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FINANCIAL NEWS
Iraq south oil fields expected to reach 2.75m bpd output in 2012
21 Apr 2012
(MENAFN) Dhiya Jaffar, head of Iraq’s state-run South Oil Co. said that the country is heading to fulfill its 2.75 million bpd target of crude oil by the end of this year, Reuters reported.
Jaffar also expected oilfield, operated by BP, to boost output by 250,000 bpd in the second half of this year. The oilfield is currently producing 1.316 million bpd.
The predictions came amid Iraq’s efforts to double its current crude output over the next three years as it recovers after years of sanctions and war. Last month, the country’s oil production rose above 3 million bpd for the first time in more than three decades.
The Iraqi official expected output at West Qurna One, currently at 406,000 bpd, to boost by 100,000 bpd in the next six months while Zubair oil field, currently producing 254,000 bpd, is expected to increase by 100,000 bpd by the end of this year.
Last month, Iraq’s first new offshore export terminal started to export 300,000 bpd, taking the country’s total exports to their highest exports since 2003.
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