The Oil & Gas Year Iraq 2016
TOGY’s second edition on Iraq’s energy market concentrates on Iraq’s recent belt-tightening as government funding has suffered following an extended period of low oil prices. Prime Minister Haider Al Abadi has begun a reform movement to curb corruption and reduce the number of state employees in a federal system that supported more than 4 million people on its payroll. One challenge to balancing the budget is technical services contracts that force the government to continue paying a fixed price to oil companies for each barrel of oil produced.
The Oil & Gas Year Iraq 2016 features exclusive interviews with key decision makers in the industry, such as director-general of Iraq’s Oil Marketing Company Falah J. Alamri, former Deputy Prime Minister Rowsch N. Shaways and Crescent Petroleum CEO Majid H. Jafar. Private security contractors remain a necessary expenditure for companies operating in Iraq as the ongoing fight against the Islamic State develops, though consolidation of smaller security firms is likely to happen. This year’s addition features projects such as the ICTSI Berth 20 Improvement & Umm Qasr Expansion and the Block 10 Development Plan. One major project, Grand Faw Port, remainsin the financing stage as Iraq aims to sell shares to the tune of $1.3 billion.