The CWC Group’s Director, Nawar Abdulhadi interviews Mr Gati Saadi Al-Jebouri, LUKOIL Vice President, Head of Middle East Upstream in preparation for the 11th edition of the Iraq Petroleum Conference in May.
Mr Al-Jebouri gives us his views on the Iraqi industry, how LUKOIL is working successfully in the country and his outlook for the future of the industry in the country:
Nawar Abdulhadi: Why is Iraq such an important market for the global oil and gas industry?
Gati Saadi Al-Jebouri: Iraq is of great importance to the world oil market due to its abundant resource potential. The country ranks fifth in the world in terms of proven oil reserves, however many fields have either not been developed at all or developed at below their full capacity because of lack of investments and infrastructure problems. Our common goal with the Government of Iraq is to find possibilities to maximize investments in the country’s oil and gas industry, by making them beneficial both for the state and for the IOCs.
Nawar Abdulhadi: How does the Government of Iraq and the oil and gas industry work together to drive innovation?
Gati Saadi Al-Jebouri: The IOCs and the Government of Iraq are working actively toward this goal and have already achieved considerable results. Almost all leading IOCs and major service companies have already established their presence in Iraq and started to implement modern technologies in cooperation with the Iraqi partners.
However, there is still a long way to go. To bring more innovations, it’s essential to improve the investment climate continuously.