Despite having the world’s third-largest conventional oil reserves, and with the lowest cost of oil field development in the world at around $2 a barrel, Iraq production was uneven at best, as the oil sector has suffered from war, sanctions, mismanagement and red tape. Now, however, as Iraq continues to celebrate ongoing oil production increases, the world is watching closely. Iraq’s energy sector holds the key to the country’s future prosperity and can make a major contribution to the stability and security of global energy markets. – See more at: http://www.rigzone.com/news/oil_gas/a/129761/Iraqs_Mega_Expansions_on_Track/?all=HG2#sthash.y0Okoq8w.dpuf