The Lifeblood of Iraq’s Economy

Iraq’s Energy Sector
A Source of National Pride

A Global Oil Powerhouse

Did you know that Iraq is a true giant in the world of oil? Here are some facts that every Iraqi can be proud of:

second-largest crude oil producer

On the global stage, Iraq stands tall as the sixth-largest total petroleum liquids producer in the world.

Our nation holds the world’s fifth-largest proved crude oil reserves, with a staggering 145 billion barrels. That’s 17% of the Middle East’s reserves and 8% of global reserves!

Rising Production and Ambitious Goals

Iraq’s oil sector has shown remarkable resilience and growth: In 2022, Iraq’s crude oil production reached an impressive 4.4 million barrels per day (b/d).

The Iraqi oil ministry has set an ambitious target to boost crude oil production capacity to 7 million b/d by 2027.

Investing in the Future

Iraq is not resting on its laurels. The country is actively working to improve and expand its oil infrastructure:

Major projects are underway to increase production at fields like Majnoon, Zubair, and West Qurna. International companies like TotalEnergies, Lukoil, and ExxonMobil are partnering with Iraq to develop these resources.

Petroleum Products

A new 140,000 bid refinery in Karbala came online in 2023, reducing our reliance on imported petroleum products.

Natural Gas and Electricity

Powering Iraq’s Growth

Iraq is making significant strides in utilizing its vast natural gas reserves:

  • With nearly 131 trillion cubic feet of proved natural gas reserves, Iraq ranks 12th globally.
  • The country is working hard to reduce gas flaring and capture this valuable resource for domestic use.
  • Major projects are underway to increase gas processing capacity from 600 billion cubic feet (Bcf) in mid-2023 to nearly 1.2 trillion cubic feet (Tcf) in 2027.

Electrifying the Nation

Iraq’s electricity sector is growing to meet the needs of its people:

  • In 2022, Iraq generated an estimated 134 tera watthours (TWh) of electricity, up from 120 TWh in 2021.
  • The country has brought online three new thermal power plants since 2021, adding 2.6 gigawatts (GW) of capacity.
  • Plans are in place to add another 6 GW of new generation capacity by 2025.

Embracing RenewabLe Energy

Iraq is looking to the future with renewable energy projects:

  • The country plans to install 12 GW of renewable energy capacity by 2030.
  • Agreements have been signed with international companies to develop 4.5 GW of utility­ scale solar projects.
  • These projects will help reduce reliance on fossil fuels and create new job opportunities for Iraqis.

International Partnerships and Future Prospects

Iraq’s energy sector is attracting international investment and cooperation:

  • Major oil companies like TotalEnergies, Lukoil, and ExxonMobil are working on projects throughout the country.
  • International firms from China, the UAE, and Saudi Arabia are investing in Iraq’s solar energy projects.
  • Iraq is exploring electricity interconnection projects with neighboring countries to enhance regional energy security.

Looking to the Future

With its vast resources and ongoing development projects, Iraq’s energy sector has a bright future:

  • Continued investment in oil and gas infrastructure will increase production and reduce waste.
  • The shift towards renewable energy will create a more sustainable and diverse energy mix.
  • As Iraq harnesses its energy potential, it will drive economic growth, create jobs, and improve the quality of life for all Iraqis.

Iraq’s energy sector is not just about oil and gas -it’s about powering the nation’s future, creating opportunities for its people, and establishing Iraq as a key player on the global energy stage. Every Iraqi can take pride in their country’s natural wealth and the strides being made to utilize these resources for the benefit of all.

WHAT

A comprehensive digital repository for cutting-edge, scientifically-grounded narratives, research, and insights about Iraq. This platform aggregates information from interviews, seminars, and conferences, offering a non-partisan perspective on Iraq’s development and potential.

WHY

Our mission stems from a profound commitment to Iraq’s future and its people. We aim to liberate Iraq from the constraints of oil dependency and guide it towards a diversified, sustainable economy. Iraq, with its youthful dynamism and rich heritage, stands poised for transformation. Despite years of regional turbulence, we envision Iraq reclaiming its rightful position as a pivotal player in the Gulf, Middle East, and beyond. Harnessing its abundant human capital and natural resources, Iraq is primed to forge a destiny commensurate with its potential.

WHO WE ARE

We are a diverse coalition of passionate advocates, including Iraqi-Americans, Iraqis, Americans, and global citizens invested in Iraq’s prosperity. Our collective aspiration is to catalyze a robust, private sector-driven Iraqi economy that transcends the pitfalls of resource dependency. We champion full, meaningful employment for Iraq’s youth, shifting focus from public sector reliance to private sector innovation and growth.

HOW

Our approach is multifaceted, leveraging compelling narratives, incisive articles, thought-provoking interviews, and high-impact seminars and conferences. We strive to educate, illuminate, and inspire action. Recognizing the fragmented nature of information on Iraq, IRAQNOMX aims to become the definitive hub for comprehensive, forward-thinking insights on the nation’s trajectory.

We’re forging strategic collaborations with a wide array of entities invested in Iraq’s future:

  1. Academic institutions and think tanks specializing in Middle Eastern studies and economic development.
  2. Non-governmental organizations (NGOs) working on the ground in Iraq, focusing on areas such as education, healthcare, and infrastructure development.
  3. Iraqi governmental organizations, including ministries and economic development agencies, to ensure alignment with national priorities and strategies.
  4. Informed experts and officials, both from Iraq and the international community, who bring deep, nuanced understanding of Iraq’s challenges and opportunities.
  5. International organizations such as the United Nations, World Bank, and International Monetary Fund, which provide global perspectives and resources for Iraq’s development.
  6. Private sector entities, both within Iraq and internationally, that are driving economic growth and innovation.
  7. Cultural institutions preserving and promoting Iraq’s rich historical and artistic heritage.

Through this synergistic effort, we aspire to cultivate a more informed citizenry within Iraq and foster deeper understanding among the global community invested in Iraq’s success. By bringing together diverse voices and expertise, IRAQNOMX seeks to create a holistic, forward-looking narrative for Iraq’s development, bridging local insights with international best practices.

Our Past Projects

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Our Partners

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  • Iraqi Government
  • Organizations
  • US Companies
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