Industry Information
The importance of Iraq Mega Projects
Oil and Gas
Oil infrastructure restoration is unique in that it is the only sector in which every dollar invested, either directly or indirectly, provides direct revenue to Iraq for future reconstruction.
Infrastructure
The effects of neglect by the previous regime and several decades of war require a massive rebuilding effort to bring the Iraqi infrastructure to the level required to support a modern society, jumpstart economic growth and improve security. Restoring critical infrastructure and re-building the country is now a top priority for Iraqis.
Water & Power
The water and sanitation infrastructure plays a critical role in the reconstruction effort carried out by Iraq. The access to safe potable water and the availability of properly operated sewage services impact directly on the health of the Iraqi people. Electricity is the fuel of the Iraqi economy. It affects every job in every industry, and drives the national capacity to produce oil and increase national revenue
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Iraq has the world’s third largest proven oil reserves with at least 115 billion barrels, with yet much more to be explored in the country’s western desert. Iraq’s oil industry is on the verge of a major turning point - the vast reconstruction scheme will enable Iraq to rival the world’s top oil producers by the end of the decade.
Iraq gets its largest loan to date from IMF
Iraq is to be given a $3.6bn (£2.3bn) loan by the International Monetary Fund -the biggest to the country so far.
The money is aimed at helping Iraq rebuild its battered infrastructure.
The IMF has lent smaller amounts before, loans that came with the conditions of removing subsidies from manufacturers and farmers.
Iraq's revenue is suffering from a depressed oil price and it faces a financing gap of close to £5bn (£3.3bn) until the end of 2011.
Analysts say the conditions attached to previous IMF loans have caused resentment among Iraqis as they have struggled to compete with neighbouring countries in trade.
Iraq relies on oil revenues for as much as 90% of its income and desperately needs funds to rebuild after years of conflict and an insurgency triggered by the 2003 invasion
Full article from BBC News here.
Bid Rounds
|
Field
|
Company
|
Share in Field
|
Production increase share
|
Service Fee per bbl
|
Gross revenue at plateau - US bn p.a.
|
|
Manjoon
|
Shell
|
45%
|
0.7875
|
1.39
|
0.4
|
|
|
Petronas
|
30%
|
0.525
|
1.39
|
0.266
|
|
Halfaya
|
CNPC
|
37.5%
|
0.525
|
1.39
|
0.102
|
|
|
Petronas
|
18.75%
|
0.099
|
1.4
|
0.051
|
|
|
Total
|
18.75%
|
0.099
|
1.39
|
0.051
|
|
Rumaila
|
BP
|
37.5%
|
0.7125
|
2
|
0.520
|
|
|
CNPC
|
37.5%
|
0.7125
|
1.39
|
0.520
|
|
Zubair
|
ENI
|
32.81%
|
0.328
|
2
|
0.240
|
|
|
Occidental
|
23.44%
|
0.2344
|
2
|
0.171
|
|
|
KOGAS
|
18.75%
|
0.1875
|
2
|
0.137
|
|
West Qurna 2
|
Lukoil
|
56.25%
|
1.0125
|
1.15
|
0.425
|
|
|
Statoil
|
18.75%
|
0.3375
|
1.15
|
0.142
|
|
Badra
|
Gazprom
|
30%
|
0.051
|
5.5
|
0.102
|
|
|
Petronas
|
15%
|
0.0255
|
5.5
|
0.051
|
|
|
KOGAS
|
23%
|
0.03825
|
5.5
|
0.077
|
|
|
TPAO
|
8%
|
0.01275
|
5.5
|
0.026
|
|
West Qurna 1
|
Exxon
|
60%
|
1.2276
|
1.9
|
0.851
|
|
|
Shell
|
15%
|
0.3069
|
1.9
|
0.213
|