New Dhi Qar Oil Company Gets $42m Capital

By John Lee.

Iraq's new Dhi Qar Oil Company (DQOC) is getting US$42 million in start-up capital following approval from the Iraqi Ministry of Finance, according to a report from OilPrice.

The company was spun off from the South Oil Company (SOC) in January, taking over four of its fields in Dhi Qar governorate; the SOC has been renamed the Basra Oil Company (BOC).

The Garraf and Nasiriyah oil fields currently produce about 170,000 barrels per day, but Dhi Qar says it plans to ramp up production to 200,000 bpd by the end of this year.

Two other fields not yet in production are the Saba field and the al-Amoud field. Saba is expected to come online later this year with an initial 30,000 bpd, while al-Amoud is being developed and there are no indications as of yet when this field will be brought into production.

(Source: OilPrice)