• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 6 hours Australian Voters Reject 'Climate Change' Politicians
  • 13 mins Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 4 hours Global Warming Making The Rich Richer
  • 47 mins The Consequences: Full-Blown Trade War Will Push World Towards Recession
  • 3 hours Greenpeace Blocks BP HQ
  • 5 hours Shale to be profitable in 2019!!!
  • 26 mins IMO2020 To scrub or not to scrub
  • 6 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 2 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 12 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 12 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 4 hours California Threatens Ban on ICE Cars
  • 2 hours 6 Ways to Fight Climate Change
  • 12 hours Australia Election Summary: "This was the Climate Change Cult Election, and the Climate Change Cult Lost"
Alt Text

No, The Oil Glut Hasn’t Disappeared

Weaker than expected oil demand…

Alt Text

Chinese Oil Refineries Return To Record-High Production

Chinese refineries returned to record-high…

Rystad Energy

Rystad Energy

Rystad Energy is an independent oil and gas consulting services and business intelligence data firm offering global databases, strategy consulting and research products. Rystad Energy’s…

More Info

Trending Discussions

Iraqi Oil Industry Takes A Critical Turn

For the world’s fourth-largest crude producer, natural gas is about to take pole position.

Rystad Energy forecasts that gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, flying in the face of historical norms for the upstream industry in the country.

“Rystad Energy sees gas as the clear frontrunner in the region over the next four years,” says Aditya Saraswat, Analyst on Rystad Energy’s Upstream team.

New developments are on track to triple the country’s gas production from just over 1 Bcfd in 2017 to about 3 Bcfd in 2022, according to Rystad Energy.

“This will allow the country to satisfy its own growing domestic demand for gas and possibly even launch Iraq into the global market as a gas exporter for the first time,” Saraswat added.

(Click to enlarge)

The shift is driven by more favorable investment conditions in the Kurdistan Region of Iraq (KRI), combined with consistent export revenues and improved regional security, boosting international oil companies’ (IOCs’) appetite for investment in the region. Upcoming final investment decisions (FIDs) on new projects are dominated by gas developments in KRI, standing in stark contrast to the oil projects that have typically reigned supreme in Federal Iraq (FI).

Previously, inadequate infrastructure and weak incentives meant that most produced gas in Iraq was simply flared, with just a small portion feeding power plants for commercial use. Upstream developments in the past were also generally oil fields under the jurisdiction of Federal Iraq, and domestic gas demand was addressed primarily through imports from Iran. Pacified by output in FI, IOCs were also largely uninterested in exploring options in KRI due to the political instability in the region. However, much has changed in recent years as gas imports have grown more expensive and the political situation in KRI has calmed.

Rystad Energy forecasts that new gas developments in the Kurdistan Region of Iraq could potentially add 3.3 billion barrels of oil equivalent by 2022, based on analysis of sanctioned projects.

By Rystad Energy

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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