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FINANCIAL NEWS
Majnoon oilfield production hit 175.000 bpd
07 Oct 2013
(MENAFN) The Deputy Prime Minister for Energy Affairs said that the production from Iraqs Majnoon oilfield has risen 175.000 barrels per day (bpd), The Peninsula Qatar reported.
Majnoon is one of the biggest southern fields that bring the country closer to its ambition of doubling the output which is now around three million bpd. Production slowed this year due to infrastructure and security problems keeping output far away of the planned targets, and sometimes bellow three million bpd.
The oilfield, which has a 12 billion barrel reserve, was pumping about 45.000 bpd when Shell took over in 2010, but the Anglo-Dutch major later put production on hold to perform repair works. Opecs second biggest producer expects to raise production by 400.000 bpd during the end of this year.
Shell vowed to raise production from Majnoon to 1.8 million bpd by 2017. it has been discussed to reduce the target to around one million bpd.
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