Page 93 - investment-map-En-2021

86 Iraq Investment Map 2020-2021

1- Oil and Gas Sector

Iraq is blessed with vast reserves of oil and
natural gas, and is one of the most

promising, still largely undeveloped
sources of hydrocarbon resources in the

world. After decades of lack of investments

due to wars and sanctions. The importance
of oil is not only limited to its role in

developing Iraq but exceeds that to the role

which it can play in the international oil market level for the big reserves which
can be reinforced in the future because of Iraq's being one of the most

responding countries to the increase demand of energy and it is expected for Iraq

to be the second largest international resource for the crude oil, this sector
contributed to the GDP with the fixed price by %56 during 2018 according to the

national development plan. Iraq is actively seeking international investment and
expertise to help in the development of its oil and gas sectors so negotiation

rounds started and led Iraq for a new marsh in investment history. The Ministry

of Oil announced new ambitious plan to increase oil production and exports
during this decade depending on foreign investment as a main source to achieve

this goal. The main way for investors interested in oil and gas sector is in oil
bidding rounds announced by the ministry.

On the other side, it is more likely that the oil and gas industry will continue to

attract foreign business activities in the near future and that Iraq has a wide range
of untapped oil and gas fields which requires a large number of investments to

develop these fields.