Monday, July 02, 2007
Iraq needs $75 billion to develop its oil industry
Oil
(Huliq) - Iraq will need $75 billion to develop its oil industry, three times more than was originally thought, a government expert said Thursday. Iraq intends to boost oil production to 6 million barrels per day, but is currently producing only 2 million barrels per day due to ongoing terrorist attacks. Tamer Gazban, former oil minister and now energy adviser to the Iraqi government, said that if the number of attacks against oil infrastructure installations declines, production could rise to 2.8 million barrels per day by the end of 2007.
The years of wars, economic blockades and violence that swept Iraq since the U.S. invasion in March 2003 have brought the country's oil industry to a virtual standstill. Despite government efforts, it has not yet reached its prewar level of 2.2 million barrels per day. Iraq has the world's largest proven oil reserves after Saudi Arabia - 112 billion barrels.
Labels: development, Iraq, Iraqi oil industry, Tamer Gazban
Thursday, June 07, 2007
Conference date set for new hydrocarbon law
Conference
On behalf of the Iraqi Government and the Iraqi Ministry of Oil, CWC Associates Limited is delighted to announce the key strategic event: Iraq Petroleum 2007, International Investment in the Iraqi Oil Industry under the New Hydrocarbon Law, 8-10 September, Hyatt Regency Hotel, Dubai. H.E. Dr. Hussain Al Shahristani, Minister of Oil will be leading a delegation from the Ministry. The conference will be the first major international oil conference after the endorsement of the new hydrocarbon law.
The conference will provide a unique opportunity for the international investment community to raise questions on the hydrocarbon law and the new Iraqi Oil policy. Structured to maximise dialogue between Iraqi decision makers and their international counterparts, this conference will explore the risks and the problems as well as the opportunities facing the Iraqi oil industry.
The conference will provide a unique opportunity for the international investment community to raise questions on the hydrocarbon law and the new Iraqi Oil policy. Structured to maximise dialogue between Iraqi decision makers and their international counterparts, this conference will explore the risks and the problems as well as the opportunities facing the Iraqi oil industry.
Labels: conference, Dubai, Hussain al-Shahristani, international investment, Iraqi oil industry, new hydrocarbon law
