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FINANCIAL NEWS
Iraq to expand its oil field aiming to double output
26 Apr 2017
(MENAFN) Iraq has launched the third phase of work in order to increase its southern Halfaya oil field, planning to double its output capacity next year to 400.000 barrels per day.
Additionally, extra facilities to separate crude oil from associated natural gas will be launched as part of the oil field”s expansion, as proclaimed head of Maysan Oil Co.
Moreover, expansion at Halfaya should increase Maysan’s whole output to almost 600.000 bpd in 2018, while Iraq aims to enhance its oil output capacity to 5mn bpd before the end of this year.
Meanwhile, the OPEC nations produced a rate of 4.464mn bpd in March, down by more than 300.000 bpd from late last year.
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MENAFN2604201700450000ID1095420430
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