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Iraq Oil and Gas Report Q1 2017

  • November 2016
  • -
  • Business Monitor International
  • -
  • 77 pages

Includes 3 FREE quarterly updates


BMI View:

Major oilfield expansion projects in Iraq will be an important source of low-cost oil production to meet future demand and growth will continue in 2017. Natural gas imports from Iran starting in 2016 will play a significant role in meeting demand from the power sector, while exports are set from the KRG to Turkey in 2019.

Latest Updates And Key Forecasts



- Over 9M16 oil production in Iraq has averaged 4.323mn b/d, with 3.245mn b/d exported from Basra and 0.469mn b/d from the KRG.

- In November 2016, Iraq released production figures for its major oil fields in the South:

- 1. Rumaila - 1.4mn b/d 2. West Qurna 1 & 2 - 870,000b/d 3. Zubair - 390,000b/d 4. Majnoon - 214,000b/d 5. Halfaya - 2040,00b/d

- DNO is expected to add further wells at the Tawke field, increasing production from 109,000b/d in Q316 to 135,000b/d in 2017.

- The Ministry of Oil is due to offer up 12 small and medium sized fields in central and southern Iraq to international investors.

- Genel is expecting approval of the field development plan for the Miran/Bina Bawi fields, and the prefront end engineering for the midstream facilities to be completed by end 2016.

Table Of Contents

Iraq Oil and Gas Report Q1 2017
BMI Industry View 7
Table: Headline Forecasts (Iraq 2014-2020) 7
SWOT 9
Oil and Gas SWOT 9
Industry Forecast 11
Upstream Exploration 11
Latest Updates 11
Structural Trends 11
Table: Kurdistan Blocks And Operator 13
Upstream Projects 15
Table: Iraq - Major Upstream Projects 15
Upstream Production - Oil 19
Latest Updates 19
Structural Trends 19
Table: Upside From Quick Turnarounds 21
Table: Oil Production (Iraq 2014-2019) 22
Table: Oil Production (Iraq 2020-2025) 22
Upstream Production - Gas 23
Latest Updates 23
Structural Trends 23
Table: Gas Production (Iraq 2014-2019) 25
Table: Gas Production (Iraq 2020-2025) 25
Refining 26
Latest Updates 26
Structural Trends 26
Table: Refining Capacity And Refined Products Production (Iraq 2014-2019) 28
Table: Refining Capacity And Refined Products Production (Iraq 2020-2025) 28
Refined Fuels Consumption 29
Latest Updates 29
Structural Trends 29
Table: Refined Products Consumption (Iraq 2014-2019) 32
Table: Refined Products Consumption (Iraq 2020-2025) 32
Gas Consumption 33
Latest Updates 33
Structural Trends 33
Table: Gas Consumption (Iraq 2014-2019) 35
Table: Gas Consumption (Iraq 2020-2025) 35
Trade - Oil 36
Latest Updates 36
Crude Oil Trade Forecast 36
Structural Trends 36
Table: Basra Crude Split 38
Table: Crude Oil Net Exports (Iraq 2014-2020) 38
Table: Crude Oil Net Exports (Iraq 2020-2025) 38
Refined Fuels Trade Forecast 39
Structural Trends 39
Table: Refined Fuels Net Exports (Iraq 2014-2019) 40
Table: Refined Fuels Net Exports (Iraq 2020-2025) 41
Trade - Gas (Pipeline And LNG) 42
Latest Updates 42
Structural Trends 42
Table: Gas Net Exports (Iraq 2014-2019) 44
Table: Gas Net Exports (Iraq 2020-2025) 44
Industry Risk Reward Index 45
Middle East - Oil and Gas Risk/Reward Index 45
Table: Middle East Oil and Gas Risk/Reward Index 45
Upstream: Index Resilient In Lower Price Environment 46
Table: Middle East Upstream Oil and Gas Risk/Reward Index 46
Downstream: Limited Opportunities 48
Table: Middle East Downstream Oil and Gas Risk/Reward Index 48
Iraq - Risk/Reward Index 51
Upstream Index 51
Downstream Index 51
Market Overview 52
Iraq Energy Market Overview 52
Regulatory Structure 52
Fiscal Regime 52
Table: Federal Government Technical Service Agreements 52
Table: KRG Production Sharing Agreements 53
Licensing Regime 53
Licensing Rounds 53
Table: Fields Licensed Under First Bidding Round (June 2009) 53
Table: Fields Licensed Under Second Bidding Round (December 2009) 54
Table: Fields Licensed Under Third Bidding Round (October 2010) 54
Oil And Gas Infrastructure 56
Oil Refineries 56
Table: Iraqi Refineries 56
Table: Planned Refineries In Iraq 57
Oil Terminals/Ports 57
Oil Pipelines 58
Table: Major Iraqi Pipelines 58
Gas Pipelines 58
Regional Overview 60
Middle East Oil and Gas Regional Overview 60
Oil Production: Liquids Output Heading Higher 60
Oil Consumption: Gas And Subsidy Reform Tempering Demand 63
Table: Average Gasoline Pump Price June 2015 and September 2016 (USD/Litre) 63
Refining Capacity: Mega Refineries To Outcompete 65
Gas Production: Momentum Behind Gas Accelerates 66
Gas Consumption: Industrial Growth And Power Stretch Consumption 68
Table: Middle East Oil and Gas Production, Refining Capacity and Trade 69
Glossary 70
Table: Glossary Of Terms 70
Methodology 72
Industry Forecast Methodology 72
Source 74
Risk/Reward Index Methodology 74
Table: Bmi's Oil and Gas Upstream Risk/Reward Index 76
Table: Weighting 77

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