Iraq could develop its oil and gas infrastructure quickly enough to dominate Middle Eastern energy output within 18 years, according to a poll of industry professionals at the ADIPEC Exhibition and Conference in Abu Dhabi.
Around 65% of participants said that Iraq, which is already a key oil producer in the Middle East, has the potential to develop its energy infrastructure at such a pace that it will dominate the region’s output by 2030. By contrast, 35% of participants thought that inadequate facilities, a disadvantaged economy and an under-developed regulatory framework – among other issues – could prevent the country from expanding its oil and gas footprint at speed.
The Industry Snapshot Poll was conducted on the third day of ADIPEC by global independent technical advisor to the oil and gas sector GL Noble Denton. Senior professionals from across the industry also took part in the poll online.
A study published by the International Energy Agency last month suggests that Iraq has the potential to reshape the global energy industry in the near future. According to the report, an increase in oil exports could add a cumulative $5 trillion to the country’s economy over the next two decades; a number that would grow its gross domestic product five-fold.
“Iraq’s oil and gas industry shows huge promise, but the country has some major infrastructure challenges to overcome if it is to realise its potential. The result of this poll shows that industry professionals are extremely optimistic that the country will be able to tackle those issues,” Moss Daemi, GL Noble Denton’s Executive Vice President for the Middle East and Africa, said.
“With the support of experienced international and regional players, there is every possibility that Iraq’s oil and gas industry can develop a significant infrastructure in a short period of time.”
This was the last of three Industry Snapshot Polls to be conducted by GL Denton during ADIPEC. Delegates were also asked if the United Arab Emirates will produce enough gas to be energy-self sufficient by 2030, and whether the country is investing enough money in maintaining the integrity of its assets.