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FINANCIAL NEWS
Iraq’s Kurdistan plans to boost oil output to 1m bpd by 2015
14 Oct 2011
(MENAFN) Kurdish ministry of natural resources’ commercial adviser, Saad Sadollah, said that by the end of 2015, Iraq’s Kurdistan region would produce 1 million barrels per day (bpd) of oil, reported Reuters.
Sadollah added that since 2007, Iraq’s Kurdistan inked a number of contracts with international company’s to develop oil projects in the region, which boosted production to around 200,000 bpd by the end of 2011.
He also said that in the region, there were 2 key refineries with a capacity to produce 60,000 bpd, with plans to increase their capacity to 160,000 bpd by the end of 2012.
It is worth noting that Iraq’s Kurdistan region has over 40 exploration wells since 2007, and as a result, the region has at least 45 billion barrels of oil and 100 to 200 trillion cubic feet (tcf) of gas, making Iraq’s Kurdistan one of the top oil reserves in the world.
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