The Future of Iraqi Oil

Chatham House, London


Professor Gareth Stansfield, Chatham House & University of Exeter
Professor Paul Stevens, Chatham House
Chair: Kjetil Visnes, Middle East Advisor, Statoil-Hydro


The future of Iraqi oil matters both for Iraq and global oil markets. For Iraq it is the key to providing the revenue needed to help rebuild its economy and society. For global oil markets, Iraq represents a potentially large source of crude exports which could be brought on-stream relatively quickly given the number of discovered but as yet undeveloped oil fields.

Two sets of questions are central to both these areas. The first revolves around what kind of governance relations will emerge given the difficulties of organizing the oil sector in a federal structure. In particular, how will the various actors in Iraq - government (federal and state), regulators, national oil companies, international oil companies and service companies - interact and within what sort of institutional set-up? And how might an Iraqi depletion policy look in the current oil market context? The second looks at how developments in the oil sector and the Petroleum Law are playing out on the ground and how might this change as the political scene evolves?

In this meeting, two renowned specialists - one on Iraqi politics and Kurdish issues, the other on energy economics and Middle East oil - investigate these issues prior to the publication of a co-authored paper.

Attendance is by invitation only and there are limited spaces.

For more information please contact Tim Eaton.