Oil Is Boosting Iraq’s Economy, But What Can Help Boost Production? (Hint: it’s 'Intelligent')
Last month, the IMF reported that Iraq’s 2012 GDP grew by 8 percent and that 2013 GDP growth was likely to top 9 percent. Significantly, it noted that rising oil production was a significant contributor to these strong, and improving, growth figures. In fact, oil production in Iraq has grown from an average of less than 3 million barrels per day (mbpd) during 2012 to an expected 3.3 mbpd in 2013, according to the IMF report. Meanwhile, Iraq has said it may achieve output of 4.5 mbpd by 2014, while a government official recently said that Iraq is considering three scenarios for increasing its crude oil production, including a “medium scenario” that would see Iraq’s oil production rise to 9 mbpd by the end of 2020.
With the country’s oil & gas sector serving as such an important engine and enabler of the country’s wider economic development, it’s all the more crucial that the sector operate as reliably and efficiently as possible. There are many ways to do this, including by implementing the latest technologies, but you can achieve even more by leveraging the power of remote monitoring and control.
GE’s Intelligent Platforms solutions allow field operators to, among other things, remotely monitor and control distributed assets such as wellheads, pipelines and tank farms.This allows for early warnings across wide areas concerning potential problems in highly complex systems, thereby helping to protect people, assets and the environment. It also helps save time and reduce costs through remote diagnostics.
Adding this powerful intelligence into upstream and mid-stream oil & gas production not only helps minimize risks but also lets oilfield operators increase efficiencies and accelerate production and distribution. That’s why GE recently hosted a day-long seminar exploring the benefits of its Intelligent Platform products for the oil & gas industry. Held in Basra, the event was entitled “Process Control Systems for Upstream and Midstream Applications.”
The event is just one of GE’s many recent activities in Iraq, where the company has made a long-term commitment to support the country’s development and growth. In 2011 GE opened three offices in the country (in Baghdad, Erbil and Basra) and continues to provide products and solutions in the areas of healthcare, energy, transportation and building human capital that support the country’s continued growth and expansion.
For more on GE in Iraq, please click here.
To learn more about GE Intelligent platforms, please click here.