Iraq Energy Institute (IEI) has just concluded its 2nd Iraq Energy Forum (IEF) which was held at the Le Méridien hotel in Amman-Jordan for the period 18-20 May 2014.
The successful three-day major event was organized under the patronage of the Oil & Energy Committee of the Federal Council of Representatives of Iraq and in cooperation with Clarion Events Middle East.
Over 150 delegates have attended the Forum including senior federal and provincial lawmakers and executives, diplomats, industry experts, International Oil Companies, Investment Banks, and various multinational companies who are investing in Iraq.
This year’s forum focused on Iraq’s notable development in the upstream sector and power generation while still addressing the key challenges that Iraq is facing to achieve its ultimate goals. Speakers and participants spoke on the capacity building requirements with much attention on training, technology and economic support requirements of the Basra province, an area that has become Iraq’s main oil producer and exporter. A senior delegation headed by the Governor of Basra made significant contributions to the event with detailed presentations covering infrastructure requirements and Basra’s strategic plans.
H.E. Dr. Adnan al-Janabi, Chairman of the Oil and Energy Committee at the Federal Parliament of Iraq expressed his appreciation for the institute and the forum saying “Since 2008, Iraq Energy Institute has played a vital role in supporting the Federal Parliament as advisor on energy policies and economic development. This has helped Members of Parliament to better understand the energy sector from a policy aspect”.
H.E. Mr. Abdililah al-Amir, Senior Advisor to the Deputy-PM for Energy Affairs share the government’s views on Iraq’s National Energy Strategy (INES) and confirmed all upstream developments are on track “Iraq’s target to achieve oil production of 9.1 million barrel per day by 2020 is possible after recent reviews. Although the task may sounds challenging but not impossible with the help of the IOCs and National Oil Companies”.
H.E. The Governor of Basra Dr. Majid al-Nasrawi stated some important facts for investment opportunities and petrodollar allocations saying “Now that we have secured the petrodollar of $5 per barrel production, Basra province will enjoy a healthy budget powerful enough to bailout the province of all challenges and will help paving the ground for a solid investment environment to renovate the province to the highest standards while supporting all of Iraq”.
On his part, Professor Ali Al Sayigh, the Chairman of the IEI board stated that: "This year’s Energy Forum is taking place at a time when Iraq has already made significant progress that we should celebrate. Since the launch of the 1st Iraq Energy Forum in Baghdad on the historic date of 12th – 12 – 2012 , and until now, Iraq has increased its daily oil production by 30% reaching over 3.2 million barrel per day, export capacity in the southern corridor has reached 6 million barrel per day, Power generation has doubled from 6GW to 12GW, the South Gas Project is progressing well to help reducing the flaring and to utilize the gas to meet local demand, and gas development in the Kurdistan Region of Iraq has contributed to the economic growth of the northern provinces".
Meanwhile, Luay J. al-Khateeb, Director of IEI and a Visiting Fellow at Brookings Doha Centre said "Iraq’s oil riches cannot be allowed to become our curse but must become the vehicle to deliver economic diversity while growth is shared by all Iraqis for generations to come. Therefore the prominence of capacity building and sustainability cannot be underestimated. It’s about time that Iraq should allocate significant percentage of its budgets to develop world-class universities and academies. Also, IOCs should help Iraq to invest in in-country training, education and know-how transfer in order to sustain their long term presence in Iraq".
The Iraq Energy Award for this year was presented to the former Advisor of the Ministry of Oil Mr. Jabar al-Luaibi for his exceptional contributions to the petroleum industry since the regime change of 2003 and for his leadership during his tenure as Director General of South Oil Company to ramp up production from zero to two million barrel per day. The presentation of the award was delivered by the Chairman of the Parliamentary Oil & Energy Committee Mr. Adnan Al Janabi and the Chairman of IEI Board Prof. Ali Al Sayigh.
On the 3rd day of the Forum, a detailed workshop was presented by Vinson & Elkins on the south gas development opportunity and the establishment of Basra Gas Company covering the legal and commercial structure of the Joint Venture between Iraq’s South Gas Company and the Shell-Mitsubishi consortium.
May 23, 2014 (Iraq Energy Institute)
About Iraq Energy Institute (IEI)
Formed in January 2008, Iraq Energy Institute (IEI) is an independent non-profit policy institute which aims to provide a professional platform to streamline efforts, to put theory into practice, and to synthesise proposed solutions to meet the policy, fiscal, technical, and political challenges that are currently impeding the progress of development in Iraq's energy sector.
Since January 2009, IEI has been acting as official advisor to the Federal Parliament of Iraq on Energy Policy and Economic Reform. IEI’s services are available both in Iraq and worldwide. IEI’s headquarters is currently in London with offices in Baghdad and Basra. As a non- profit organisation IEI can provide impartial information, advice and guidance aiming to support the optimum development of Iraq's energy sector for the benefit of the Iraqi people.