Iraq Reviews Oil Targets

Thamir Ghadhban (pictured), the chairman of the prime minister's advisory commission on energy, has said that Iraq is revising its oil production targets.

Speaking at the MEED Iraq Energy Conference in Dubai, he said Iraq that Iraq should average 2.9 million barrels per day this year, rising to 4.5 million bpd by the end of next year.

Under its Integrated National Energy Strategy (INES), Iraq is considering three scenarios for increasing production, he added, with the “medium scenario” seeing Iraq’s production reach 9 million bpd by the end of 2020; the “high scenario” would boost production to 13 million bpd, while the "low scenario" has a peak of just 6 million bpd.

These figures are all far short of the 16 million bpd originally targetted, which was subsequently revised down to 12 million bpd. The options are to be debated in Parliament next month.

Adnan Al Janabi, the chairman of the parliamentary oil and gas committee, said: "We need the oil and gas law, we need to reinstate a national oil company, we need a legislation for revenue sharing also. Without these institutions, we cannot really move with the targets mentioned to us."

He went on to say "I don't think we can reach 4.5 million barrels a day next year".

(Sources: The National, UPI, Bloomberg, Dow Jones)

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