Market Size of Iraq Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.40 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Iraq Oil and Gas Market Analysis
The oil and gas market in Iraq is expected to grow at a CAGR of more than 2.4% during the forecast period of 2020 - 2025. Factors such as increasing oil and natural gas production and consumption, upcoming pipeline infrastructure projects, plans to improve oil infrastructure across the country, and rising investment in all three oil and gas sectors are expected to boost the growth for the Iraq oil and gas market during the forecast period. However, increasing conflict with the local population due to substandard environmental clearances and extensive usage of scarce water, especially in the Basra region, has caused widespread concerns among the people which, in turn, is expected to have a negative impact on the upcoming projects in the country.
- The upstream sector is expected to dominate the market in the forecast period owing to its large size and new investments into the modernization of the technology. The significant increase in the natural gas production is also expected to provide boost to the market.
- As oil is expected to remain one of the main components in the energy mix, it can become an opportunity for companies to exploit the conventional oilfields with excellent grade of oil at cheaper rates and increase their profitability.
- The increasing number of projects in the oil and gas sector have helped push for growth in the industry. Companies around the globe are using their resources to improve their stake in the Iraq oil and gas market and trying to increase their gains in the coming years. As political stability has increased, since the defeat of the Islamic state in 2019, more companies are expected to invest their funds in Iraq.
Iraq Oil and Gas Industry Segmentation
The Iraq oil and gas market report includes:
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Iraq Oil and Gas Market Size Summary
The Iraq oil and gas market is poised for growth, driven by factors such as increased production and consumption of oil and natural gas, upcoming pipeline infrastructure projects, and significant investments across the sector. The upstream sector is expected to lead this growth due to its size and modernization efforts. The country's conventional oilfields present opportunities for companies to exploit high-grade oil at lower costs, enhancing profitability. Despite challenges like local conflicts over environmental concerns and water usage, the market is attracting global companies eager to capitalize on Iraq's resources, especially as political stability improves following the defeat of the Islamic State.
The market's expansion is further supported by major projects and investments, such as the modernization of facilities at the West Qurna oilfield and the construction of a new refinery in Karbala. The development of seabed oil pipelines by BP PLC and Eni SPA also underscores the sector's growth potential. With oil production and refining activities on the rise, Iraq's oil and gas industry is expected to experience significant growth. The market is moderately consolidated, with key players including Exxon Mobil Corporation, BP PLC, and China Petroleum & Chemical Corporation, all of which are actively enhancing their presence in the region.
Iraq Oil and Gas Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Oil Production and Consumption Forecast in thousand barrels per day, till 2025
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1.3 Natural Gas Production and Consumption in billion cubic feet per day, till 2025
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraint
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1.7 Supply Chain Analysis
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1.8 PESTLE ANALYSIS
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2. MARKET SEGMENTATION
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2.1 Upstream
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2.1.1 Overview
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2.1.1.1 Existing Projects
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2.1.1.2 Projects in Pipeline
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2.1.1.3 Upcoming Projects
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2.2 Midstream
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2.2.1 Transportation
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2.2.1.1 Overview
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2.2.1.1.1 Existing Infrastructure
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2.2.1.1.2 Projects in pipeline
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2.2.1.1.3 Upcoming projects
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2.2.2 Storage
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2.2.2.1 Overview
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2.2.2.1.1 Existing Infrastructure
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2.2.2.1.2 Projects in pipeline
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2.2.2.1.3 Upcoming projects
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2.3 Downstream
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2.3.1 Refineries
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2.3.1.1 Overview
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2.3.1.1.1 Existing Infrastructure
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2.3.1.1.2 Projects in pipeline
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2.3.1.1.3 Upcoming projects
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2.3.2 Petrochemicals Plants
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2.3.2.1 Overview
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2.3.2.1.1 Existing Infrastructure
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2.3.2.1.2 Projects in pipeline
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2.3.2.1.3 Upcoming projects
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Iraq Oil and Gas Market Size FAQs
What is the current Iraq Oil and Gas Market size?
The Iraq Oil and Gas Market is projected to register a CAGR of greater than 2.40% during the forecast period (2024-2029)
Who are the key players in Iraq Oil and Gas Market?
Exxon Mobil Corporation, BP PLC, China Petroleum & Chemical Corporation, PJSC Lukoil Oil Company and Petroliam Nasional Berhad are the major companies operating in the Iraq Oil and Gas Market.
