Bazerkan oil field, south of Baghdad
Gas at the heart of Iraq’s transition
While oil has grabbed the headlines for Iraq, tapping its gas potential could transform the country’s economic fortunes
Iraq is a global oil giant, home to c.144bn bl of recoverable reserves, based on a conservative recovery factor of 17-29pc. But it also has the potential to be a gas player of international significance if it can overcome challenges to unlocking this opportunity. Given it provides more than 90pc of government funding, it is no surprise that the export of the vast majority of Iraq’s c.5mn bl/d of oil production attracts greater attention. It is also entirely understandable—with this budget centrality—that Baghdad has ambitions to increase output to 8mn bl/d by 2027. There remain large swathes of the country that are underexplored. And the government is recalculating its recoverable reserve fi
Also in this section
29 January 2026
Caught between LNG risks from across the Atlantic and the wounds from Russian gas dependence, Europe needs more than a simple diversification strategy
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
