Iraq stands as an attractive frontier for global investors

Rich in natural resources and ripe with opportunity

With one of the world’s most resource-endowed landscapes, Iraq ranks among the top ten nations in natural wealth, offering unmatched prospects for growth in both traditional energy sectors and the emerging fields of renewable energy and cleantech. Beneath its terrain lie abundant reserves of petroleum, natural gas, phosphates, and sulfur—positioning Iraq as a strategic hub for long-term investment, sustainable energy development, and technological innovation.

Iraq is a dominant force in the global energy landscape—ranked as the second-largest crude oil producer within OPEC and holding the world’s fifth-largest proven crude oil reserves. Crude oil exports generate approximately 95% of the nation’s revenue, emphasizing the central role of this sector in Iraq’s economy. With an average output of 4.2 million barrels per day over the past year, Iraq is the world’s sixth-largest oil producer and OPEC’s second-largest, following only Saudi Arabia.

Despite this impressive output, Iraq has only begun to tap into its full potential. A significant portion of Iraq’s oil fields remain undeveloped, positioning the country as one of the last remaining frontiers with vast, underexplored reserves. Petroleum currently supplies around 94% of Iraq’s energy needs, and the nation’s most productive oil and gas assets are concentrated in a rich belt along its eastern border. This region includes nine “super-giant” fields—each holding more than 5 billion barrels—and 22 “giant” fields with reserves exceeding 1 billion barrels. According to independent analysts, southeastern Iraq hosts the world’s highest concentration of super-giant fields, which account for 70–80% of Iraq’s proven reserves. Additionally, approximately 20% of the country’s oil resources lie in the north, around key areas such as Kirkuk, Mosul, and Khanaqin.

However, as global energy markets continue to evolve, Iraq is increasingly turning its focus to renewable energy. With its solar and wind resources and a government target to generate 12 GW of renewable energy by 2030, Iraq is well on its way to becoming a leader in sustainable energy production. These initiatives are part of a broader strategy to diversify Iraq’s energy portfolio, reduce environmental impact, and contribute to global efforts to address climate change.

By combining its vast conventional energy resources with a bold push into the renewable energy sector, Iraq stands at the intersection of traditional power and the future of clean energy. This makes the country not only a key player in the fossil fuel industry but also a rising.