Commencing on September 26, 2011, Iraq 2011: Future Energy is an industry summit strategically designed to provide stakeholders in the energy sector with a comprehensive understanding on how to develop a highly efficient and profitable industry with a focus on Iraq.
Iraq’s oil and gas, power, electricity and infrastructure sectors have significant opportunities and financial potential. Iraq 2011: Future Energy will be the ideal place to network with some of the leading figures in the energy industry to build strategic relationships and begin Iraq’s quest to reach economic prosperity.
The Energy Exchange recently announced that His Excellency Mr. Taner Yildiz, Minister of Energy and Natural Resources, Turkey, will provide an address on September 27, and ex-US Ambassador to Iraq, Mr. Zalmay Khalilzad will give a key-note presentation to begin day-two of the conference which will focus on how international energy companies can benefit from investing in Iraq.
Sidharth Mehta, Senior Project Manager, The Energy Exchange, said: “The energy industry in Iraq today provides a unique opportunity for foreign companies to capitalise on profitable endeavors. Next week, Iraq 2011: Future Energy will feature a high caliber of speakers to address the variety of issues faced by energy-related companies. The four-day conference will provide an in-depth analysis of the current state of the energy sector and all the necessary strategies and solutions for electric power and oil and gas companies to successfully and efficiently operate. In addition, it provides a significant networking platform to interact with government officials and leading industry experts to potentially build rewarding relationships.”
Recently, Iraqi Deputy Oil Minister Ahmed Al-Shamma stated that Iraq requires US$30 billion in investments to build five oil refineries, giving an insight into the potential of the downstream sector in Iraq, and what can be expected in the future.
Adnan Al Janabi, Chairman of the Iraq Parliament’s Oil and Energy Committee, will address Iraq 2011: Future Energy, giving a detailed presentation on the Draft Oil Revenue Distribution Law and Petroleum Law.
“The most important thing for the Iraqi oil sector is restructuring, part of which involves reinstituting the Iraq National Oil Company and implementing a federal Oil and Gas law,” said Al Janabi. “It is a constitutional requirement to implement article 106, the Revenue Sharing Law. However, this cannot be completed without restructuring the oil sector.”
Simona Marinescu, Senior Economist and Programme Director for Economic Reforms, Iraq, United Nations Development Programme, will also be present at the conference and provide an in-depth and comprehensive presentation on harnessing economic reform in Iraq.
Several leading oil and energy companies will be present and each of them will explain their company’s current and future endeavors in Iraq, along with the abundant opportunities the oil-rich country provides.
Hans Nijkamp, VP and Country Chairman for Iraq at Shell, will highlight the benchmarks for future production at the Majnoon oilfield. Elias Kassis, Managing Director, Exploration and Production for Iraq at Total, will analyze its joint development of the Halfaya oilfield. In addition, development plans for Siba and Mansuriya gas fields will be discussed by Mohammed Aboush, Senior VP, Iraq, of Kuwait Energy Company.
Mohammed Aboush, Senior VP, Iraq, at Kuwait Energy Company, said: “Iraq is probably the largest underdeveloped onshore oil and gas opportunity in the world. We look forward to acquiring more opportunities in this country and the region in the future as we continue to help governments and the people they represent to gain value from their natural resources.”
According to data released by the Organization of Petroleum Exporting Countries (OPEC), Iraq in 2010 was responsible for flaring 268 billion cubic feet of gas, a crucial waste of a valuable resource.
Fabrice Mosneron Dupin, Global Gas Flaring Reduction Advisor to the World Bank, said: “Gas flaring reduction in Iraq represents a huge opportunity. Iraq flares almost 353 billion cubic feet per year, one fourth of the volume flared in the MENA region, and this flaring could increase dramatically with more oil production in the coming years. This flared gas could rather be used to generate much needed electricity, produce LPG, or feed petrochemical plants - all things that are desperately needed for the benefit of the Iraqi population.”
During the event, Dupin will discuss the path to zero flaring and will explore how to efficiently use gas, which is vital to ensure the prosperity of Iraq.
Security also poses a challenge to foreign companies investing in operations in Iraq and Iraq 2011: Future Energy will provide detailed presentations and discussions on security staffing and other on-ground realities and challenges which companies are facing in order to meet demand.
Iraq currently only generates 6 hours of electricity each day. The Ministry of Electricity states that it needs to raise US$29 billion between 2015 and 2030 to meet its strategic plans and fill the gap. Iraq 2011: Future Energy features a dedicated Power and Electricity Summit showcasing the several opportunities and challenges facing the power and electricity industry in Iraq.
The lucrative region of Kurdistan will also have its own dedicated focus day whereby speakers will highlight its significant amount of natural resources and provide attendees with various opportunities to capitalize and profit on.
Speakers confirmed to participate at Iraq 2011: Future Energy include Farman Ghareb, Director General - Sulaymaniyah, Kurdistan Board of Investment, Kurdistan Regional Government; Jon Sargeant, Operations Director, DNO International; Simon Stolp, Senior Energy Specialist, World Bank; Adnan Samarrai, Country Manager - Iraq, Gulf Keystone Petroleum; Brian McFeeters, Economic Minister Counselor, US Embassy – Iraq; Daniel Freifeld, Senior Advisor, Office for the Special Envoy for Eurasian Energy (S/EEE), U.S. Department of State; Luay Khatteb, Executive Director, Iraq Energy Institute; senior representatives from Alstom Power and many more.
To be held at the Elite World Istanbul Hotel in Istanbul, Turkey, Iraq 2011: Future Energy will take place from 26 – 29 September, 2011.