• 15 mins Kinder Morgan Warns About Trans Mountain Delays
  • 7 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 12 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 16 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 22 hours Conflicting News Spurs Doubt On Aramco IPO
  • 23 hours Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 8 days Surprise Oil Inventory Build Shocks Markets
  • 8 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
Is The Aramco IPO On The Brink Of Collapse?

Is The Aramco IPO On The Brink Of Collapse?

Conflicting news suggests that Saudi…

Why U.S. Crude Exports Are Booming

Why U.S. Crude Exports Are Booming

U.S. crude oil exports are…

Iraq to Invest $500 Billion in Energy Sector

At a recent conference, Iraq’s Deputy Prime Minister for Energy, Dr. Hussain al-Shahristani, announced that his government plans to invest around $500 billion in the energy sector and linked industries by 2030.

They hope that $80 billion will be provided by the private sector, and believe that the investment will “generate about $6 trillion in revenues for the government, mostly from oil exports,” and create 250,000 new jobs.

Iraq boasts the world’s fourth largest oil reserves and is currently producing more than 3 million barrels a day for the first time in 30 years. The OPEC member state, which is now experiencing a period of relative peace compared to the war-torn violence that has afflicted it over recent decades, wishes to increase production by more than 100 percent, using investments by BP, Shell, Exxon Mobile, Eni, and Lukoil.

Dr. Shahristani also mentioned that the Ministry of Electricity has plans to upgrade its power projects and build new ones, in an attempt to prevent electricity blackouts which presently occur several times a day, and mean that millions of Iraqi citizens only have power for 8-10 hours a day.

One of the schemes intended to encourage investment in Iraq’s energy sector is an invitation to companies “to build solar power stations in remote desert areas.”

He said that “power generation capacity is expected to reach 22 gigawatts to meet demand in 2016,” and states that “the ministry of electricity is also planning to upgrade the existing and the new gas turbine stations from single to combined cycle to increase power to about 30 gigawatt in 10 years.”

The Deputy Prime Minister, Dr Rowsch Shaways, also spoke at the conference, stating that, “my goal is to bring life to our economy to achieve a proper standard of living for our people and enable Iraq to take its place in the world community.”

“The Iraqi people deserve the best and we are seeking assistance from nations like Britain. We need to get away from the state doing everything. The Iraqi market is promising and it is broad and thirsty for investment.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News