MEED Kurdistan Projects conference told Iraqi Kurdistan oil output ready for take-off

The long-awaited boom in Iraqi Kurdistan oil production has begun and will reach an initial climax at the end of 2015 when export capacity is forecast to hit 1m barrels a day (b/d), the MEED Kurdistan Projects conference was told this afternoon.

Economic advisor to the Ministry of Natural Resources Deyary Rakhtawan told the conference that production from all fields is now 356,000 b/d.

He also said that natural gas production in Iraqi Kurdistan is 4bn cubic metres a year, compared with demand of more than 10bn cubic metres a year, and that demand will rise to 17bn cubic metres by 2019.

“We have a (gas) shortage, but the plan is to accelerate gas projects and increase supply,” Rakhtawan said. He said that Iraqi Kurdistan aims to be a gas exporter in 2016.

“We are planning to export gas to Europe,” Rakhtawan said. “This will be good for the EU and good for Turkey. Recent events in Ukraine makes Kurdistan a better energy partner for the EU.”

MEED’s Kurdistan Projects 2014 Conference was organised in collaboration with the Kurdistan Regional Government, the KDBC and the UKTI. Taqa is strategic event partner. Conference sponsors are Drake & Scull, Falcon Group and Hill International. Jotun is exhibitor and Parsons is networking programme sponsor.

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