GCG IRAQ TAKES ON MARKET CHALLENGES
GCG IRAQ TAKES ON
It is well known that IRAQ took a heavy hit in 2020 from an economic and security perspective. Aside from the government resigning, the energy sector is facing a most significant transition with the low oil price and OPEC cut in 2020.
Even with its macroenvironmental obstacles, Oil & Gas remains an integral part of an economy that comprises up to 95% of country-income, putting it in the government’s best interests to develop and invest in this sector.
Governmental Budget draft of 2021 shows that the Ministry of Oil will have a budget of ~ $10.8 billion, which includes $8 billion for new projects based on 3.25 million barrels per day of production and a $42 barrel price.
Beginning of a New Era
The challenge will be to transition our operations and business models in such a way that we can adapt to these market changes and exploit the many spinoff
opportunities that may arise. Taking the initiative, GCG IRAQ offers a reliable platform to expand the Energy cluster products and services portfolio and stimulate geographical expansion within IRAQ provinces, while staying focused on the biggest national oil companies (NRC, SCOP, OPC & BOC).
For that, they are cross-training their Iraq team with sales skills to expand their organizational reach from the client’s field employees to senior management; thereby increasing their customer base and improving opportunities, and working smarter to convert those opportunities into
GCG Iraq is working fast to get ahead this year and secure the most significant market share. Given the company’s portfolio’s balanced structure, its renewed strategies and excellent teams, it seems that much of the company’s destiny lies in its own capable hands – despite market headwinds.