Iraq Energy was established in January 2008 to meet a growing demand for accurate, timely and professional information on the Iraqi energy sector with particular emphasis on the all-important oil and gas industry, and the power, water and infrastructure sectors.
Iraq's energy sector is poised for a massive expansion over the next decade to meet the country's reconstruction and development needs and to position Iraq as a long-term, reliable and responsible supplier to the world's oil and gas markets. Iraq Energy groups leading Iraqi and international experts in the energy sector drawn from a variety of fields including industry professionals, finance and banking executives, Iraqi and multinational corporations, academics and scholars, and consultants and policy advisers.
Iraq has undergone tremendous changes since 2003 and an entirely new political, economic and constitutional order is emerging. Iraq is obligated to develop its rich energy resources in ways that would provide the optimum balance between revenue-generation, good oil field practice, and the development of sound managerial, technical and professional competences in the energy sector. At the same time, Iraq must ensure that the development programme for the energy sector fits with the overall development and reconstruction priorities of the country. An appropriate balance must be struck between the roles of the private and public sectors in meeting the challenges of Iraq's economic growth and the improvement in the incomes and livelihood of its people. The new federal Iraq is also based on the devolution of power to regions and provinces, and these will also have an important role to play in the evolution of the energy sector of the country.
The world will continue to be overwhelmingly dependent on fossil fuels for the next decades. Iraq sits atop one of the largest known reserves of oil and gas. The proper utilisation of these resources will have a direct impact on the world's energy supplies. At the same time, Iraq must ensure that it uses its resources wisely and efficiently. Flaring of gas must be reduced to a minimum; the highest international energy industry standards and practices must be sustained; laws and regulations governing the industry must be fair, clear and effective; the involvement of the Iraqi and foreign private sectors in the development of the sector should be actively encouraged. Iraq must also develop strategic visions for the growth of downstream oil and gas industries including refineries, petrochemicals and other energy-intensive industries. The encouragement of private sector involvement in power production, water supply and treatment and infrastructure development should also be an important consideration for the country's development and reconstruction.
The challenges and opportunities for Iraq's energy sector are immense. Iraq Energy's mission is to assist in the appropriate development of Iraq's energy sectors through the provision of timely reports and studies, the organisation of industry conferences and the provision of policy advise and services to both the Iraqi and foreign private and public sectors. Iraq Energy will do so in a professional, unbiased and effective manner. Iraq Energy seeks to become the principal source of authoritative information and policy-making advice on the Iraqi energy economy.
Luay Al Khatteeb
Founder of Iraq Energy Institute