Historical background

The Iraqi oil industry began in the 1920s with exploration and 0
production by a number of companies operating through the
Turkish oil company (Iraq Oil Company later). The Iraqi
National Oil Company (INOC) was established in 1966 and
nationalization of oil was completed in 1975. The Iraqi oil
industry was besieged by instability, wars and conflicts,
including the Iran-Iraq War, the First and Second Gulf War and
international sanctions such as the UN embargo The United
States following the invasion of Kuwait, and of course,
recently, destabilize the region because of the organization of
the Islamic state (urging). To keep things going, continued low
oil prices and pressure from OPEC to cut production continue
to negatively impact government budgets, which still rely
heavily on oil revenues.
 Reserves and production
Iraq has the fifth-largest proven oil reserves in the world (after
Venezuela, Saudi Arabia, Canada and Iran), OPEC's second largest
crude oil producer. As of February 2017, Iraq reported confirmed oil
reserves of 153 billion barrels, an increase from the previous
estimate of 143 billion barrels in 2016. Iraq has more than 80 oil
fields, including seven giant fields (more than 5 billion barrels
Spare). The 22 "giant" fields (with more than 1 billion barrels in
reserve) are spread across the Zagros and Mesopotamian basins.
Most Iraqi oil resources are concentrated in the southeastern part of
the country, with a lower concentration of resources in Kurdistan.
Crude oil production averaged 4,452 barrels per day in 2016. Iraq
has overtaken Iran as OPEC's second largest crude oil producer and
is now the world's sixth largest oil producer. The recent surge in
production is associated with higher recovery levels associated with
the redevelopment of existing fields following the three oil licensing
rounds in June and December 2009 and May 2012 and increased
production under oil contracts in Kurdistan.
 Iraq has three major refineries:
Al Dura refinery (210,000 barrels / d),
Basra refinery (210,000 barrels / d),
Baiji refinery (310,000 barrels / day),
and several small refineries in Maysan and Erbil, Seven other
refineries. Small distillation units. The refinery in Baiji was captured by
a preacher in June 2014 and sabotaged. Since then control has been
restored. However, the refinery has been severely damaged and will
not be operated until major renovations are made. Iraq plans to build
four other refineries, two of which are through foreign investment:
Maysan (Switzerland's Sattarm, China's WAHAN) and Kirkuk. And two
through EPC contractors on behalf of the government: Nasiriyah and
Karbala (Hyundai Engineering & Construction). While these refineries
were announced in 2010, only Maysan and Karbala projects began to
build. Plans have been announced for the construction of a new
refinery at a cost of 300,000 barrels per day at the port of Faw in early
2017.
The industry is divided into three maor subsidiaries of the
Iraqi National Oil Company North Oil Company, South Oil
Company and issan Oil Company. The South Oil Company
has now ofcially changed its name to the asra Oil Company
after the establishment of hi ar Oil Company and the
separation of the issan Oil Company. Iraqi oil license
rounds in 2009 and 2012 succeeded in concluding 1
contracts for the production and development of elds with
plans to increase the countrys production to 5 million
barrels per day by the end of 2017. The Iraqi Oil inistry
signed and developed technical services contracts
 List of International Oil Companies in Iraq
BP •
China National Offshore Oil Corporation (CNOOC) •
China National Petroleum Corporation (CNPC) •
Dragon Oil •
Egyptian General Petroleum Corporation (EGPC) •
Eni •
ExxonMobil •
Gazprom •
Inpex •
Japan Petroleum Exploration Company (Japex) •
Kogas (Korea Gas Corporation) •
Kuwait Energy (KEC) •
Lukoil •
Rosneft •
Shell •
Sonangol •
Total •
Türkiye Petrolleri Anonim Ortaklığı (TPAO) •
 BP
Name: BP

Based in: United Kingdom

BP , also referred to by its former name British Petroleum, is one of the world’s six
“supermajor” oil and gas companies.

Fields in Iraq: Rumaila, Kirkuk

B P h a s a lo n g his t o r y o f oil e x plo r a tio n a n d p r o d u c tio n in I r a q. T his

his t o r y s t r e t c h e s rig h t b a c k t o t h e 1 9 2 0 s w h e n t h e c o m p a n y t h a
t w o uld e v e n t u ally c o m e t o b e k n o w n a s B P h elp e d I r a q lo c a t e, p r o
d u c e a n d e x p o r t oil f r o m B a b a G u r g u r, Kir k u k. T his w a s t h e la r g e
s t oilfi eld in t h e w o rld a t t h a t tim e . T his c olla b o r a tio n in I r a q c o n tin u
e d u p t o t h e e a rly 1 9 7 0 s, wit h t h e Z u b air fi eld b ein g dis c o v e r e d in 1
9 4 8 a n d t h e s u p e r gia n t oilfi eld, R u m aila, in 1 9 5 3
 CNPC
Name: China National Petroleum Corporation (CNPC)

Based in: China

China National Petroleum Corporation (CNPC) is a Chinese state-owned

oil and gas corporation and the largest integrated energy company in
China. Its headquarters are in Dongcheng District, Beijing.
CNPC is the parent of PetroChina, the fourth largest company in the world
in terms of revenue as of July 2014.
2014.

Fields in Iraq: Ahdab, Halfaya, Rumaila. CNPC subsidiary PetroChina owns

a stake in West Qurna I.
 Shell
Name: Shell

Based in: United Kingdom, Netherlands

Royal Dutch Shell plc (LSE: RDSA, RDSB) is an Anglo–Dutch multinational
oil and gas company headquartered in the Netherlands and incorporated
in the United Kingdom.

It is the fourth largest company in the world as of 2014, in terms of

revenue, and one of the six oil and gas “supermajors”.
Shell is vertically integrated and is active in every area of the oil and gas
industry, including exploration and production, refining, distribution and
marketing, petrochemicals, power generation and trading.

Fields in Iraq: Majnoon, West Qurna I

Iraqi oil production is close to 5 million barrels
Iraq's oil minister, Jabbar al-Luaibi, said his country's
production capacity was close to five million bpd, but
the country would stick to the target production rate
under a global deal to cut supplies.
Al-Luaibi told reporters in Abu Dhabi on Saturday that
oil production from Iraq is currently about 4.3 million
barrels per day.
 Iraqi oil production has risen after years of anarchy

Iraq was the 12th largest oil producer in the world in 2009,
and has five of the world's largest proven oil reserves after
Venezuela, Saudi Arabia, Canada, and Iran
Iraq's oil reserves are considered the fifthlargest in the
world with proven oil reserves, with 10 billion barrels.
[1] [2] he sources of this oil are located priarily in the
usli aority
 The cost of oil production in Iraq ranges
from $ 4 to $ 6 per barrel
The cost of extracting Iraqi oil is theoretically low, despite the
many political and security challenges that increase the cost
of investment in the Iraqi oil sector, "he said, adding that"
industry analysts estimate the total costs between $ 4 and $ 6
a barrel. "
That "the extraction of oil from offshore fields and deep water
is much more expensive than land fields to the difficulty of
access," noting that "the cost of oil production from deep
water in Nigeria up to about $ 30 a barrel compared to the
cost of extraction of oil from land fields estimated at $ 15"
The Deputy Prime Minister for Energy Hussein alShahristani
said in August 2009 that Iraq is the only country that the cost
of production per barrel less than five dollars, because of the
nature of its oil.
Iraq Crude Oil Production - Forecas
Crude Oil Production in Iraq decreased to 4360
BBL/D/1K in January from 4362 BBL/D/1K in
December of 2017. Crude Oil Production in Iraq
averaged 2071.39 BBL/D/1K from 1973 until 2018,
reaching an all time high of 4830 BBL/D/1K in
December of 2016 and a record low of 0 BBL/D/1K in
February of 1991.
rude il roduction in Iraq is epected to be 433.0 LD1 by
the end of this quarter, according to rading conomics
global macro models and analysts epectations. Looking
forward, we estimate rude il roduction in Iraq to stand
at 301.4 in 1 months time. In the long-term, the Iraq
rude il roduction is proected to trend around 0.33 LD1
in 00, according to our econometric models.