New Report Available: Iraq Oil & Gas Report Q2 2016

From: Fast Market Research, Inc.
Published: Sun Feb 28 2016


Powerful oil production growth realised in 2015 will come to an abrupt slowdown over the coming years as lower oil prices subdue the governments' ability to reimburse development costs. Natural gas imports from Iran from 2016 will play a significant role in meeting pent up demand from the power sector , while exports are set from the KRG to Turkey in 2019.

We highlight the following trends and developments in Iraq's oil and gas sector:

Oil production, including output from the region of Kurdistan, reached 3.905mn b/d in 2015.

Oil exports averaged 3.311mnb/d in 2015.

Major full field development programmes at Majnoon and the West Qurna fields remain on hold. The Halfaya expansion remains dependent on CNPC accepting deferred payment.

Full Report Details at
- http://www.fastmr.com/prod/1123443_iraq_oil_gas_report_q2_2016.aspx?afid=301

This is due to the government's limited ability to pay for development costs with increased military and humanitarian expenditure in a lower oil price environment.

The Kurdistan Regional Government (KRG) has switched oil remuneration from monthly payments to PSCs, creating a more consistent income stream for international oil companies.

Genel Energy and the KRG are finalising a gas production sharing contract (PSC) for the Miran and Bina Bawi fields. A final investment decision is expected in H216 with first exports to Turkey by 2019.

We forecast Iraq to be a net importer of natural gas from 2016-2018, with exports to Diyala and Baghdad due to begin from Iran.

We see upside risk to Iraqi gas consumption from 2017 if the latest 20-35mn cubic metres per day gas import deal from Iran to Basra is realised.

The Beiji refinery has been removed from our forecast due to damage and looting making it inoperable. We have revised down the expected recovery in refined fuels production as a result.

Fuels consumption in 2015 remained in line with 2014, we expect a gradual increase from 2016.

The Iraq Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Iraq including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Iraq Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Iraqi oil and gas industry.

Key Benefits
Benchmark BMI's independent oil and gas industry forecasts for Iraq to test consensus views - a key input for successful budgeting and strategic business planning in the Iraqi oil and gas market.

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Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001

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