Govt Highlights Initiatives for Energy Sector at Iraq Petroleum Conf

The fifth annual Iraq Petroleum conference took place at the Landmark Hotel, London on the on the 12-14 July 2011, focusing on the next phase of Iraq’s oil and gas resource development as well as current and future upstream opportunities.

As Rt Lord Howell of Guildford, Minister of State for the UK Foreign and Commonwealth Office stated during the opening session of Iraq Petroleum 2011. “Iraq has the world’s third largest proven oil reserves. Iraq is the only country, besides Saudi Arabia, with the potential to massively increase conventional oil production. It currently produces nearly 3 million barrels per day and the government has ambitious plans to increase production to 12 million barrels over the next decade”

The conference brought together a global network of over 300 senior level professionals from 29 countries in over 15 sectors of the oil and gas industry and provided a meeting place for industry experts, connecting delegates and new players in the Iraqi oil and gas marketplace.

The conference highlighted the tremendous potential for opportunities and the need for international expertise in the development of Iraq’s oil and gas industry. With the conference room full until the end of the last session, delegates showed enthusiasm in discussing the future opportunities in the industry.

H.E Ali Al Dabagh assured the conference that the Iraqi Government shall be the guarantor of all contracts that were awarded to the IOCs and shall support their efforts and cooperate with them through their respective JMCs to ensure that they succeed and achieve the objectives of each contract and to pay them back their investments and profits as and when they become due in accordance with the terms of their respective contracts.

Industry support for the conference included Upstream Principal Sponsor: Crescent Petroleum, Service Principal Sponsor: Baker Hughes and conference sponsors ExxonMobil, Statoil, Shell, Total, Oxy, ENI, Jawar Al Khaleej Shipping L.L.C, Oil Serv, Huawei, IAG, Olive Group, Mott MacDonald, Mubadala, Standard Chartered, Technology Partners, SKA Group, and OIEC.

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