Iraq Oil Output to Triple by 2035, Report Says
Iraq is set to double its production of oil by the end of the decade and nearly triple its output by 2035, becoming the world's second-largest oil supplier, according to a new report from the International Energy Agency (IEA).
Iraq currently turns out 3 million barrels a day, but could reach 6.1 million barrels a day by 2020 and 8.3 million barrels by 2035, making it “by far the largest contributor to global supply growth,” according to the report. That surge could bring in some $200 billion a year in revenue to the country. The IEA predicts that the country will become a key supplier to Asian markets, especially China.
"Developments in Iraq’s energy sector are critical for the country’s prospects and also for the health of the global economy," said IEA Chief Economist Fatih Birol, the main author of the report, in a statement. "But success is not assured, and failure to achieve the anticipated increase in Iraq’s oil supply would put global oil markets on course for troubled waters."
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In order to be prosperous, the country will need to heavily invest in energy infrastructure—over $530 billion in investments to meet the forecast levels for oil and gas, or $25 billion a year over the next decade compared to the $9 billion the country received in energy funding last year, according to the report.
It adds: "Iraq needs to install around 70 gigawatts of generation capacity and move away from a predominantly oil-fired power mix to more reliance on efficient gas fired generation: without this transition Iraq would forego around $520bn in oil export revenues."
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.