Iraq Mega Projects: Open for Investments
The fourth edition of Iraq Mega Projects Conference and Exhibition, held under the patronage of HH Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, and organized by the CWC Group, attracted major oil and gas companies operating in Iraq and those who are looking for opportunities in the country.
The event, which took place between Sept. 29 and Oct. 2 at the Dubai International Convention and Exhibition Centre, gathered policy makers, investors and key players in Iraq's oil field production industry. The conference was a call to action for investors and stakeholders to support oilfield production in Iraq through new investments, projects and human development and infrastructural upgrades. Iraq is considered one of the Middle East’s most dynamic markets, with the third largest proven oil and gas reserves in the region. With 79 viable fields, of which only 23 are currently in active production, Iraq’s probable reserves could offer the global economy an additional 214 billion barrels of oil.
This year’s conference featured Provence Breakfast. The breakfast briefings featured presentations and discussions by key industry experts and representatives of governor offices. The Missan Breakfast was hosted by Dawai Ali Lazim, the Governor of Missan, and gave new and existing industry players the opportunity to meet the Governor and discuss the second construction phase of its Halfaya oil field project and the opportunities the oil field's reserve of over 4.09 billion has to offer. In addition to the Missan Breakfast, Dr. Ali Salhi, chairman of Kirkuk Provincial Council’s oil and gas committee, also hosted Provinces Breakfast, where attendees heard current situations of the major oil and gas projects in the city.
The closing day of the event also hosted breakfasts to boost upstream investment in specific provinces. The Basra Province Breakfast was hosted by H.E Mohammed Ali Taher, Governors First Deputy of Basra, where delegates heard from the governor about the investment opportunities and what incentives the government offers to companies willing to invest in the province.
“The Iraq Mega Projects Conference and Exhibition is about facilitating investment in Iraq’s hugely promising oilfield sector. It brings international and national oil companies to a single platform where they can gather market intelligence on investment opportunities, common pitfalls, key challenges, and the best way to enhance oilfield production in Iraq. The Province Breakfasts are an excellent, targeted and focused way for investors to hear from key leaders about the opportunities in specific Iraqi provinces,” said Iraq Mega Projects Director of Government Relations Frederic Ponton.
Iraq Mega Projects' schedule of sessions and seminars focused on infrastructure solutions in support of oilfield production in Iraq. The conference kicked off with a session on optimizing Iraq's oil field development that focused on scope, new technologies and future steps. The session was moderated by Dr. Mehdi Hafeth, chairman for the Progress Institute for Development Policies and former Minister of Planning. Panelists included Ismatt Sideek, The Iraqi General Council to Dubai, Dr. Bayazeed Hassan, Vice Chairman of the Oil & Gas Committee, Federal Parliament of Iraq, Munther Asaad and the Director General of Customs.
Mohammed Sabir, director of Projects for North Oil Company – the operating company of Kirkuk, which is Iraq’s oldest-producing field – said that production at the fields has slumped from 500,000 barrels of oil per day (bopd) to 425,000 bopd in the past six months.
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