U.S. oil giant ExxonMobil said on Friday it was on track to reach its initial production target in Iraq’s West Qurna I oilfield next year, according to reports from Reuters.
“ExxonMobil is moving forward in accordance with the contract timeline and we are on track with our plans to reach the initial production target in 2011 in accordance with our contract terms,” Exxon told Reuters in a statement.
Current production at the field is more than 200,000 barrels per day.
The Vice President of ExxonMobil Iraq, James Adams, had said in recent months that Exxon and its partner Royal Dutch Shell aimed to raise production by 10 percent by the end of the first quarter of 2011 and that current production was from 200,000 to 250,000 barrels per day.
ExxonMobil and Shell ultimately aim to boost output to 2.32 million bpd.