At the downstream level, there remains a growing gap between domestic demand and supply, despite Iraq importing significant volumes of refined petroleum products. The report stresses the importance of Iraq expanding its capacity with the current situation being due to a lack of investment in the refining sector with most production coming from just three main refineries.
The report also concluded that Iraq still has a severely underdeveloped power sector, with infrequent supply and insufficient capacity. The report found that electricity losses during transmission and distribution only exceeded 18 billion kWh in 2009, demonstrating that Iraq’s power grid has not been adequately developed to keep pace with increases in generation capacity.
The approved 2012 budget, however, includes an estimated 31% increase in the Ministry of Energy (MOE) budget over the 2011 level, with a large proportion earmarked for capital investment and a number of international players having already signed agreements with the Ministry. The report claims that Iraq’s lack of electricity and a dangerous reliance on foreign petroleum imports represent social challenges that could escalate into larger scale unrest and undermine local government in the future.
With over 200 pages of critical analysis of the current political and business climate in Iraq, alongside comprehensive coverage of the security environment, the Iraq 2012 report has been designed to identify existing investment opportunities, help energy companies understand future growth requirements in the region, and provide a practical guide of dos and don’ts when conducting business. The report covers such key areas as:
An overview of the Iraqi political system, Iranian influence, and the regional disputes that define politics in Iraq and can influence overseas investments.
A regional overview of the country, including all the essential information about every governorate in Iraq as well as an analysis of major regional areas of investment and security. The report also looks at the unanswered questions as to whether federal government or regional government have the practical authority to sign and negotiate contracts.
Details on all existing high profile energy projects in Iraq as well as details of the Fourth Licensing Round, delayed from November 2011 but currently scheduled for 30 to 31 May 2012. The report includes details on all blocks in the licensing round as well as all 46 pre-qualified companies.
The report also comes with a separate high quality A1 map drawn from the EIC’s proprietary intelligence sources. The map highlights transport infrastructure, key projects and pipelines within the country including information on oil & gas fields which are being produced or developed following the first three licensing rounds.
A comprehensive table of future and active projects in Iraq is also included, drawing on project data from EIC DataStream, the EIC's online database which tracks over 9,000 energy projects worldwide.