Iraqi Kurdistan has very large reserves of oil and natural gas that can secure the region’s needs for the next 70 years, as well as yield billions of dollars to the region.
Currently, there are 42 Oil and Gas companies operating in the Kurdistan region of Iraq. All are at various stages ranging from prospection to actual production.
The region is currently exporting 100.000 bpd and this amount is expected to double by the end of 2011. There have been concerns in the region that the dissagreements between the KRG (Kurdish Regional Government) and Baghdad over the manner of exploitation of the Oil could hamper the development of the industry. Nevertheless, progress has been made between the two sides and the companies that are currently managing the various Blocks are moving forward swiftly.
At the end of the day, it is in everybodies interest that the Kurdish region develops its Oil and Gas industries, as long as everybody plays by the rules.
This development has naturally seen the arrival of Service companies for the Oil and Gas sectors without which the Oil and Gas companies could not advance properly. The services range from H&S, drilling, well testing, and chemical supplies amongst others.