The conference is of great interest to me as it is a valuable opportunity to have a first-hand update not only on the activities of the Ministry of Oil but also on the related activities of other Ministries of the Federal Government.
Nawar Abdulhadi: What is the outlook of Iraq as a global player in the oil and gas market?
Shawki Al-Khalisi: The share of oil in the energy demand market is expected to drop in the next few decades in favor of gas and the renewables. Notwithstanding, oil consumption will rise in absolute terms as a result of the global population growth and the rise in the standard of living in most developing countries.
With its ample reserves and low production cost, Iraq can actively take part in meeting the generated extra demand with its low cost oil and strengthen its position as a major player in the oil market. Iraq also started to make strides to exploit its free gas reserves. This drive can eventually realize self-sufficiency in meeting local demand and may also allow Iraq to play a certain role in the international gas trade.
Mr Shawki Al-Khalisi will be speaking at Iraq Petroleum on 23rd May 2017 during Session 3: Iraq’s Oil & Gas Infrastructure Development Projects: Cooperation, Innovation & Investment.