The Production Sharing Contract (PSC) model is the dominant framework, defining the risk-reward split between the state and the contractor. This complex relationship shapes every decision, from drilling programs to export routes.
Top Energy Producers Iraq 2024 Report
Iraqi Ministry of Oil: The central governing body responsible for policy, regulation, and awarding of contracts. International majors and national champions are brought in as technical partners under Production Sharing Contracts (PSCs), tasked with the immense challenge of managing these fields at scale.
Iraq National Oil Company (INOC): The national entity that formally owns and oversees all hydrocarbon resources. Fields such as Rumaila, West Qurna, and Zubair are not merely large; they are the engines of the national economy and the primary focus for international partnership.
Top Energy Producers Iraq 2024 Report
Understanding the structure and geology of these specific assets is the first step for any oil and gas companies in Iraq evaluating entry or expansion strategies. These super-giant formations hold the potential to significantly alter the global supply balance over the coming decades.
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