At an upcoming conference in the city of Istanbul the officials from International Oil companies and government officials will discuss about making Iraq far more successful and potential energy sector in the near future.
The Energy Exchange, the third version of the Iraq Future Energy will be held from 17th to 20th September.
The focus of day one in the conference will be the requirement of more energy in Iraq. The production of energy in Iraq right now is about 8000 mega watts but about 14,000 mega watts of electricity is required.
In 2011, Iraq first revealed its master plan of spending 27 billion dollars between 2012 and 2017 for the electricity sector. At this Electricity Summit the latest information and news about the implementation progress of the short term plan by 2015 will be revealed.
Along with that the challenges faced by the power generation, the import and export of energy with the neighboring countries and finding a feasible solution in also an aim of the summit.
The oil and gas conference will begin on the second day of the Iraq Future Energy summit 2012 and will discuss more plans on the subject of export and import, bid round and its influence on the gas, oil and power sector of Iraq.
The result of the fourth round of bid and the 12 exploration blocks in the April of 2012 with the implication of IOCs pre-qualification of the future projects will be discussed here.
The vent director of The Energy Exchange, Mr. Jinanda Sheth has said that, it is the aim of Iraq to produce about 12 million barrels of oil per day by the year 2017, but the lack of infrastructure has thwarted the growth of this goal.
The Future Energy conference was designed to provide shareholders a comprehensive and constructive analysis of the building blocks and their importance in the nation for capitalizing the chances of present and future development and investment.
According to the announcement made by OPEC the production of crude oil of Iraq has gone up to 3 million barrels per day in the month of July 2012. Head of Lukoil in the Middle East Mr. Gati Al-Jebouri suggested in 2011 that Iraq has the potentiality to reach the target of 5 mili0n barrels per day, but he also stated that the amount of the production will depend hugely on the pipeline infrastructure.
At present 80 to 90% of the exported oil and gas is delivered through two pipelines only. So, the summit will try and explore the possibility of alternative routes such as the international pipeline, Kirkuk-Ceyhan pipeline and Nabuccon pipeline.
Both the government official and the speakers will try and focus on the strategies, technologies and materials required for the development of production, oil and gas pipeline network, tankers, railways and terminals to ensure better investment and rapid development of the sector.
On the third day, the oil and gas conference will discuss the matter of developments of the refining sector of Iraq. This discussion includes points like rehabilitating the existing facilities to improve the capacity of production, by using the latest technologies. Developing new refineries to spurt better oil production is also in the docket.
A group of world famous contractors will convene in a panel to discuss and provide a contrastive analysis of the business related chances and the establishment of an energy industry which will be able to help Iraq.
This day will be concluded with a discussion based on the potentialities of the human resource and its use in the development and training exercise to gather the technical knowledge to develop the hydrocarbon industry of Iraq. The industry professionals will also discuss about the requirement of attracting foreign investment and business with the help of visas, insurance and security process.
The final day of the summit will has two masterclass sessions and they will provide a clear idea about the new regulation implemented on business in Iraq and latest financial structure and models of energy projects in Iraq respectively.