Production from Iraq's West Qurna 1 oil field should more than triple to 750,000 barrels a day in three years time, an oil official said on Sunday.
The 8.6 billion barrel field, which is being developed by a consortium including ExxonMobil and Shell, currently produces 234,000 barrels per day, Madhi Swadi, the head of the joint management commission that runs the field, told The Associated Press. Output is set to climb to 270,000 barrels per day by May, he added.
Under the agreement between Iraq and the companies, production from the West Qurna I field should reach 2.825 million barrels a day after 6 to 7 years. The consortium will be paid $1.9 per barrel for each barrel produced.
That production target is up from the 2.325 million barrels a day target when the deal was announced late last year.
The consortium was originally only allowed to pump oil from one reservoir, but five more reservoirs were added to the field over the summer.
Swadi said this year's budget to develop the field stood at $306 million, and next year's budget is expected to be about $1.1 billion.
There are currently 360 wells at the field, and the consortium is planning to start up about 2,000 more over their contract's 20-year duration.
(Source: Associated Press)