Iraqi Deputy Prime Minister Addresses Conference Delegation on Integrated Energy Strategy & Co-operation with Kurdistan
Deputy Prime Minister of Iraq discusses National Integrated Energy Strategy and working with Kurdistan at Iraq Petroleum 2013 Conference.
- (1888PressRelease) June 21, 2013 - His Excellency Dr Rowsch Shaways, Deputy Prime Minister of Iraq, discussed the aims and objectives of Iraq's Integrated Energy Strategy at the annual Iraq Petroleum Conference held in London on 18-19 June 2013. He addressed the delegation by outlining how the country's oil and gas industry is the backbone of Iraq's economy; and focused on the Energy Strategy as a main driver for rebuilding the country.
His Excellency commented on Iraq's large oil and gas reserves and the geological environment which makes Iraq a perfect exploration country. "Iraqi oil is characterised by certain features that attract international investors, these could be summarised as: ease of production, relatively low production costs, underutilised and utilised oilfields, and the possibility of exporting through the Mediterranean which can be of a strategic value in case of conflict in the region".
Shaways continued; "The National Integrated Energy Strategy will, among other things, assess available energy sources, identify possible alternatives, ensure integration of all energy sub-sectors, assess the holistic influence of the energy sector on social, economic and environmental conditions. Our vision under this strategy is to rebuild our energy sector in a coherent, sustainable, and environmentally friendly manner, so to meet our local energy needs, build a multilateral economy, create job opportunities, and position Iraq as a key player in the international energy market."
Iraq's oil and gas sector represents one of the major sources of energy in the global energy market. Iraq is the second largest oil producer in OPEC; possessing oil reserves over 143 billion barrels. Iraq has a major role in supplying to the needs of international markets with crude oil, and in turn contributing to the stabilisation of the global energy industry.
"Our goal, by the end of this year is to take up our production ceiling to 3.4 million barrels per day with an export rate of 2.9 million barrels per day. For the record, I would like to mention that our long-term 5 year target is to multiply our current oil production celling by several times it current rate," said Shaways.
On co-operating with the North of Iraq, the Deputy Prime Minister commented; "We are confident that we can reach these targets, considering the political agreements between Federal Iraq and the KRG and the fact that KRG is lifting its production rates. I would like to refer to the recent positive political convergence between Baghdad and Erbil and the joint efforts of the Federal Government and the KRG to reach a political consensus on the oil and gas (hydrocarbon) law of which a draft is currently in the council of representatives. An agreement has been reached to establish a joint committee to finalise a hydrocarbon law acceptable to all parties. This is a significant step and we are confident this will bring a satisfactory conclusion".
The Deputy Prime Minister concluded his Ministerial Keynote speech at the Conference by stating, "Iraq possesses all necessary ingredients for economic development and growth, provided that a stable and appropriate political and security environment is provided."
The Iraq Petroleum Conference brings together leaders of Iraq's oil and gas projects, investors and senior figures from the energy industry, to discuss best practices for promoting growth in the Iraqi oil and gas sector. The Conference discusses strategies for increasing oil production to meet the ambitious 2020 oil production target set by the Iraqi government, and the international investment needed to achieve this.
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