Iraq Aims to Roll out the Barrel

17 May 2010 - 7Days

Iraq, which last year awarded ten contracts to oil majors, expects to boost oil output to 3.2 million barrels per day (bpd) by the end of 2011, a top official said.

"We expect to increase production by around 600,000 bpd over the course of this year and next," Iraqi deputy oil minister for upstream Abdulkarim Al Laibi told the Middle East Economic Survey.

The country's current output capac-ity stands at around 2.6 million bpd.

Iraq, which sits on the world's third largest crude reserves, last year awarded ten major development contracts to foreign companies in two rounds with the aim of raising output capacity to 12 million bpd by 2017.

"In general the companies we signed with will make the ten per cent capacity rise for the first round awards and initial production rates for the second round fields within the next two years,"  Al Laibi said.

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