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 a recent energy conference in Abu Dhabi.
About 65% of participants said Iraq 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% think inadequate facilities, a disadvantaged economy and an under-developed regulatory framework could prevent Iraq from expanding its oil and gas footprint at speed. GL Noble Denton conducted the poll.
A study published by the International Energy Agency suggests Iraq has the potential to reshape the global energy industry in the near future. It said an increase in oil exports could add a cumulative USD $5 trillion to the country’s economy over the next two decades, a number that would grow its gross domestic product five-fold.
Moss Daemi, GL Noble Denton’s Executive Vice President for the Middle East and Africa, said: “Iraq’s oil and gas industry shows huge promise, but the country has some major infrastructure challenges to overcome if it is to realize its potential. This poll shows that industry professionals are extremely optimistic that the country will be able to tackle those issues.”