Iraq's ambitious plans to more than double oil production

Published September 16th, 2012 - 07:41 GMT
Iraq's has ambitious plans to increase oil production
Iraq's has ambitious plans to increase oil production

Iraq plans to raise its oil export capacity to 6 million barrels per day in 2017, 5 million barrels in 2016, 3.75 million in 2015, 3.5 million in 2014 and 2.9 million in 2013, the country's oil minister said yesterday.

Foreign investment in developing oilfields in the country in the last two years, apart from Kurdistan, reached $15 billion, Abdul Kareem al-Luaibi said at a conference. That's "a good figure amid the conditions Iraq is going through."

"We expect exports for this month to be more than 2.6 million barrels per day. So far they are at 2.6 million barrels per day, and output is at 3.2 million," the minister told reporters.

Luaibi said that Iraq's current crude output stands at 3.2 million bpd, adding that next year oil production will rise from Gharraf, Badra, Majnoon, Halfaya and Ahdab oilfields.


© Muscat Media Group

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