Iraq could develop its oil and gas infrastructure quickly enough to dominate Middle Eastern energy output within 18 years, according to a poll of industry professionals at the ADIPEC Exhibition and Conference in Abu Dhabi.
According to the survey held by global independent technical advisor to the oil and gas sector GL Noble Denton, 65% of participants said that Iraq has the potential to develop its energy infrastructure at such a pace that it will dominate the region?s output by 2030.
By contrast, 35% of participants thought that inadequate facilities, a disadvantaged economy and an under-developed regulatory framework ? among other issues ? could prevent the country from expanding its oil and gas footprint at speed.
A study published by the International Energy Agency last month suggests that Iraq has the potential to reshape the global energy industry in the near future. According to the report, an increase in oil exports could add a cumulative USD $5 trillion to the country?s economy over the next two decades; a number that would grow its gross domestic product five-fold.
Moss Daemi, GL Noble Denton?s Executive Vice President for the Middle East and Africa, said: ?Iraq?s oil and gas industry shows huge promise, but the country has some major infrastructure challenges to overcome if it is to realise its potential. The result of this poll shows that industry professionals are extremely optimistic that the country will be able to tackle those issues.
?With the support of experienced international and regional players, there is every possibility that Iraq?s oil and gas industry can develop a significant infrastructure in a short period of time.?
GL Noble Denton also surveyed ADIPEC delegates? opinion over the United Arab Emirates? (UAE) potential to become energy self-sufficient, and whether the country is investing enough money in maintaining the integrity of its assets.
The poll revealed that oil and gas professionals think the UAE will produce enough gas to fuel its growing domestic energy demands by 2030. 81% of participants said that the development of new gas recovery projects will meet the UAE?s rising demand for the commodity and make the country energy self-sufficient by 2030. By contrast, 19% of participants thought that the UAE will need to continue relying on gas imports to sustain domestic energy consumption over the next 18 years.
Industry professionals also believe that the UAE is making the right investments in asset integrity to meet the country?s rising challenges in production from established oil fields. According to GL Noble Denton?s poll, 72% of participants said that the country?s oil and gas industry is spending sufficiently on optimising asset integrity, as facilities are increasingly called upon to operate beyond the lifespan for which they were originally designed. Only 28% of participants thought that the industry is under-investing in asset performance in the Emirates.
LNG World News Staff, November 27, 2012; Image: GL
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Source: http://www.lngworldnews.com/gl-iraq-could-dominate-middle-eastern-energy-output-by-2030/
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