Iraq’s Proven Oil Reserves Accounting for 2.6 Million Barrels Per Day (mmbpd) in 2011

Date: 2015-08-05

The potential scale of the Iraqi oil & gas sector is unprecedented in modern times and could offer a major opportunity for the drilling and the oilfield service industry. However, the limited historical data of commercial operations in Iraq, coupled with undefined national and federal oil & gas law and the varying announcements about production forecasts make accessing realistic data and an independent view of the market extremely difficult. In response, Douglas-Westwood, through its experience and expertise in the engineering, oilfield equipment and services in energy markets worldwide, has produced a unique report on the oil & gas market in Iraq.

The market

Iraq’s proven oil reserves rank it in the top five globally and it is already one of the top ten oil producers, accounting for 2.6 million barrels per day (mmbpd) in 2011.

Government production targets are very high, at 12mmbpd by 2020, and require unprecedented growth in drilling activity; needing over 2,700 wells to be drilled to 2016. Douglas-Westwood, however, suggests a more conservative scenario which would see oil production increasing to 5mmbpd by 2016 in Iraq and 1mmbpd in Kurdistan. This is a service-industry capacity-based view of production, although it does include potential restrictions imposed by OPEC. However, the scale of opportunity under our constrained production scenario is still high with more than 1,000 wells required up to 2016.

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