With major investments being made in the country by many international oil companies, Iraq is the next big regional market for upstream and downstream oil companies, according to global management, engineering and development consultancy Mott MacDonald, while, the United Arab Emirate’s planned oil output increase will offer growth opportunities.
“Major International Oil Companies such Shell, BP, Exxon Mobil and CNPC have invested billions of dollars in mega projects and we are hopeful we will be able to grow our presence in Iraq in 2014.
The country has a huge potential and if security improves Iraq could become a top-five oil producer as early as 2017,” said Albert Allan, managing director OGP, from multi-disciplinary consultancy companyMott MacDonald.
Mott MacDonald was recently awarded a contract for the provision of technical support services by CPE for Phase 2 and 3 of Halfaya oilfield in Iraq. he field is located near Amarah in south east Iraq and is operated by a consortium led by China National Petroleum Corporation. Mott MacDonald successfully completed Halfaya Phase 1 which involved FEED (front end engineering design) of an oil processing facility and pipeline infrastructure.
Mott MacDonald said that the UAE has a plan to increase its oil production to 3.5 million barrels per day by 2020, from its current rate of 2.7 to 2.8 million barrels per day. This offers Mott MacDonald long-term business stability and further scope to grow.
“We are involved in both the Upper Zakum project offshore and the 1.8 million project aiming to increase onshore output from Bab and North East Bab,” said Allan.
Kuwait is also another potentially high growth country for Mott MacDonald.
