Iraq to Start Offshore Oil Works in December

Bloomberg reports that Iraq plans to start work in the next three weeks on offshore oil facilities in the southern part of the country, where export capacity is due to more than double by mid-2012.

Export capacity will rise to 4.5 million barrels a day by mid-2012 from the existing capacity of 1.8 million barrels a day, Director General Dhia Jaafar al-Musawi, head of the state-owned South Oil Co., said in an interview at an energy conference in Basra.

“All contracts for materials and equipments, including pipelines, cables, moorings for land and offshore areas are now completed,” he said. “More than 70 percent of the necessary pipelines have been built and are ready to be delivered for the project.”

The country plans to build two offshore “megapipelines” and three single-buoy moorings where tankers can load crude on the Persian gulf. Each mooring is due to add 900,000 barrels a day in offshore loading capacity. Half of the sea surveys and ordnance clearing activities needed for the expansion have been completed, Al-Musawi said.

(Source: Bloomberg)

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