Iraq's Crude Oil Reserves will Boost Its Redevelopment of Upstream Sector

Iraq’s Crude Oil Reserves will Boost Its Redevelopment of Upstream Sector

Summary

Iraq’s announcement of an increase in its crude oil reserves to 143.1 billion barrels indicates its high lucrative resources. Being the only Middle East country which has allowed foreign firms to operate in its oil fields, Iraq is focusing on its rebuilding strategy. This increase in crude oil reserves points towards its rebuilding strategy which Iraq is working upon. Even though Iraq has the fifth largest oil reserves its production is a lot less. It stood ninth in terms of production in 2009. The announcement of increase in oil reserves in Iraq is also drawing the attention of many investors who could profit from investing in Iraq’s oil resources, which in turn would contribute to Iraq’s economic development.

Scope

• The effects of the increase in Iraq'a oil and gas reserves on the redevelopment of the country's economy.

Reasons to buy

• Understand the potential of Iraq'a oil and gas industry and how positively the country can focus on its development