Oil field development in Iran and Iraq is expected to drive the largest production growth in the Middle East over the next four years, according to research consultancy Rystad Energy.
The firm predicts that Organization of the Petroleum Exporting Countries member countries in the Middle East are on track to meet production targets, and forecasts a ramp up in production in the region from the second half of 2017. Rystad’s forecast suggests an increase to more than 30 million barrels per day from around 2020.
“Iraq and Iran are the countries where oil production is expected to see the highest growth over the next decade … [they] are also among the countries that are leading in terms of the capital investment increase in the years to come,” an analyst at Rystad said.
In Iraq production growth is expected to be underpinned by the launch of the second development phase of the Lukoil-operated Qurna West-2 field, the Nahr bin Umar field, the second phase of the Majnoon and the third phase of the Halfayah developments.
In Iran, the first phase of the South Azadegan project is expected to contribute to oil production growth over the next five years, reaching a plateau of 255,000 barrels of day from 2021.
Headquartered in Oslo, Norway, Rystad provides oil and gas consulting services and business intelligence data.
Photo: Iraq and Iran are predicted to drive the largest Middle Eastern oil growth. Credit: Wikimedia