With 45 billion barrels of estimated oil reserves, the Kurdistan Region is poised to become a key part of Iraq’s renaissance and a major actor on world oil markets. The region intends to develop its hydrocarbons resources as per the 2005 Iraqi Constitution and maximise the benefits of this development for the Iraqi people. Since 2003, the region has attracted more than 45 companies from more than 30 countries.
As exploration campaigns continue, the region has shifted to a development phase. Oil production increased from 75,000 barrels in February 2011 to 200,000 barrels today. The target is to reach 1 million barrels of daily production by 2015. For this, capital investment will grow and infrastructure development will be a top priority, including the construction of production and storage sites, transportation pipelines, export and downstream equipment and a plethora of market opportunities for international and domestic companies alike.
By 2019, the region is aiming to produce 2 million barrels daily. By then, we envision the presence of a fully functional oil and gas industry, exporting oil to the world markets, and featuring downstream activities like petrochemicals, fertilisers and other energy-intensive industries.