Iraq Oil and Gas Market Overview
Iraq’s oil and gas market is a cornerstone of the country’s economy and a pivotal player in the global energy landscape. As one of the world’s top oil producers and holders of the fifth-largest proven crude reserves, Iraq’s hydrocarbons sector accounts for the majority of government revenues and export earnings. The country’s oil industry, primarily state-controlled through the Iraq National Oil Company (INOC) and its subsidiaries, is centered around prolific fields such as Rumaila, West Qurna, and Majnoon. Despite geopolitical challenges, infrastructural constraints, and security issues, Iraq has made significant strides in increasing production capacity, restoring export infrastructure, and attracting foreign investment through service contracts and partnerships. In 2024 and 2025, Iraq continues to focus on expanding oil output to meet OPEC+ quotas, optimizing gas utilization domestically, and modernizing its energy infrastructure amid global market volatility and regional competition.
The Iraqi oil and gas value chain is extensive but faces operational and logistical challenges. Upstream operations include both conventional and increasingly targeted unconventional plays, with oil production largely concentrated in southern and northern fields. Numerous international oil companies operate under technical service contracts, collaborating with national entities to enhance recovery and manage reservoir performance. Midstream infrastructure encompasses a network of pipelines, pumping stations, and export terminals at Basra and Ceyhan, facilitating both crude oil and natural gas transportation. The country has been working to improve pipeline integrity and expand export capacity through projects like the Iraq-Turkey pipeline upgrades and new southern terminal developments. Downstream, Iraq’s refining capacity is limited and under modernization, with major facilities at Baiji, Basra, and Kirkuk struggling to meet domestic fuel demand. Efforts are underway to rehabilitate refineries and increase gas processing to reduce fuel imports and support local consumption. Iraq’s strategic priorities include boosting upstream productivity, securing midstream logistics, and enhancing downstream processing as part of a comprehensive energy sector reform agenda.
Iraq Oil and Gas Market Latest Developments
In January 2025, Iraq and Halliburton finalized a deal to develop the Nahr Bin Omar oilfield, aiming to increase production from 50,000 to 300,000 barrels per day and produce 300 million cubic feet of gas daily.In March 2025, BP signed a $25 billion agreement with Iraq to redevelop four major oil and gas fields in Kirkuk, potentially producing over 3 billion barrels of oil and gas.
In April 2025, Iraq signed contracts with six Chinese companies, including Geo-Jade, to develop oil and gas projects that could increase production by nearly 750,000 barrels per day and 800–850 million cubic feet of gas per day.
In June 2025, BP, Eni, and TotalEnergies began evacuating foreign personnel from Iraqi oilfields due to security concerns, though production remained unaffected.
In June 2025, Iraq and Turkey signed a memorandum of understanding to develop the Iraq Development Road, a $17 billion infrastructure project connecting Iraq to Turkey and Europe.
The Nahr Bin Omar development marks a significant partnership with Halliburton, aiming to substantially increase oil and gas production.
BP's $25 billion investment in Kirkuk underscores the importance of revitalizing aging oil fields to boost output.
The influx of Chinese companies into Iraq's energy sector highlights a shift towards diversified international partnerships.
The evacuation of foreign personnel by major oil companies indicates ongoing security challenges in the region.
The Iraq Development Road project aims to enhance regional connectivity and trade, potentially transforming Iraq into a key transit hub.
Increased foreign investments signal confidence in Iraq's long-term energy sector potential, despite short-term challenges.
Diversification of international partnerships reduces dependency on traditional Western oil companies.
Infrastructure projects like the Iraq Development Road could lead to significant economic growth and job creation.
Ongoing security concerns necessitate continued vigilance and adaptation by international oil companies operating in Iraq.
Iraq's strategic initiatives in oil field redevelopment and infrastructure development are poised to strengthen its position in the global energy market.
Iraq Oil and Gas Market Report Scope
The "Iraq Oil and Gas Strategic Analysis and Outlook to 2032" is an all-encompassing report that delivers a full-spectrum evaluation of the nation’s oil and gas value chain—from exploration and production fields, refinery and LNG plant operations, to midstream pipelines and storage infrastructure in Iraq. Leveraging robust methodologies and proprietary databases, the study provides detailed asset-level data, historic and forecasted supply-demand trends (2015–2032), and a clear understanding of how recent developments, government policies, and market dynamics shape the sector. The Iraq Oil and Gas report equips industry stakeholders with actionable insights for investment, benchmarking, and strategic planning by profiling operational assets, new projects, and the competitive landscape across upstream, midstream, and downstream segments.
Comprehensive market analytics are complemented by SWOT and investment opportunity analysis, highlighting growth drivers, operational risks, sector-specific challenges, and capital requirements. The study evaluates key companies’ strategies, performance, and market positions, providing an integrated view of where opportunities and bottlenecks exist. The scope extends to Iraq field-wise production, refinery-wise capacity, LNG terminal operations (including liquefaction and regasification units), and product flows through pipelines and storage. The research not only answers core market questions but also uncovers the evolving dynamics that will influence the future trajectory of Iraq country’s oil and gas industry.
- Iraq Asset-by-asset data covers all existing and upcoming oil and gas fields, refineries, LNG terminals, pipelines, and storage facilities, providing a granular view of national infrastructure.
- Historic and projected supply-demand analysis for crude oil, natural gas, and key refined products (gasoline, diesel, LPG, fuel oil, etc.) from 2015 to 2032.
- Recent developments, regulatory changes, and major project announcements are analyzed for their impact on market fundamentals and investment climate.
- Segmented insights into upstream (exploration and production), midstream (pipelines, LNG, storage), and downstream (refining, distribution) operations.
- Comprehensive overview of LNG sector including liquefaction and regasification terminals, contracted versus available capacity, and future outlook.
- Iraq Oil and Gas Industry SWOT analysis and sector-wise benchmarking to evaluate industry strengths, challenges, opportunities, and potential risks.
- Iraq Investment analysis detailing sector growth potential, required capital for new projects, and feasibility of ongoing and planned developments.
- Competitive landscape profiling of leading companies, with business strategies, operational performance, and market shares.
- Infrastructure benchmarking by market concentration in pipelines, refining, LNG, and storage segments, including capacity and utilization rates.
- Answers to key market questions, including evolving Iraq supply-demand dynamics, project status, leading market participants, and the future outlook for capacity, trade, and investment.
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Research Methodology
Our research methodology combines primary and secondary research techniques to ensure comprehensive market analysis.
Primary Research
We conduct extensive interviews with industry experts, key opinion leaders, and market participants to gather first-hand insights.
Secondary Research
Our team analyzes published reports, company websites, financial statements, and industry databases to validate our findings.
Data Analysis
We employ advanced analytical tools and statistical methods to process and interpret market data accurately.
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