FINANCIAL NEWS

Iraq plans major oil output boost

16 May 2010

(MENAFN) Iraqi deputy oil minister Abdulkarim Al Laibi said that Baghdad, which last year awarded 10 contracts to oil majors, expects to add 600,000 barrels per day (bpd) of new oil to boost output to 3.2 million bpd by the end of next year, Reuters reported.

The official stated that the country’s current oil output capacity stands at around 2.6 million bpd. Iraq last year awarded 10 major development contracts to foreign companies in two rounds with the aim of raising output capacity to 12 million bpd by 2017.

The contract for Rumaila, Iraq’s largest oilfield, with BP and China’s CNPC, is expected to add 100,000 bpd by the end of this year, he said, and others will come on stream gradually.

Iraq’s oil ministry is organizing a major meeting in July with the international oil companies that won contracts to sort out logistical problems facing them, Laibi said.

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