Iraq to increase oil output

05 Jun 2011

(MENAFN) Iraq’s Deputy Prime Minister, Hussain Al-Shahristani, said that by the end of this year, the country would increase its oil production to 3 millions barrel per day (bpd) and to additional 500,000 to 1 million bpd in 2012, reported Arab News.

Al-Shahristani added that also by the end of 2011, Iraq’s export capacity would go up by additional 1.8 million bpd following the installment of a new single point moorings (SPMs), adding that the current output was 2.7 million to 2.8 million bpd, whereas May’s exports were 2.225 million bpd in the average.

He also said that BP and China’s CNPC were developing Iraq’s giant Rumaila oilfield, which current output was around 1.250 million bpd, and by the end of this year, its output would reach 1.4 million to 1.5 million bpd.

It is worth noting that the OPEC member is renovating its oil infrastructure after years of war and has signed deals with oil major companies to reach an expected production capacity of 12 million bpd by 2017.

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