Iraq is planning to produce 12 million barrels of crude oil per day (bpd) by the year 2017, through contracts signed with the world’s largest oil and energy companies, Iraq’s Deputy Prime-Minister, in charge of Energy Affairs said on Saturday.
According to Aswat al-Iraq, Hussein al-Shahristani said in a speech he delivered at the 3rd Iraqi Ambassadors Conference in Baghdad:
“Everybody knows the significance of Iraq’s oil for the whole world and its importance to build and develop the Iraqi economy, along with raising the living standards of Iraqi citizens."
He said that Iraq had signed contracts with three leading international companies to develop its oil fields in the south, center and the north, and they are making progress, with a hope that Iraq’s oil production would increase to 12 million bpd by the year 2017.
“This does not necessarily mean that Iraq would produce such a large quantity of crude oil, because the Iraqi strategy depends on boosting revenues and not only increasing oil exports alone; so we shall watch the market and the level of the quantities of crude Iraq will produce, and then we shall decide Iraq’s highest level of revenues during the forthcoming years,” Shahristani said.
Bloomberg quotes Oil Ministry spokesman Asim Jihad as saying, “the planned production capacity is 12 million barrels a day, but we may only produce 6 million barrels a day. Iraq will produce in accordance with global crude market needs.”
(Source: Aswat al-Iraq, Bloomberg)