"â€˜Guns and Barrels â€“ Risk and Rewards in Iraqi Oil & Gasâ€™ examines prospects for foreign companies looking to capitalise from the growth of the Iraqi oil and gas sector over the coming decade. This report highlights the nature of the opportunities present in the Iraqi market, along with the three most important risks that foreign investors will face.
- Government plans to boost crude production to 12 b/d by 2020 (an increase of 485% over the 10-year period) are overambitious, BMI forecasts a more realistic 82% rise in output growth over this period to 4.5 b/d.
- The Iraqi oil services sector is currently worth US$500mn, this is forecast to rise to between US$5bn-US$8bn by 2015.
- Iraqâ€™s refining capacity will double in the next 6 years as efforts are initiated to reduce reliance on imported refined products, rising from 725,000 b/d in 2010 to 1.45 mn b/d in 2016.
- Iraqi gas production quadrupled from 2bcm in 2003 to 8bcm in 2009