Iraq Oil Sector Needs $300bn Investment

By John Lee.

Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] has said that Iraq’s oil and gas industry will need an investment of $300 billion over the next 15 years.

He made the statement during a visit to Japan, at which he also discussed the long relationship between the two countries in the energy sector, including the building of the north refinery in Baiji, the two gas treatment complexes for the North Gas Company (NGC) and the South Gas Company (SGC), and the contribution of Japex in developing the Garraf oilfield as a part of the consortium with Petronas.

He added that Iraq plans to increase production to 7 million barrels per day over the next 5 years.

(Source: Ministry of Oil)

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