Iraq plans to raise oil output to 6 million bpd
The deputy of the Iraqi oil minister, Ahmad al-Shama, expects that Iraqi oil production will rise to 3 million barrels per day at the end of the current year, clarifying that the current production is approximately 2.1 million barrels daily, reported the Kuwaiti newspaper, Al-Watan on Sunday.
Al-Shama added that the ultimate goal is to increase production into 6 million bpd, as the ministry held contacts with international oil companies for submitting their bids regarding proposed exploration areas. The ministry prepared plans for developing oil rights to 4 million bpd, before achieving the target of 6 million bpd.
Al-Shama added that among the projects the ministry accomplishes are three projects for the production of 300,000 bpd, while the investments of foreign oil companies will add 2-2.5 million bpd, increasing production capacity into 3.5-4 million bpd. The Iraqi oil ministry discusses with Shell financing the construction of oil refinery in Baghdad to meet the current demand for oil products.