Zubair and West Qurna-I. Much of this increase depends on the successful execution of the water injection project being led by ExxonMobil.
• Consumption of oil is set to cross 1mn b/d by 2018, predicated on higher demand for refined fuels and growing power needs.
• Iraq's refining segment will struggle to attract the investment necessary to substantially reduce imports of refined fuels, which BMI sees remaining well above 250,000b/d for the entire forecast period.
• Iraq's natural gas sector has substantial potential, both through the capture of associated gas (through the Basra Gas joint venture) and through the development of non-associated fields. BMI sees gas output ramping up significantly after 2013, with small exports starting as early as 2015.

About This Report:

Business Monitor International's Iraq Oil and Gas Report provides industry professionals and strategists, corporate analysts, oil and gas associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Iraq's oil and gas industry.

Source: Business Wire

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