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There is a long history of the petroleum industry in Iraq. Turkish-born Armenian Calouste Gulbenkian played a major role in making the petroleum reserves of the Middle East available to Western development and is accredited with being the first person to exploit Iraqi oil. [1]
Khawr Al Amaya Oil Terminal Iraqi oil production has surged after years of disorder. [1] Historical development of oil production. Iraq was the world's 5th largest oil producer in 2009, and has the world's fifth largest proven petroleum reserves. Just a fraction of Iraq's known fields are in development, and Iraq may be one of the few places ...
While Iraq's northern oil industry remained relatively unscathed during the Iran-Iraq War, an estimated 60% of the facilities in southern and central Iraq were damaged in the Gulf War. Post-1991 fighting between Kurdish and Iraqi forces in northern Iraq resulted in temporary sabotage of the Kirkuk field's facilities.
The Iraq National Oil Company (INOC) was founded in 1966 by the Iraqi government. [1] It was empowered to operate all aspects of the oil industry in Iraq except for refining which was already being run by the Oil Refineries Administration (1952) and local distribution which was also already under government control.
Iraq's large oil reserves [1] [2] have attracted attention from the United Kingdom, a country with a high demand for (and a low supply of) oil. British involvement in the Iraqi oil industry dates to World War I. Political influence in the region has given the UK the power to establish a number of oil companies in Iraq.
On January 9, Iraqi Kurdistan started shipping oil through its crude pipeline to Turkey. While the oil shipped was a fraction of Iraq's total production, the implications are very large.
In a new report issued today, the International Energy Agency (IEA) declares that "Iraq's energy sector holds the key to the country's future prosperity and can make a major contribution to the ...
However, four wars [48] —the 1980–1988 Iraq-Iran War, 1991 Gulf War, the 2003–2011 War in Iraq, and the civil war—and the 1991–2003 UN sanctions have left the industry's infrastructure in poor condition, and the de facto independence of oil-rich Kurdistan Region have limited production.