The war in Ukraine, which has unleashed fears of an energy supply crunch and pushed oil prices to record highs, has brought back to the forefront the conversation about the need for new investments in oil and gas for the foreseeable future. That’s in stark contrast to calls almost a year ago by the International Energy Agency (IEA) to forgo investment in fossil fuels in the race to a net-zero emissions world….
A capacity of 6 million b/d though achievable but is not the answer to the state requirements of revenue, while 12 million b/d can’t be maintained for a long time and requires higher investment within a short number of years and involves a high risk if the markets cannot absorb it. Committing huge investments to end up with an idle capacity is not an ideal scenario for Iraq. In my…
Basrah- State Co for Oil Projects (SCOP) is forging ahead with the reconstruction of the Al-Fao crude oil tank farm to bring it back to its old glory of the 1970’s. It was in 1976, just as Iraq nationalized its oil industry, that construction of the 16-tank complex was completed in order to cater for the big increase in oil production and export capacity that Iraq seemed destined for at…
