(MENAFNEditorial) Active capital projects in the country are worth $358bn
10 March 2016- Abu Dhabi UAE: Middle East business leaders are preparing to meet in Dubai to discuss the future of Iraq’s energy sector during what could prove to be a pivotal year for the country’s economy. Representatives from international oil and gas companies engineering firms and the Iraqi government will come together on 21 March for the first day of the MEED Iraq Energy Projects conference.
Over the past three years Iraqi oil exports have shown incredible resilience hitting new highs as upstream energy sector projects increased the country’s capacity to produce and transport crude.
In January 2016 Iraq exported an average of 3.88 million barrels a day including exports from Iraqi Kurdistan. This is 660000 barrels a day more than it was exporting the first half of 2014.
At the same time Iraq remains the Gulf’s third-largest project market with $358bn in active infrastructure projects according to the project-tracking service MEED Projects. Of these projects more than $90bn are in the gas oil and power sectors. Ongoing infrastructure projects could well see Iraqi exports rise beyond 4 million barrels a day over 2016 but this increase is by no means certain.
Iraq faces acute economic and political challenges that could disrupt oil and gas operations. These include the ongoing war with the jihadist group Islamic State of Iraq and Syria (ISIS) and a financial crisis in Baghdad.
MEED’s Iraq Energy Projects Conference will establish a platform for discussion & encourage insight into the challenges of delivering the ever-increasing energy project portfolio that Iraq has in the pipeline. Government officials speaking at the Iraq Energy Projects conference include Minister of Electricity H.E Qassim Mohammed Fahdawi and Members of Parliament H.E Adnan Al-Janabi & H.E Dr. Majida Abdul Latif Al Tamimi. Iraq’s ambassador to the United States of America H.E Lukman Faily and Abdulahussein Al-Anbaki an economic advisor to Prime Minister Haider al-Abadi are also due to attend.
They will be joined by senior officials from Iraq’s publicly owned South Refineries Company and the State Company for Oil Projects as well as representatives from Anglo-Dutch Shell and the Basrah Gas Company. The event is being supported by the Iraq Energy Institute. Sponsors of Iraq Energy Projects 2016 are Raiya Group GE Weir Oil & Gas Khudairi Group Gama Power Shell Lubricants & Calik Enerji.
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