I have just returned from a trip to Iraq in which I was able to visit the oil fields of Basrah, the government offices in Bagdad and the Ministry of Oil in Irbil. While I have personally observed that there are still significant security issues in segments of Iraq, economic activity and infrastructure continues to develop. The ride from the Bagdad airport into the city center was tranquil and surprisingly pleasant driving past sprinkler systems watering gardens growing in the well-manicured esplanades. The city workers and people on the streets of Bagdad seemed more at ease than in some of my trips to more tense locales closer to home in the western hemisphere. Irbil, in the far north of Iraq, could be confused for any number of European cities and Basrah, in the far south, was bustling with construction. There is particularly strong growth and significant potential in the areas of reconstruction and energy as Iraq’s government is focused on rebuilding the country’s essential infrastructure and utilities.
Iraq is blessed with vast reserves of oil and natural gas and sits on 115 billion barrels of proven reserves. Iraq has demonstrated sophistication in courting international investment and expertise in order to support its economy and recognizes the value of western companies willing to invest in Iraq and bring much needed technology and skills to bear on the existing energy infrastructure. The Iraqi government has prioritized Energy production projects as critical to the national interest as the means to fund a defense against it security challenges. The Ministry of Oil (MOO) has announced plans to triple production of oil by 2018 and is counting on the skill sets of specialized engineers and experienced technicians employed by international engineering companies to return oil production to pre-war levels.
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