Helping Operators Boost Iraqi Oil Production to Record Highs
Iraq’s oil and gas sector is at a historic inflection point, having succeeded in boosting oil production to nearly 3.5 million barrels as of mid-2014, a rate not seen in decades. What’s more, this is only a step on the way to its next goal of achieving output of 4 million barrels a day.
This is perhaps only the early stage in a major increase in capacity for Iraq, which has the fifth largest proven crude oil reserves in the world, with estimates ranging between 141 billion and 150 billion barrels.
The International Energy Agency’s 2013 World Energy Outlook forecasts Iraqi crude and natural gas production to ramp up to 5.8 million barrels per day by 2020 and 7.9 million barrels per day by 2030 – in their base case scenario. This would make Iraq the single largest contributor to global oil supply growth through 2035.
As the hydrocarbon sector in Iraq successfully expands production, the country will be in a better position to continue its economic development goals and improve the opportunities available to Iraqis.
But achieving this additional production only happens when operators and contractors can use the latest equipment, tools and technologies to tap into the country’s rich oil reservoirs and pump out crude.
GE Oil & Gas is providing some of the technologies and solutions that are helping the country’s oil and gas sector reach its production targets, while also enabling operators to work more efficiently and better manage their environmental impact. These solutions cover areas such as drilling and production of crude oil and natural gas, enhanced oil recovery, and oil and gas infrastructure.
Alongside directly assisting developments in the field, GE recently demonstrated its commitment to the Iraqi hydrocarbon sector by serving as the Gold Sponsor of the 5th Basra International Oil & Gas Exhibition, the largest oil and gas event of the year in Iraq. More than 150 exhibitors and 10,000 visitors from 18 countries attended.
The success of the conference was just one more indication of the upward trajectory of the oil and gas sector in Iraq.