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Nicholas Skibiak is an Associate at Dunia Frontier Consultants, specializing in upstream petroleum production and investment risk analysis in the Middle East.
Iraq has the world’s third-largest oil reserves. However, the development of Iraq’s petroleum sector has been severely hampered by decades of war, sanctions, underinvestment, the exodus of scores of technocrats, and sabotage. Repairing Iraq’s oil infrastructure and expanding exploration, development, and production is of paramount importance to the country’s future. In June 2009, the Iraqi Oil Ministry embarked on an effort to help meet this challenge by offering service contracts to international oil companies (IOCs) in two rounds of tenders.
Since June 2009, the Government of Iraq (GoI) has secured nearly a dozen major oil field technical service agreements with international oil companies (IOCs) after two highly publicized bidding rounds. The deals are seen as the cornerstone of Iraq’s economic development in the coming years. While future oil production has been rather optimistically projected as high as 12 million barrels per day (bpd) by 2020, significant obstacles to the development of the oil and gas industry remain.
