Iraq has the potential to dominate energy production in the Middle East within 18 years by rapidly developing its oil and gas infrastructure, according to a poll of oil and gas professionals.
The poll was conducted at the ADIPEC Exhibition and Conference in Abu Dhabi, UAE.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In the poll, 65% of professionals believe that Iraq, one of the main oil producers in the Middle East, can develop its energy infrastructure quickly enough to take a lead in the region’s total output by 2030.
Only 35% of professionals at the event said that inadequate facilities, a disadvantaged economy and under-developed regulatory framework can stop Iraq’s progress in developing its oil and gas industry.
According to a report published by the International Energy Agency, an increase in oil exports from Iraq could add a total of $5 trillion to the country’s economy in next two decades.
This would also help the country to grow its gross domestic product five-fold.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataGL Noble Denton’s executive vice president, Moss Daemi, said that Iraq’s oil and gas industry has huge potential; however it has to address some major infrastructure challenges to take a lead in the region.
"The result of this poll shows that industry professionals are extremely optimistic that the country will be able to tackle those issues," said Daemi.
"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."
