| 29 Jan 2010 |
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BP sees opportunity in commitment to Iraq
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Friday, Jan 29, 2010
Gulf News
Davos "BPBP
has committed to Iraq despite the oil law not being finalised, and we are confident that we have a great opportunity," Tony Hayward, Group CEO of BPBP told Gulf News at the World Economic Forum.
"It was made very clear to us by the Iraqi government that we had to choose between investing in the main part of Iraq, or in Kurdistan. We chose Iraq," said Hayward.
Earlier he spoke to a session on sustainable energy supply of the importance of BPBP's plans in Iraq, which he expects will grow from one million barrels a day (bpd) to three million bpd in the next ten years.
"We expect total production from Iraq to increase to 10 million bpd by 2020. All the current plans show more is possible, but 10 million bpd is realistic," he said.
The importance of Iraq as a source of new supply is in the context of world demand for energy growing from the present 85 million bpd to 100 million bpd by 2050, and in an industry which thinks in 20 to 30 year projects, this does not leave much time.
Peter Vosser, CEO of Royal Dutch Shell agreed with these global numbers and said that to achieve this target, the combined oil industry will need to invest $27 trillion (Dh99 trillion) (roughly the sum that all the governments of the world have spent to save the world's financial system).
Commenting on Iraq, where Shell has two large projects underway, Vosser made the point that Iraq has had no investment for 20 years and the oil industry needs to upgrade a huge amount.
By Francis Matthew
© Gulf News 2010. All rights reserved.
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