10 reasons why Iraq's oil production growth has under-performed
Remember Iraq's 12 million b/d oil production target? In 2009, to much fanfare, Iraq opened up its giant and super-giant fields to international investment. It attracted competitive bids from many of the world’s most capable operators. Iraq undoubtedly has the large-scale low-cost oil resources in its southern fields to underpin production of over 10 million b/d. But the harsh technical service contract terms, and a myriad of technical, political and security factors have all conspired to subdue growth.