Iraq oil output set to increase
The spokesman for the Iraqi Oil Ministry, Assem Jihad, conveyed total oil reserves amount to about 500 billion barrels. According to him, the recent data on the country's proven reserves, which reach 143 billion barrels are set to increase as they represent only 64 oil fields.
Jihad said in remarks that Iraq's oil production is expected to hit 3 million bpd by the end of this year. He expressed the hope to increase the level of production in the coming years to 10 million barrels per day, in the light of the recent deals signed by the Ministry of Oil with international companies specialized in oil production.
For his part, Amer Nasrallah, the Chairman of the Energy Committee in the governorate of Missan, in southern Iraq, said the output of the Maysan fields will hit 1 million barrels per day in 2016. He noted that the increase would be achieved as a result of the development of Halfayah field by a group of Chinese Malaysian and French firms.