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With new strategy, Iraq will earn $6 trillion from oil and gas export
16 Jun 2013
On this Wednesday, Iraq has unleashed an ambitious energy strategy, which estimates that the country’s crude oil production will reach around 9 million barrels per day. After the year of 2030, Iraq is seeing itself as a major gas and oil producer of the world, as well as a booming economy. By the year of 2022, it is assumed that Iraq will be able to meet its internal energy demand or domestic energy demand with precision.
The plan, dubbed the Integrated National Energy Strategy, would see Iraq invest some $620 billion in the sector over nearly two decades, in a bid to substantially increase living standards and employment levels in a country badly hit by decades of conflict and sanctions.
Thamir Ghadhban, a former oil minister and the head of Prime Minister Nuri al-Maliki's advisory committee, stated that the main goal of the newly adopted energy strategy is to meet the domestic demand by no lesser then 100 percent.
Domestic energy need is the first priority for the country and it will assist country’s economy as well as overall framework. In all, Iraq aims to increase oil production to 4.5 million barrels per day by 2014, and about double that by 2020 in its "medium" scenario, with all domestic energy requirements met by 2022.
The country projects it will raise about $6 trillion in revenues by 2030, about 85 percent of which will come from oil exports.
It has to be noted that presently Iraq is considered as an oil dependent economy. Over leniency on the oil or oil revenue will hurt the country in many ways, as said by the experts. Hence, the Iraqi government has also some effective plans to make the country’s economy to become lesser lenient over the oil.
The diversified economy in Iraq will bring 10 million new jobs, with planners arguing that by 2020, non-energy sectors of the economy will grow faster than oil and gas.
Though, it has to be noted that even if the oil production in the country has been ramped up, lack of employment still remains a concern, which is leading to poor living standard. The newly adopted plan will conquer all the concerns as expected by the Iraqi government.
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16 Jun 2013
On this Wednesday, Iraq has unleashed an ambitious energy strategy, which estimates that the country’s crude oil production will reach around 9 million barrels per day. After the year of 2030, Iraq is seeing itself as a major gas and oil producer of the world, as well as a booming economy. By the year of 2022, it is assumed that Iraq will be able to meet its internal energy demand or domestic energy demand with precision.
The plan, dubbed the Integrated National Energy Strategy, would see Iraq invest some $620 billion in the sector over nearly two decades, in a bid to substantially increase living standards and employment levels in a country badly hit by decades of conflict and sanctions.
Thamir Ghadhban, a former oil minister and the head of Prime Minister Nuri al-Maliki's advisory committee, stated that the main goal of the newly adopted energy strategy is to meet the domestic demand by no lesser then 100 percent.
Domestic energy need is the first priority for the country and it will assist country’s economy as well as overall framework. In all, Iraq aims to increase oil production to 4.5 million barrels per day by 2014, and about double that by 2020 in its "medium" scenario, with all domestic energy requirements met by 2022.
The country projects it will raise about $6 trillion in revenues by 2030, about 85 percent of which will come from oil exports.
It has to be noted that presently Iraq is considered as an oil dependent economy. Over leniency on the oil or oil revenue will hurt the country in many ways, as said by the experts. Hence, the Iraqi government has also some effective plans to make the country’s economy to become lesser lenient over the oil.
The diversified economy in Iraq will bring 10 million new jobs, with planners arguing that by 2020, non-energy sectors of the economy will grow faster than oil and gas.
Though, it has to be noted that even if the oil production in the country has been ramped up, lack of employment still remains a concern, which is leading to poor living standard. The newly adopted plan will conquer all the concerns as expected by the Iraqi government.
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