Iraq ashlawn energy

Will BP redevelop Kirkuk oil & gas fields in Iraq?

To read this article on Zacks.com click here. BP plc (BP) announced an agreement with the Iraq government to redevelop the Kirkuk oil and gas fields in northern Iraq, per a Reuters report.

How much oil does Iraq produce a day?

It also takes a detailed look at the country’s oil and gas sector, projecting that Iraq’s oil production will grow by 1.3 million barrels a day by 2030, becoming the world’s fourth-largest oil producer behind the United States, Saudi Arabia and Russia.

Why is Iraq's energy system vulnerable?

However the capacity to capture and process this gas has not kept pace. The inability to utilise its gas riches means that the country's gas deficit has grown, and Iraq now relies on imports from Iran to meet increasing demand. This has introduced a number of vulnerabilities to Iraq’s energy system.

How has Iraq's energy system changed over the years?

This has introduced a number of vulnerabilities to Iraq’s energy system. For example, payment issues last summer led to Iran cutting exports, significantly exacerbating electricity shortages in Iraq during peak seasonal demand. As oil production has soared, so has the amount of associated gas produced alongside.

Will BP return to Iraq in 2025?

This project marks BP’s return to one of the world’s most significant energy reserves. According to BP executive vice president William Lin, the company aims to finalize a comprehensive contract in early 2025. BP also operates in Iraq’s southern Rumaila oilfield, holding a 50% stake in the joint venture.

What is the future of electricity supply in Iraq?

There are a number of pathways available for the future of electricity supply in Iraq but the most affordable, reliable and sustainable path requires cutting network losses by half at least, strengthening regional interconnections, putting captured gas to use in efficient power plants, and increasing the share of renewables in the mix.