Due to the lack of investment in developing Iraq’s oil sector during the old regime, pipelines lack capacity and are corroded, ports need redeveloping, refineries need to be upgraded to increase supply, mines cleared, power supply is irregular and an increase in water supply is crucial.
Iraq has the fourth largest oil reserves in the world and oil exports account for 96% of the country’s economy. Since the signing of the twelve oilfields and three gas field contracts, work has begun on rebuilding Iraq’s oil and gas field infrastructure to increase oil production. Contract holders have implemented intense geological surveying, drilling, well rehabilitation, security tightening and planning to develop Iraq’s infrastructure.
Iraq Mega Projects 2011 taking place from the 18-20 October 2011, at the Ritz Carlton, Istanbul, Turkey, will focus on the progress, challenges and solutions in the production of the oil and gas fields. Contract holders will offer insight into their experiences since the signing of the oil and gas filed contacts, discussions around the issues they have overcome, and updates on recent developments will be heard.
Key industry support has already been confirmed for Iraq Mega Projects 2011; sponsors to date include: Caterpillar, Emerson Process Management, Olive Group, ExxonMobil, Techint, OIEC, Oxy, Statoil, Total and ACT.