16 July 2011
JEDDAH - Leading officials and industry executives seek the next phase of developing Iraq's oil and gas resources as well as the current and future upstream opportunities.
In the fifth annual Iraq Petroleum Conference in London, international oil and gas companies from 70 countries, as well as key Iraqi oil and gas industry experts, explored Iraq's resource and business potential.
In his presentation titled "Iraq's Petroleum Potential: Policy Challenges Ahead," Crescent Petroleum CEO Majid H. Jafar said that, on a global scale, and even with conservative estimates for oil demand growth, the world will need the equivalent of a new Saudi Arabia every 5 to 7 years, and that Iraq is perhaps the last untapped source of high potential and low cost oil on earth.
Speaking during the opening day's first session on Iraq's new government upstream strategy, he said: "Looking forward, the challenge for us is to maximize the revenues of Iraq's massive energy reserves and potential, while responsibly deploying them in order to develop a diversified economy and wider prosperity for the Iraqi people."
JEDDAH - Leading officials and industry executives seek the next phase of developing Iraq's oil and gas resources as well as the current and future upstream opportunities.
In the fifth annual Iraq Petroleum Conference in London, international oil and gas companies from 70 countries, as well as key Iraqi oil and gas industry experts, explored Iraq's resource and business potential.
In his presentation titled "Iraq's Petroleum Potential: Policy Challenges Ahead," Crescent Petroleum CEO Majid H. Jafar said that, on a global scale, and even with conservative estimates for oil demand growth, the world will need the equivalent of a new Saudi Arabia every 5 to 7 years, and that Iraq is perhaps the last untapped source of high potential and low cost oil on earth.
Speaking during the opening day's first session on Iraq's new government upstream strategy, he said: "Looking forward, the challenge for us is to maximize the revenues of Iraq's massive energy reserves and potential, while responsibly deploying them in order to develop a diversified economy and wider prosperity for the Iraqi people."
© The Saudi Gazette 2011
