International Energy Agency (IEA) Report Released: Iraq Energy Outlook

Yesterday, the International Energy Agency released a new special report titled, Iraq Energy Outlook. The 142-page report is available free as a downloadable pdf here and discusses how,

Iraq is already the world’s third largest oil exporter. It has the resources and intention to increase its oil production vastly. Contracts are already in place.

Will Iraq’s ambitions be realised? And what would the implications be for Iraq’s economy and for world oil markets?

The obstacles are formidable: political, logistical, legal, regulatory, financial, lack of security and insufficient skilled labour. One example: in 2011 grid electricity could meet only 55% of demand.

The International Energy Agency has studied these issues with the support and close cooperation of the government of Iraq and many other leading officials, commentators, industry representatives and international experts. This special report, in the World Energy Outlook series, presents the findings.

The report:

• Examines the role of the energy sector in the Iraqi economy today and in the future.

• Assesses the oil and gas revenues and investment needs.

• Provides a detailed analysis of oil, gas and electricity supply through to 2035, highlighting the challenges of infrastructure development and water availability.

• Spells out the associated opportunities and risks, both for world oil markets and the shaping by Iraq of its economy and energy sector.

For supplemental materials related to this report including executive summaries and video click here.