The 2014 discovery of the 1.13bn barrel Faihaa field by Kuwait Energy was the biggest  exploration success of Iraq’s post-2009 upstream opening. But plans to develop the field to 250,000 b/d by the mid-2020s are threatened by an onerous debt burden.

 

Iraq has been the great success story for private sector firm Kuwait Energy (KEC) in recent years as it has offset slumping Egyptian output. Yet finding itself overleveraged and lacking liquidity, the Mena-focused independent...