If these reserves were exploited, it said,
But a major improvement in security and investment was needed, it added.
The IHS survey, which examined
It found that
Current output of two million barrels a day is lower than in early 2003, when three million barrels were being pumped, and almost half that being produced in 1979.
However, it said
“
But he stressed that the security situation needed to improve dramatically if the foreign investment needed to improve the country’s infrastructure was to materialise.
“Obviously the security situation is very bad. But once the infrastructure is in place, the oil will come out of the ground quite cheaply.“
Below Capacity
The report found that
This was partly due to damage caused by the war and previous sanction regimes although Mr Mobed said this was not “irreparable“.
Earlier this year, the Iraqi government agreed a draft law for how its oil wealth would be shared among different ethnic groups, seen as crucial to encouraging new investment.
The proposed law is due to be considered by the Iraqi parliament shortly, although the Kurdish region rejects some of the proposals.
PIN/BBC
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