Iraq Oil and Gas Report Q3 2016

Date: June 1, 2016
Pages: 78
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: Steady payments from the government have helped maintain oil production growth over 2016 though at a slower pace to 2015. Natural gas imports from Iran in 2016 will play a significant role in meeting pent up demand from the power sector, while exports are set from the KRG to Turkey in 2019.

We highlight the following trends and developments in Iraq's oil and gas sector:
  • January-April oil production in Iraq has averaged 4.3mn b/d, with 3.3mn b/d exported from Basra and 0.45mn b/d from the KRG.
  • Steady payments from both the central government and KRG have supported investment in production maintenance, though pending approvals for 2016 IOC investment plans will limit growth.
  • Shell supplied associated gas from its Majnoon field to the power sector for the first time in February, at a rate of around 715mn cubic metres per year.
  • Genel is expecting the field development plan for the Miran/Bina Bawi development to be approved in Q216.
  • Work has reportedly begun on construction of the Chinese-backed 150,000b/d Missan refinery, which is expected to start up in 2019.
  • The newly established Dhi Qar oil company is looking to revive the Nassiriyah oilfield and refinery project.
  • We forecast Iraq to be a net importer of natural gas from 2016-2018, with exports to Diyala and Baghdad due to begin from Iran, though warn levels could be limited due to a recent attack on a gas plant.
  • We see upside risk to Iraqi gas consumption from 2017 if the latest 20-35mn cubic metres per day gas import deal from Iran to Basra is realised.
BMI Industry View
  Table: Headline Forecasts (Iraq 2014-2020)
Oil & Gas SWOT
Industry Forecast
Upstream Exploration
Latest Updates
Structural Trends
  Table: Kurdistan Blocks And Operator
Upstream Projects
  Table: Iraq - Major Upstream Projects
Upstream Production - Oil
Latest Updates
Structural Trends
  Table: Oil Production (Iraq 2014-2019)
  Table: Oil Production (Iraq 2020-2025)
Upstream Production - Gas
Latest Updates
Structural Trends
  Table: Gas Production (Iraq 2014-2019)
  Table: Gas Production (Iraq 2020-2025)
Latest Updates
Structural Trends
  Table: Refining Capacity and Refined Products Production (Iraq 2014-2019)
  Table: Refining Capacity and Refined Products Production (Iraq 2020-2025)
Refined Fuels Consumption
Latest Updates
Structural Trends
  Table: Refined Products Consumption* (Iraq 2014-2019)
  Table: Refined Products Consumption* (Iraq 2020-2025)
Gas Consumption
Latest Updates
Structural Trends
  Table: Gas Consumption (Iraq 2014-2019)
  Table: Gas Consumption (Iraq 2020-2025)
Trade - Oil
Latest Updates
Crude Oil Trade Outlook
Structural Trends
  Table: Basra Splits
  Table: Crude Oil Net Exports (Iraq 2014-2020)
  Table: Crude Oil Net Exports (Iraq 2020-2025)
Refined Fuels Trade Outlook
Structural Trends
  Table: Refined Fuels Net Exports (Iraq 2014-2019)
  Table: Refined Fuels Net Exports (Iraq 2020-2025)
Trade - Gas (Pipeline And LNG)
Latest Updates
Structural Trends
  Table: Gas Net Exports (Iraq 2014-2019)
  Table: Gas Net Exports (Iraq 2020-2025)
Industry Risk Reward Index
Middle East - Oil & Gas Risk/Reward Index
  Table: Middle East Oil & Gas Risk/Reward Index
Upstream: Index Resilient In Lower Price Environment
  Table: Middle East Upstream Oil & Gas Risk/Reward Index
Downstream: Limited Opportunities
  Table: Middle East Downstream Oil & Gas Risk/Reward Index
Iraq - Risk/Reward Index
Market Overview
Iraq Energy Market Overview
Regulatory Structure
Fiscal Regime
  Table: Federal Government Technical Service Agreements
  Table: KRG Production Sharing Agreements
Licensing Regime
Licensing Rounds
  Table: Fields Licensed Under First Bidding Round (June 2009)
  Table: Fields Licensed Under Second Bidding Round (December 2009)
  Table: Fields Licensed Under Third Bidding Round (October 2010)
Oil And Gas Infrastructure
Oil Refineries
  Table: Iraqi Refineries
  Table: Planned Refineries In Iraq
Oil Terminals/Ports
Oil Pipelines
  Table: Major Iraqi Pipelines
Gas Pipelines
Competitive Landscape
Competitive Landscape Summary
Regional Overview
Middle East Oil & Gas Regional Overview
Oil Production: Two Tiers Emerging
Oil Consumption: Subsidy Reform Tempering Demand Growth
  Table: Gasoline-95 Pump Price June 2015 & March 2016 (Usd/Litre)
Refining Capacity: Mega Refineries Outcompete In Oversupplied Market
Gas Production: In Need Of More Gas
Gas Consumption: Switch To Gas Power Will Boost Demand
  Table: Middle East Oil & Gas Production, Refining Capacity & Trade
  Table: Glossary Of Terms
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Bmi's Oil & Gas Upstream Risk/Reward Index
  Table: Weighting
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