IRAQ: Oil Minister says that the country expects to produce an extra 200,000 barrels of oil per day this year

Record ID: 343804

  • Title: IRAQ: Oil Minister says that the country expects to produce an extra 200,000 barrels of oil per day this year
  • Date: 20th February 2010
  • Summary: BASRA, IRAQ (FEBRUARY 18, 2010) (REUTERS) OIL SHIP NEAR KHOR AL-AMAYA OIL TERMINAL IN SHAAT AL-ARAB WATERWAY OIL SHIP NEAR KHOR AL-AMAYA OIL TERMINAL KHOR AL-AMAYA OIL TERMINAL SIGN IN ARABIC, READING: "South oil company, Basra terminal" VARIOUS OF KHOR AL-AMAYA OIL TERMINAL WORKERS AND OFFICIALS AT KHOR AL-AMAYA OIL TERMINAL IN SHAAT AL-ARAB WATERWAY IRAQ'S OIL MINI
  • Embargoed: 7th March 2010 12:00
  • Keywords:
  • Location: Iraq
  • Country: Iraq
  • Topics: Energy
  • Reuters ID: LVA9KC1YIJ9U8U8C3TZGGZ2WA5CD
  • Story Text: Story: Iraq expects to produce an additional 200,000 barrels per day (bpd) of oil this year after it signed a series of deals with oil majors, Iraq's Oil Minister Hussain al-Shahristani told Reuters on Thursday (February 18).
    "We can increase oil export through national effort. (With) the contracts that we signed, we expect to increase crude oil production by more than 200,000 barrels per day in 2010. We are producing 2,400,000 -2,500,000 bpd. Another 200,000 bpd will be added to the total production," al-Shahristani said during a tour of Khor al-Amaya oil terminal in Basra.
    Iraq's Oil ministry signed a number of contracts with global oil companies to develop oilfields in north and south of Iraq, including the supergiant Rumaila oilfield, which will be developed by BP <BP.L> and China's CNPC under a 20-year service contract.
    Iraq aims to install four new floating oil terminals and three new undersea oil pipelines that will boost export capacity to eight million barrels per day from a current 1.9 million bpd.
    The new floating terminals will help raise Iraq's export capacity by more than two million bpd by the middle of 2011, al-Shahristani said.
    "We will have four new floating oil terminals in the Gulf. Each terminal will be able to produce a million barrels or a little more than million barrels per day. The total production from four oil terminals will be four million bpd," he added.
    Iraq is in desperate need for cash to rebuild its battered economy after years of war and sanctions and has struck a series of development contracts with global oil majors that could transform it into a top oil producer.
    The deals could lift Iraq's output capacity to 12 million bpd in seven years, rivalling top oil producer Saudi Arabia.
    On Wednesday, the South Oil Co. along with partners BP and CNPC invited 10 firms to drill 56 new wells in the Rumaila oilfield.
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