The oil industry has been aware of the Kurdistan Region of Iraq’s massive hydrocarbons potential for some time. The presence of oil seepages and flaming gas vents has been chronicled for centuries.
More recently, the region has attracted the attention of the world’s leading oil and gas companies, some of which entered the region following the liberation of Iraq in 2003. A decade onward, Kurdistan is a leading destination for the exploration and production of oil and the region has emerged as the last great onshore hydrocarbons play. A total of 18 oil and gas fields have been discovered, and oil reserves are estimated at approximately 45 billion barrels. Gas reserves could be as high as 200 tcf (5.66 tcm). While new export facilities are being anticipated, the region has set its eyes on two ambitious oil and liquids production goals: 1 million barrels of oil equivalent per day by 2015 and 2 million barrels of oil equivalent per day by 2019.
Download a PDF map of the Kurdistan Region's Road to 1 Million Barrels Per Day: