IEA to look at Iraq's energy sector

Feb. 16, 2012 at 7:23 AM

PARIS, Feb. 16 (UPI) -- An analysis of the Iraqi energy sector by the International Energy Agency is a central component of post-conflict reconstruction, a director said.

The IEA announced plans for a comprehensive look at Iraq as part of its World Energy Outlook for 2012.

IEA Executive Director Maria van der Hoeven said the IEA would work closely with Iraqi officials to assess the role of the energy sector in the Iraqi economy.

"Iraq's energy sector is both central to the reconstruction and development of the Iraqi economy and of huge importance to the global outlook," she said in a statement.

The IEA in December estimated crude oil production from Iraq was on pace to reach an average of 4.36 million bpd by 2016. The report, however, warned political instability could dampen oil expectations in Iraq now that U.S. military forces have formally ended their mission there.

"Iraq has some pressing short-term challenges, but we also recognize the need to have a robust longer-term vision for our energy sector," said Iraqi Ambassador to France Fareed Yaseen.

The Iraq study is to be published in October. It will be included in the full energy outlook set for a November release.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
E-2D aerial refueling capability passes CDR
Norway: New reserves found in North Sea
Shell to tap new Gulf of Mexico oil
Google apologizes for photo app that tagged black couple as 'gorillas'
Canada awards license for LNG exports to Asia