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"We have to deal with our wealth on the basis of justice and equality because it is the wealth of the country, and deal with it in a transparent way that reassures the people." Although Iraq sits atop the world's fourth largest proven reserves of conventional crude, about 143.1 billion barrels, decades of sanctions, war, sabotage and neglect have battered the sector. Since 2008, Iraq has awarded 15 oil and gas deals to international energy companies, the first major investments in the country's energy industry in more than three decades. Baghdad aims to raise daily output to 12 million barrels by 2017, a level that would put it nearly on par with Saudi Arabia's current production capacity. Many analysts say that target is unrealistic, because of the degraded state of the industry's infrastructure after wars and an international embargo that lasted more than a decade.
[Associated
Press;
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