Iraq's billion-dollar road to energy stability

摘要

Much of Iraq's future prosperity hinges on the success of its oil and gas sector. Petroleum already accounts for over 90% of the country's energy needs, with a small percentage being supplied by natural gas and hydropower. Iraq has large domestic reserves, but infrastructure constraints and political disputes have interfered with the ability to satisfy domestic demand. Iraq is the world's eighth-largest producer of petroleum liquids and the third-largest oil exporter. Domestic proven oil reserves are estimated to be 141 billion (B) barrels. Most reserves are concentrated in giant fields in the south around Basra. Iraqi oil production reached 3 million barrels per day (MMbpd) in 2012. This development allowed Iraq to surpass Iran as OPEC's second-largest crude oil producer.