Iraq's proven oil reserves currently stands at 112 billion barrels. This is considered pessimistic since only little exploration has been conducted during the past 20 years compared with exploration activities in other Middle East countries. Of the 73 discovered fields, 6 are super giants, 17 giants and 20 large fields. Only 15 of the 73 fields have been developed and currently producing fields contain only 40% of the country's reserves. Success rate is 1:2 in Mesopotamian Basin and 1: 4 in Western and North Western Areas with an overall for the country of 72%.
The coming period will see enhanced and modernized oil production capabilities in Iraq. This will require expanding a number of currently producing oil fields and the development of the central southern sector fields. It will involve:
- re-working and upgrading
existing upstream and downstream facilities.
- attracting foreign investment
for new field development and production.
- active exploration and development in prospective areas such as the Western Desert.
We will assist our clients
to identify and assess potential opportunities, develop optimum Field
Development Plans, negotiate and close contracts with the asset holders.
Our team has extensive experience
and understanding of the subsurface and reservoir performance that were
gained during many years of active participation in the oil development
programs in Iraq. This understanding is closely integrated with our experience
in drilling and surface expertise as well as with the business management
side of our activities.
Our in-depth knowledge of the local oil industry and our business experience
places us in a unique position to quickly recognize opportunities, minimize
risks and deliver value services to our clients. These services are provided
on flexible terms including shared risks and rewards basis.
