Development
Events and activities have escalated steadily and rapidly, rising since the beginning of the 1970s. Investment and development stages of the north Rumaila field were completed in three stages, leading to a rate of production of 42 million tons per year and this coincided with the expansion of works in all fields.
The expansion began with drilling works, building and expanding production facilities, and implementing investment projects associated with natural gas fields in north and south Rumaila. Also developing new fields in Luhais, Saba, Nuhran Ben Ummer and oil fields in Maysan. Laying out an exporting pipe line, expanding export facilities and infrastructure sites for the company.
West Qurna is one of Iraq's largest oil fields, located north of Rumaila field, 65 km northwest of Basra. West Qurna is believed to hold 43 billion barrels of recoverable reserves – making it one of the biggest oil fields in the world. Until 2009, the field was closed to Western firms.
The Rumaila oil field is a super-giant oil field located in southern Iraq, approximately 50km to the south west of Basra City. Discovered in 1953 by the Basrah Petroleum Company (BPC), an associate company of the Iraq Petroleum Company (IPC), the field is estimated to contain 17 billion barrels, which accounts for 12% of Iraq's oil reserves, estimated at 143 billion barrels. Rumaila is said to be the largest oilfield ever discovered in Iraq and is one of the three largest oil fields in the world.
The South Pars/North Dome field is a natural-gas condensate field located in the Persian Gulf. It is by far the world's largest natural gas field, with ownership of the field shared between Iran and Qatar. According to the International Energy Agency (IEA), the field holds an estimated 1,800 trillion cubic feet of in-situ natural gas and some 50 billion barrels of natural gas condensates. On the list of natural gas fields it has almost as much recoverable reserves as all the other fields combined. It has significant geostrategic influence.
The Iraq National Oil Company (INOC) was founded in 1966 by the Iraqi government. It was empowered to operate all aspects of the oil industry in Iraq except for refining which was already being run by the Oil Refineries Administration (1952) and local distribution which was also already under government control.
The National Oil Corporation is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for around 70% the country's oil output. Of NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Arabian Gulf Oil Company (Agoco), Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC).
Oil reserves in Iraq are considered the world's fifth-largest proven oil reserves, with 140 billion barrels.
Sources include: Dow Jones (DJ), New York Times (NYT), Wall Street Journal (WSJ), and the Washington Post (WP).
The Majnoon Oil Field is a super-giant oil field located 60 km (37 mi) from Basra in southern Iraq. Majnoon is one of the richest oil fields in the world with an estimated 38 billion barrels of oil in place. The field was named Majnoon which means crazy in Arabic in reference to excessive amount of oil in a dense area.
Missan Oil Company (MOC) is a state-owned oil and gas company located in the Maysan Governorate, Iraq. The headquarters are located in the capital of the province, Amarah.
Rumaila Operating Organisation (ROO) is the operator of the Rumaila oilfield in Iraq, one of the largest in the world. ROO is a joint venture between Basra Oil Company (BOC), Basra Energy Company Limited (BECL) and the State Oil Marketing Organization (SOMO).
Iran is an energy superpower and the petroleum industry in Iran plays an important part in it. In 2004, Iran produced 5.1 percent of the world's total crude oil, which generated revenues of US$25 billion to US$30 billion and was the country's primary source of foreign currency. At 2006 levels of production, oil proceeds represented about 18.7% of gross domestic product (GDP). However, the importance of the hydrocarbon sector to Iran's economy has been far greater. The oil and gas industry has been the engine of economic growth, directly affecting public development projects, the government's annual budget, and most foreign exchange sources.
Energy in Iraq plays a crucial role in both the national economy and the global energy markets due to the country's vast oil reserves and significant status within the Organization of the Petroleum Exporting Countries (OPEC).
Iraq was the world's 5th largest oil producer in 2009, and has the world's fifth largest proven petroleum reserves. Just a fraction of Iraq's known fields are in development, and Iraq may be one of the few places left where vast reserves, proven and unknown, have barely been exploited. Iraq's energy sector is heavily based upon oil, with approximately 94 percent of its energy needs met with petroleum. In addition, crude oil export revenues accounted for over two-thirds of GDP in 2009. Iraq's oil sector has suffered over the past several decades from sanctions and wars, and its oil infrastructure is in need of modernization and investment. As of June 30, 2010, the United States had allocated US$2.05 billion to the Iraqi oil and gas sector to begin this modernization, but ended its direct involvement as of the first quarter of 2008. According to reports by various U.S. government agencies, multilateral institutions and other international organizations, long-term Iraq reconstruction costs could reach $100 billion (US) or higher.
Pearl Petroleum is a five-company consortium consisting of two Middle Eastern oil and gas companies, Dana Gas and Crescent Petroleum, which together are the operator of the Kurdistan Gas Project, in partnership with three major European energy companies: OMV, MOL, and RWE. Pearl Petroleum produces and develops natural gas assets in the Kurdistan Region of Iraq.
Iraq's large oil reserves have attracted attention from the United Kingdom, a country with a high demand for oil. British involvement in the Iraqi oil industry dates to World War I. Political influence in the region has given the UK the power to establish a number of oil companies in Iraq.
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