By John Lee.
Iraq plans to spend $130 billion on the country’s upstream sector over the next five years, according to a report from Bloomberg.
Speaking at a conference in Basra, Oil Minister Abdel-Kareem al-Luaibi [Elaibi] (pictured) said the expenditure will be necessary to help raise production capacity to 9 million barrels a day (bpd).
$18 billion will be allocated to raise natural gas output, with another $25 billion to expand refinery capacity; Iraq forecasts $600 billion in revenue from the oil expansion.
Production increased 24 percent last year, with Iraq overtaking Iran to become OPEC's biggest producer after Saudi Arabia.