Iraq’s crude oil production could increase by more than 250,000 barrels a day by the end of this year as some oil deals recently signed with international oil companies to develop giant Iraqi oil fields have become effective, the head of the country’s largest oil firm, the South Oil Co., said Thursday.
BP PLC (BP) and China National Petroleum Corp., which signed a deal for the supergiant Rumaila oil field, plans to increase production by between 10% and 15% to around 1.150 million barrels a day from current 1.06 million barrels a day, Dhaa Jaafar told Dow Jones Newswires.
The contracts for West Qurna Phase 1, Zubair and Majnoon, also signed recently with international oil companies, could add a further 100,000 barrels a day of production at the end of the year, he said. The four oil fields are within Basra governorate and are run by the SOC.
If those targets are met, Iraqi oil output will be well above 2.65 million barrels a day by the end of this year. Current production is around 2.4 million barrels a day.