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Page added on January 29, 2010

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Is Iraq's oil strategy too ambitious?

The chief executives of two of the world’s oil giants have been waxing lyrical about helping Iraq quadruple its oil production over the next decade, but questions linger about whether it can be done.

Some energy industry experts believe that given the plethora of problems that the Iraqi government of Prime Minister Nouri al-Maliki is having to deal with, Baghdad is being way too ambitious.

Others are less sanguine about the prospects of Iraq raising its production level from the current 2 million barrels a day to 12 million bpd by 2020.

Tony Hayward, CEO of BP, is confident it can be done. He said during the recent World Economic Forum in Davos, Switzerland, that even though Iraq has yet to finalize a long-delayed oil law, he believes that aided by foreign oil companies and their state-of-the-art technology Baghdad will hit its target.

UPI



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