Oil reserves in Iraq
Oil reserves in Iraq are considered the world's fifth-largest proven oil reserves, with 140 billion barrels.[1][2]
As a result of
A measure of the
This section possibly contains original research. (February 2014) |
After more than a decade of sanctions and two Gulf Wars, Iraq's oil infrastructure needs modernization and investment. Despite a large reconstruction effort, the Iraqi oil industry has not been able to meet hydrocarbon production and export targets. The
In 2006, Iraq's oil production averaged 2.0 million barrels per day (320×10 3 m3/d), down from around 2.6 Mbbl/d (410×10 3 m3/d) of production prior to the coalition invasion in 2003.
Oil extraction contracts awarded
2009
On June 30 and December 11, 2009, the Iraqi Ministry of Oil awarded contracts to international oil companies for some of Iraq's many oil fields. The winning oil companies entered joint ventures with the Iraqi Ministry of Oil, and the terms of the awarded contracts include extraction of oil for a fixed gain of $1.40 per barrel for the oil companies with the remainder going to Iraq.[6][7] The fees will only be paid once a production threshold set by the Iraqi ministry of oil is reached.
Oil fields contracted include the "super-giant"
See also
References
- ^ "International Energy Statistics". Eia.gov. Archived from the original on 2017-04-27. Retrieved 2017-04-24.
- ^ "OPEC Share of World Crude Oil Reserves". OPEC. Archived from the original on 10 January 2015. Retrieved 11 January 2015.
- ^ a b "Iraq Oil". Country Analysis Briefs. US Energy Information Administration. 2007. Archived from the original on 2008-05-09. Retrieved 2008-04-27.
- ^ Gal Luft (2003). "How Much Oil Does Iraq Have?". The Brookings Institution. Archived from the original on 2017-04-25. Retrieved 2017-04-24.
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(help) - ^ "statistical review of world energy 2013" (PDF). British Petroleum. Archived (PDF) from the original on 31 January 2016. Retrieved 16 April 2016.
- ^ "Oil firms awarded Iraq contracts". Al Jazeera English. Archived from the original on 13 May 2011. Retrieved 11 January 2015.
- ^ a b "BP group wins Iraq oil contract". Al Jazeera English. Archived from the original on 6 September 2011. Retrieved 11 January 2015.