Letter from Iraq: Oil sector needs drastic reform
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind
Iraq’s oil sector has been suffering from mismanagement since 2003, with major capital-intensive projects failing to deliver results. Over a decade ago, the future envisioned for Iraq’s energy sector was very different. In 2012, Iraq cooperated with the World Bank in preparing the Integrated National Energy Strategy, which was intended to cover 2013–30, and with the IEA in putting together a special report on the country’s energy prospects. One of the most important results of these two activities was that Iraqi authorities became convinced of the need to seriously reconsider previously contracted production targets and to amend existing contracts. The official call for a review of licensing

Also in this section
17 July 2025
US downstream sector in key state feels the pain of high costs, an environmental squeeze and the effects of broader market trends
16 July 2025
Crude quality issues are an often understated risk to energy security, highlighted by problems at a key US refinery
15 July 2025
Government consultations on the windfall tax and the exploration licence ban are positive steps, but it is unclear how long it will take for them to yield tangible outcomes
15 July 2025
A brutally honest picture about the potential role of oil and gas in 2050 should prompt policymakers to not only reflect but also change course to meet vital energy needs