Making sense of Iraq: prospects for oil and gas exports from a troubled Middle Eastern energy producer
11 September 2014, 6 - 9 PM CET
TUSIAD Avenue des Gaulois, 13, Brussels 1040
Iraq is a country that is often in news, be it for Saddam Hussein"s ambitions; the violence taking place in the country following US intervention; or the rise of hard-line jihadist groups such as the Islamic State. The country"s prominence in the international media is, however, as suggested above, due to all "the wrong reasons". Indeed, most of us would prefer to see Iraq grab the headlines by virtue of the "right reasons": i.e., that oil production is ramped up, that IOCs are made welcome, and that the country is en route to fulfilling its potential as one of the world"s leading sources of hydrocarbons exports.
While energy watchdogs such as the IEA were quite bullish on Iraqi output at the start of last year, forecasting oil production levels of over four million barrels per day by 2015, Iraq"s current crisis casts a large shadow over this prognosis. Foreign energy groups were also optimistic about the country, particularly Iraqi Kurdistan, where the KRG has sought to establish itself as the bedrock of regional energy security, especially in relation to Turkey-bound energy supplies. Even Brussels has long been configuring Iraqi gas as a possible source of supply for EU consumers in support of efforts to push through the Southern Gas Corridor. Now, as radical Islam threatens to take over the country"s vast oil fields in wake of seeming government collapse in Baghdad, making sense of Iraq"s potential to contribute towards our energy security has become no task for the faint hearted.
In order to help us come to grips with these issues, we invited Ahmed Mousa Jiyad to address the Brussels Energy Club on Thursday September 11. In particular, we asked Ahmed Mousa to brief us on the current state of play with production and export orientation in Iraq's oil and gas market, taking into account many of the challenges noted above. Whilst offering an insider's perspective and speaking off the record, Ahmed Mousa addressed the complexities, as well as the realities, of the Iraqi oil and gas markets. He also provided us with genuine insights on how Iraq energy exports will pan out during the foreseeable future, while taking into account both the risks, as well as the opportunities confronting energy investors in the country. It is quite rare that we had the chance to conduct an in-depth exploration of what is happening inside the oil and gas markets of an important — albeit much-maligned — energy producer like Iraq with a highly qualified speaker originating from the country. This BREC session was not to be missed.
Welcoming remarks by Dr Bahadir Kaleagasi, Chairman, Brussels Energy Club
Setting out the debate by Dr Marat Terterov, Executive Director, Brussels Energy Club
Presentation by Ahmed Moussa Jiyad
Reflections and remarks by members and guests of the Brussels Energy Club, leading into Q/A session (NB: all discussions during the session will take place under the Chatham House Rule).
Buffet supper reception and networking opportunities with the speaker
Iraq/ Development and Consultancy Research, Norway.
Former-Senior Economist, Iraqi Oil Ministry and Iraq National Oil Company; Chief Expert, Council of Ministers; Director of OECD Dept., Ministry of Trade, Baghdad