Government formation promises relief from Iraq’s upstream stasis
The new administration’s close ties to Tehran could mould its stance towards potential IOC investors
Iraq’s oil sector has been frozen since elections last year, paralysed by the caretaker government’s constitutional inability to make major policy and spending decisions. While rival Mideast Gulf producers and their foreign partners have spent their oil price windfalls on turbocharging upstream development, Baghdad is lagging, even though it is set to end the year with its coffers at their plumpest for nearly 20 years. As a result, the belated appointment of a new government in late October was greeted by the country’s IOC investors with a general sigh of relief. But the sentiment was largely detached from the character of the administration, moulded as it is by a tactical victory after year
Also in this section
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind