Rumaila field in south Iraq with its 200 wells is the workhorse of the country's oil industry (photo: dpa)

Energy: Iraq's oil future - bright but challenging

Iraq is sitting on barrels of untapped liquid gold. But with an infrastructure debilitated by war and unrest, can it realistically meet targets it has set to redevelop existing oil and gas fields, and exploit huge undiscovered reserves. And what will be the impact on world prices? GIS expert Dr Carole Nakhle considers the situation.

IRAQ has been described as the world’s last gold rush. The country sits on a sea of oil, and has the third largest proven oil reserves in the world after Saudi Arabia and Iran.

The Iraq government is eager to exploit the country’s largely untapped hydrocarbon resources and aims to redevelop the countr...

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Dr. Carole Nakhle
Whatever Iraq produces, it will have an impact on oil prices. The more successful the country is in ramping up its production, the greater the impact will be on oil prices
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