Iran, Iraq to Lead Middle East Oil Growth

Iran, Iraq to Lead Middle East Oil Growth

The research consultancy Rystad Energy indicated that the oil field development in Iran and Iraq is expected to drive the largest production growth in the Middle East over the next four years, Break Bulk reported.

According to Rystad, which studies the countries of the Organization of the Petroleum Exporting Countries (OPEC) in the Middle East, Iran and Iraq are on track to meet production targets and are expected to specifically contribute to a rise in production in the region already from the second half of 2017, as Press TV informed.

The firm’s forecast also suggests an increase to more than 30mb/d starting  2020.

In Iraq, production growth is expected to be underpinned by the launch of the second development phase of the Lukoil-operated Qurna West-2 field, the Nahr bin Umar field, the second phase of the Majnoon, and the third phase of the Halfayah developments.

In Iran, the first phase of the South Azadegan project is expected to contribute to oil production growth over the next five years, reaching a plateau of 255,000b/d starting 2021.

Headquartered in Oslo, Norway, Rystad provides oil and gas consulting services and business intelligence data.

Mariana Somensi 890 Posts

Mariana holds a Journalism Bachelor Degree from the State University of Londrina, Brazil. The Brazilian journalist has 4 years of experience on the MENA region's affairs and over a year of experience on the oil and gas industry.

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