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FINANCIAL NEWS
Iraq to boost oil output by 60K bpd
15 Jun 2012
(MENAFN) Iraq’s South Oil Company’s director, Dhiya Jafaar, stated that by the end of June, the country will increase its oil output from 2 locally developed oilfields in the south by 60,000 barrels per day (bpd), reported Arabian Business.
Jafaar added that the amount would be generated from Luhais oilfield in Basra province and Nassiriya oilfield.
He said that last week, Luhais produced an extra 20,000 bpd, raising its output to between 47,000 and 50,000 bpd, whereas Nassiriya is forecasted to add around 30,000 bpd to the 15,000 bpd produced at the current time.
It is worth noting that over the coming 3 years, Iraq plans to increase its oil production by the double.
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