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Iraq Oil & Gas Outlook

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Iraq Oil & Gas Outlook M A Y 2 0 1 5 CONFIDENTIAL Disclaimer . This Document has been prepared by Hannam & Partners (Advisory) LLP (“H&P”). It is protected by international copyright laws and is for the recipient’s use in connection with considering a potential business relationship with H&P only. This Document and any related materials are confidential and may not be distributed or reproduced (in whole or in part) in any form without H&P’s written permission. By accepting or accessing this Document or any related materials you agree to be bound by the limitations and conditions set out herein and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer including, without limitation, the obligation to keep information contained in this Document and any related materials confidential. The information contained herein does not constitute an offer or solicitation to sell or acquire any security or fund the acquisition of any security by anyone in any jurisdiction, nor should it be regarded as a contractual document. Under no circumstances should the information provided in this Document or any other written or oral information made available in connection with it be considered as investment advice, or as a sufficient basis on which to make investment decisions. This Document is being provided to you for information purposes only. The distribution of this Document or any information contained in it and any related materials may be restricted by law in certain jurisdictions, and any person into whose possession this Document or any part of it comes should inform themselves about, and observe, any such restrictions. 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Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. H&P is authorised and regulated by the Financial Conduct Authority. 2 Stability in Iraq can open up world class asset and acreage on revised terms . Iraq has 144bn barrels of oil reserves and yet remains one of the world’s least explored major producing country . The giant fields of the south hold the majority of these reserves . Crude oil production in 2014 was above 3.4 mmboepd, forecast to increase to over 7 mmboepd . Iraq will move to 4th largest oil producer, behind Saudi Arabia, Russia and the U.S. by 2017 . There has been a rapid widening of Iraq's petroleum sector to foreign participation in the last five years . More than 25 international oil companies now have a licence interest in Iraq . Producing fields in Iraq are operated under Technical Services Contracts (TSC), offering some of the most stringent terms in the Middle East . Most of the major IOCs hold strategic positions in Iraq, focussing on developing large-scale projects in the south and have to-date shown little interest in picking up exploration acreage due to non-friendly investor terms . Ongoing restructuring of existing contracts and rumoured new investor friendly terms on new licensing rounds may reverse this trend 3 1. Oil Sector Overview ## 2. Infrastructure Overview ## 3. Upstream activity and licensing history ## 4. Political challenges ## 5. Future opportunities in Iraq ## 6. Appendix ## Iraqi oil reserves and production, in perspective History of Iraqi fields discovery Global Oil Reserves . Iraq’s first wells were drilled in Chia Surkh in 1902 and encountered oil 350 and gas shows, but were abandoned for more productive prospects 300 elsewhere 250 . In 1927, major oil exploration got underway, with huge deposits 200 144 bnboe discovered in Mosul province 150 . Two years later, the Iraqi Petroleum Company, comprising of No. of barrels (bn) 100 Anglo-Iranian (today British Petroleum), Shell, Mobil and Standard Oil of New Jersey (today Exxon), began producing oil 50 0 . Super giant discoveries were soon be made, starting with Kirkuk field by the Turkish Petroleum Company in 1927, followed by: . Zubair was discovered by Basrah Petroleum Company, an affiliate of the Iraq Petroleum Company, in 1949 Source: CIA –The World Factbook . Rumaila was discovered by Basrah Petroleum Company in 1953 . Majnoon field was discovered by Braspetro in 1975, under the Global Gas Reserves leadership of Bolivar Montenegro Guerra 60 . The super giant West Qurna field was discovered only 65 km away from 50 other Basra super giant fields by Soviet geologists in 1973 40 . With these discoveries, Iraq holds the fifth largest oil reserves in the world, behind only Saudi Arabia, Venezuela, Canada and Iran 30 20 . Iraq holds about 144 bnbbl of proved crude oil reserves, representing 18% of proved crude oil reserves in the Middle East Trillion cubic meters 10 112 TCF and almost 9% of total global reserves 0 . Most known oil and natural gas resources are concentrated in the Shiite areas of the south and the ethnically Kurdish region in the north, with significant prospectivity in the western and central parts of Iraq Source: CIA –The World Factbook 5 Iraq’s 144 billion barrels of reserves by province 5,804 6,000 600 Ta'mim 5,000 500 Field P+P Prod'n (mmboe) (mboe/d) 4,000 400 Bai Hassan 3,846 205 3,000 300 2,000 1,859 40 (mboe/d) Hamrin 886 0 (mmboe) 2,000 1,442 200 Jambur 1,803 71 Prod'n 2012E 484 Ninewa 1,500 30 P+P Commercial 1,000 100 500 40 Khabbaz 711 31 Field P+P Prod'n 0 0 400 (mmboe) (mboe/d) 1,000 20 Liquids Gas Salahuddin 30 (mboe/d) Field P+P Prod'n 300 Ain Zalah/West Butmah 301 5 (mmboe) 500 10 Prod'n 2012E (mmboe) (mboe/d) 20 Shaikan 1,500 8 P+P Commercial 200 134 (mboe/d) 0 (mmboe) Sufaya 58 0 Ajil 618 12 0 0 100 10 Prod'n 2012E Liquids Gas P+P Commercial 0 0 Dohuk Kurdistan Pipelines Liquids Gas Erbil ISIS primary areas of activity 800 734 40 are not in the major oil Ninewa producing regions Diyala 600 30 Ta’mim Field P+P Prod'n (mmboe) (mboe/d) 400 20 Suleimaniyah East Baghdad 620 15 (mboe/d) 500 500 (mmboe) 200 10 Prod'n 2012E 377 Naft Khaneh 114 5 400 400 P+P Commercial 0 Anbar 0 0 300 300 Field P+P Prod'n Kurdistan Liquids Gas (mmboe) (mboe/d) 200 200 Salahuddin Line of Control (mmboe) Akkas 468 0 91 (mboe/d) 100 100 Prod'n 2012E Commercial P+P P+P Commercial 0 0 Diyala Liquids Gas
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