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
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised