Energy sector growth focus for Iraq summit
Abu Dhabi, September 22, 2011
Stakeholders in the energy sector will be offered a comprehensive understanding on how to develop the highly efficient and profitable industry in Iraq at an upcoming conference in Istanbul.
Iraq 2011: Future Energy will take place from September 26 to 29 at the Elite World Istanbul Hotel.
Sidharth Mehta, senior project manager, The Energy Exchange, said: “The energy industry in Iraq today provides a unique opportunity for foreign companies to capitalise on profitable endeavors.”
“Next week, Iraq 2011: Future Energy will feature a high caliber of speakers to address the variety of issues faced by energy-related companies.”
“The four-day conference will provide an in-depth analysis of the current state of the energy sector and all the necessary strategies and solutions for electric power and oil and gas companies to successfully and efficiently operate. In addition, it provides a significant networking platform to interact with government officials and leading industry experts to potentially build rewarding relationships,” he added.
Recently, Iraqi Deputy Oil Minister Ahmed Al-Shamma stated that Iraq requires $30 billion in investments to build five oil refineries, giving an insight into the potential of the downstream sector in Iraq, and what can be expected in the future.
Adnan Al Janabi, Chairman of the Iraq Parliament’s Oil and Energy Committee, will address Iraq 2011: Future Energy, giving a detailed presentation on the Draft Oil Revenue Distribution Law and Petroleum Law.
“The most important thing for the Iraqi oil sector is restructuring, part of which involves reinstituting the Iraq National Oil Company and implementing a federal Oil and Gas law,” said Al Janabi.
“It is a constitutional requirement to implement article 106, the Revenue Sharing Law. However, this cannot be completed without restructuring the oil sector.”
Several leading oil and energy companies will be present and each of them will explain their company’s current and future endeavors in Iraq, along with the abundant opportunities the oil-rich country provides.
Mohammed Aboush, Senior VP, Iraq, at Kuwait Energy Company, said: “Iraq is probably the largest underdeveloped onshore oil and gas opportunity in the world. We look forward to acquiring more opportunities in this country and the region in the future as we continue to help governments and the people they represent to gain value from their natural resources.”
According to data released by the Organization of Petroleum Exporting Countries (OPEC), Iraq in 2010 was responsible for flaring 268 billion cubic feet of gas, a crucial waste of a valuable resource.
Fabrice Mosneron Dupin, Global Gas Flaring Reduction Advisor to the World Bank, said: “Gas flaring reduction in Iraq represents a huge opportunity. Iraq flares almost 353 billion cu ft per year, one fourth of the volume flared in the Mena region, and this flaring could increase dramatically with more oil production in the coming years.”
“This flared gas could rather be used to generate much needed electricity, produce LPG, or feed petrochemical plants - all things that are desperately needed for the benefit of the Iraqi population,” he added. – TradeArabia News Service