Friday, June 26, 2015

Iraq Petroleum 2015

8-10 June 2015 | Hilton London Metropole | London UK
CWC in Iraq: World Renowned Experts In Energy & Infrastructure
For the past 18 years, the CWC Group has organized oil, gas and energy events and training seminars around the world focusing on oil and gas exploration, shale gas and LNG among other aspects of the industry. Iraq Petroleum has been running for nine of those years, providing updates directly from Iraqi ministers and industry representatives. The Iraq Petroleum has grown over its history to become a catalyst in supporting the future of Iraq’s oil and gas industry.
Twice Winner of the Queen’s Award for Enterprise: International Trade The CWC Group is exceptionally proud that it has twice won the Queen’s Award for Enterprise: International Trade (2007 and 2011); one of the most prestigious industry awards in the UK
CWC’s established events in the Iraqi oil, gas, energy and telecommunication sectors are recognised by the industry as essential platforms for creating dialogue between global industry leaders and the Iraqi government. With over 9 years market experience, CWC Iraqi events are renowned for delivering timely industry updates, distinguished speakers, valuable networking opportunities and ground breaking industry announcements. 

Held in London between 8-10 June 2015, the 9th edition of Iraq Petroleum Conference was a huge success, welcoming over 400 senior oil and gas industry leaders gathered from across the globe to explore Iraq’s role as a major oil and gas player. This year’s edition of the series was the largest so far and not only reflected determination from all sides, but also united the global oil and gas industry representatives under one roof, laying the foundation for long term investment in the Iraqi oil and gas industry. 
The Conference debuted with the legal workshop, on the 8th of June, discussing the legal stream focused on Iraq’s oil and gas legal framework and the possible reforms to the laws and contracts, and was followed by a 2-day conference confirming the role of Iraq as a major player on the global oil and gas arena.

Iraq Petroleum this year initiated the discussion over sovereign wealth funds in resource rich countries to help Iraq reduce dependency on a single commodity, touched upon the impact of the oil prices and looked at driving further the oil development by transforming oil into other more sustainable forms of wealth and creating a broader base for Iraq’s economic growth.

The  Conference opened by remembering  the magnificent sacrifices of the Iraqi people and the coalition forces fighting for Iraq’s freedom and paid tribute to the men and woman defending the Iraqi oil and gas industry across Iraq,  commanded the bravery, dedication and selflessness.

CWC’s Iraq Petroleum 2016 will take place between 23-25 of May, in London, UK.

H.E. Dr. Rowsch N Shaways, Deputy Prime Minister, Federal Government of Iraq represented the Iraqi Federal Government at the CWC 9th Iraq Petroleum Conference highlighted at the opening of the Conference this year that Iraq’s economic recovery would much depends on the recovery of it’s oil and gas industry.
*The Keynote Speech at Iraq Petroleum 2015 by Adil Abudlmahdi Iraqi Oil Minister delivered by Dr Falah Jassim Alamri, Director General of SOMO, Ministry of Oil, Federal Government of Iraq highlighted “Iraq a Place to invest: “ Iraq has one of the world’s richest endowment of oil, which if properly exploited could lay a good foundation for an improved economic performance. In order to realize this potential, work is ongoing on two parallel directions, operational and institutional. On the operational side lies the work on ramping up production and exports alongside with the required effort in order to ease infrastructure bottleneck, while the institutional segment involves governance, accountability and industry structure”

Iraq’s Production: “today`s production is about 3.8 million barrels per day, and it is expected to be around (5.5 to 6) million barrels per day, over the current decade. Starting from 2011 up to date, payment in crude oil valued nearly  (36) billion dollars was made as recovery cost to the international companies that are engaged in the technical service contracts activities”

Iraq’s Storage Capacity & Export Bottlenecks:  Iraq expanded its crude-storage capacity to 14 million barrels and it will increase to 20 million by the end of this year. Also there is around 7 million barrels storage under construction to be completed by 2017, in addition to that the ministry of oil is currently planning to add more than 9 million storage capacity to overcome export bottleneck in the south.

Gas in Iraq: “Iraq holds approximately 112 trillion cubic foot of natural gas reserves an endowment to put Iraq at the 3 eleventh largest holder of conventional gas reserves in the world, which 70 % of consists of "associated gas", which most of it concentrated in the south.”

The relationship between the Federal government and KRG: “...Regarding the oil and gas sector, immediately after forming the new federal government, it started implementing its program for the following four years. One of the main important subjects is to reach an agreement with KRG on its oil issues.”

Concluding:“.. I would like to emphasize the fact that the prosperity of Iraq depends on its energy sector. Achieving our objectives requires substantial progress across a wide front such as improved institutions and human capacity, better co-ordination of decision making, a strengthened and unambiguous legal and regulatory framework, enhanced conditions to support participation by private and financial sectors, and a broader political consensus on the direction of policy future. The mission is not simple, but success will make a huge difference to the future outlook for Iraq's energy sector and for its economy”

*H.E. Dr Ashti Hawrami, Minister of Natural Resources, Kurdistan Regional Government, Iraq, explored the role of Iraq as a major oil and gas player and the development in the Region of Kurdistan as the exploration capital of the world, touched upon the developments related to the deal with the federal Government.

 The Conference highlighted the role of the International oil companies operating in Iraq in key oil clusters in Basra, Maysan and the Kurdistan Region of Iraq, looked at a number of scenarios for the oil prices and the demand towards the end of 2015.  Speakers from the major operators, Ministry of Oil, Kurdistan Ministry of Natural Resources   shed the light in very lively sessions on the major industry developments;
*Dr Falah Alamri, Director General of SOMO, Ministry of Oil, Federal Government of Iraq highlighted the role of SOMO, Zaid Elyaseri, Deputy Country Manager, BP Iraq addressed the operations in one of world’s major oil fields (Rumaila) together with Gati Saadi Al-Jebouri, Senior Vice President, LUKOIL Overseas While Jeroen Regtien, Chief Operating Officer, DNO ASA addressed the operations in Kurdistan Region of Iraq.

Tony Mills, Vice President for Upstream Consulting, Wood Mackenzie highlighted the world’s reliance on Iraq.

Dr Stefan Buerkle, Managing Director, ILF Consulting Engineers addressed the common seawater supply project for the oil fields in the south of Iraq and the main IOC’s operators requirements while Hussain Qaragholi, Iraq Country Head, Senior Originator CEEMEA, Capital Markets & Treasury Solutions, Deutsche Bank AG, London addressed the Iraq 2015 budget deficit and indicated a number of solutions for the Iraqi Government.

Kurdistan Region of Iraq perspective and the latest development in technologies together with the major updates were addressed by Ian MacDonald, Vice President, Europe, Eurasia and Middle East Exploration and Production, Chevron.

The future of Gas in Iraq and the opportunities together with the challenges facing the gas and the power sector in Iraq were addressed by ; Bjorn Hamso, Program Manager – Global Gas Flaring Reduction Partnership (GGFR), The World Bank Group while the Basra gas vison was highlighted by: Ali Shadad Al Fares, Member of the Basra Council & Head of the Energy Committee, Basra Council while   Mohammed Hashim Jaafar, Senior Electricity Expert, Ministry of Electricity, Federal Government of Iraq highlighted the demand for gas for power production and industrial use as Iraq features the world's 12th largest proven natural gas reserves and the need for modernisation and expansion of domestic gas industry.
Several projects have been launched to leverage the potential of the gas industry in Iraq and reduce of gas flaring.
Projects for Gas Production:

  • Rehabilitation of North Rumaila and Khor Al Zubair processing plants by Basrah Gas Company to increase gas production and reduce flaring (under construction)
  • Exploration and development of Miran and Bina Bawi Gas Fields by Genel Energy (planned)

Projects for Gas transmission:

  • Construction of Iran-Iraq gas pipeline from South Pars oil gas field to supply gas-fuelled power plants in Iraq (construction almost finished)
  • Construction of Iran-Iraq-Syria-Lebanon gas pipeline to supply European countries with gas from the Middle East (planned)
  • Construction of Iraq-Jordan oil and gas pipeline to supply Jordan with oil and gas from Iraq (planned)

Sovereign wealth fund discussion: Iraq Petroleum initiated discussion on sovereign wealth funds to diversify Iraq’s economy. This unique start will be followed by discussions with the Iraqi Federal Parliament and the Kurdistan parliament in addition to a number of workshops to create the Iraq Sovereign Wealth Fund as Iraq is well  placed  to become a  world leader in Energy development.                                                            

Pre Conference – Legal Workshop:
The legal framework one of the most important parts of building the industry to enable Iraq’s oil and gas industry to realize the full potential. Landmark steps that have taken place but the process is long. The workshop was led by Jay Park QC the Managing Partner of Park Energy Law and Petroleum Regimes’ Advisory Ltd. and joined by a group of experts representing PwC, Herbert Smith and Confluent Law Group.   

Main Remarks from the Conference :

UK Energy Secretary Andrea Leadsom said the UK aims to be Iraq's "partner of choice" to help grow oil production in the Middle Eastern country to help meet energy demand and boost British business involvement.

Citing the International Energy Agency, Leadsom said global oil demand will grow by 14 million barrels a day to reach a total of 104 million barrels a day by 2040, adding that Iraq can meet "the highest proportion" of that expected growth than any other country in the world.

"I am proud of the role that British businesses are playing and commend the contribution of all our firms involved. So to reiterate, my aim is for the UK to be Iraq’s primary partner of choice in energy," said Leadsom.

"The UK plans to continue our support as Iraq takes these transformational steps. Tackling Iraq’s challenges, from the fall in oil prices to regional events, is important to us all," she added.

“I have worked with the Iraqi Governments and Iraq’s corporates for over 9 years to produce events on the oil and gas industries. The CWC Group is committed to delivering quality events to help Iraq find international investment and expedite their vast resources. On behalf of The CWC Group we would like to welcome companies to CWC Iraq Events and discover what opportunities are on offer for your company” Nawar Abdulhadi, Vice President-Iraq, The CWC Group
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