Iraq to Invest $500 Billion in Energy Projects Through 2030

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--After the news that Iraq's oil exports rose to the highest level in over three decades to about 2.6 million barrels per day on average in September, a report stated that the country will invest about $500 billion in energy-linked industries by 2030. This investment will be made with the help of $80 billion from the private sector and will generate around $6 trillion in revenues.

Iraq has overtaken Iran to become Organization of the Petroleum Exporting Countries' (OPEC) second largest oil producer as it looks to pass the 1979 high production mark of 3.24 million barrels a day.

The growth generated would create around 250,000 jobs in the strife-ridden country, which is trying to rebuild its economy after years of violence and economic sanctions, said Deputy Prime Minister for Energy, Husain Al Shahristani. This was reported in the Gulf Daily News.

The $6 trillion in revenues for the government will come mostly from oil exports. Iraq, an OPEC member, now has the capacity to produce three million barrels of oil a day and has ambitions to double that figure over the next three years as the result of investments by oil majors including: BP plc (NYSE:BP) (London, England); Royal Dutch Shell plc (NYSE:RDS.A) (The Hague, Netherlands); Exxon Mobil Corporation (NYSE:XOM) (Houston, Texas); ENI SpA (NYSE:E) (Rome, Italy) and Lukoil (OTC:LUKOY) (Moscow, Russia).

The ministry of electricity is panning to upgrade and build new power projects to solve chronic power shortages, and power generation capacity is expected to reach 22,000 megawatts (MW) in 2016, the minister said.

The ministry is planning to exploit its rich solar energy resource, which to date has not seen much development except for some street lighting. Invitations are being given for companies to build solar power stations in remote desert areas.

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