For the last 10 years, the oil industry in Iraq has been under intense pressure from jihadist insurgents and many leading oil producers were force to pull out of the region because of fears of safety for their workers, and the locals that lived in the areas according to Energy in Asia.
However, things have begun to change in the South of Iraq, especially in the oil-rich fields of North Rumaila which, since it began operations back in 1954 has been a constant source for oil and gas supplies for many of industry’s leading companies. The aforementioned jihadist insurgents have now moved into the northern territories of Iraq enabling the southern oil fields of Iraq to become safe again to work in.
Many of the industry’s leading oil producers are beginning to return to Iraqi soil, and begin to drill for oil and gas. And it’s this recent resurgence that Economic Times says has meant “Iraq has re-emerged as a critical source of oil in recent years.” They went on to say “Iraqi production helped ease the world’s oil prices.” Hence the desire for more Chinese and Western oil and gas companies to once more return to such prosperous lands and rekindle business relations.
Another example of the recent resurgence was when Unaoil decided to build a “strategic operating base” in the North Rumaila’s rich oil fields to offer support for its readily expanding operations in the region. Pipeline reports that this operational base will offer support to its business partners as well, with large companies such as Sulzer, RBG Middle East and Swift all benefitting from the construction of the support services.
The base is said to be equipped with accommodation facilities for workers, workshops that will be equipped to undertake repairs to valves and maintenance, and round the clock service support will be provided.
Its initiatives such as these that are slowly helping the Iraqi oil and gas trade regain its place on the world’s map as one of the most powerful, oil-rich regions. And the country will hope this continues in the near future as it is having a very positive affect on the country’s economic state, as well.