Iraqi oil minister reveals plans to boost production to 8 million barrrels by 2029
Iraqi Oil Minister Ihsan Abdul-Jabbar said that his country plans to increase its oil production capacity to 8 million barrels of oil per day by 2029, compared to current production of 4.8 million barrels per day, Asharq Business reported.
He said that production capacity could reach 12 million barrels of oil per day.
However he added that current plans do not conflict with the OPEC + agreement to reduce production to maintain the stability of oil markets.
The oil minister said that the gradual increase in production would take place through the country’s existing major oil fields, including the Majnoon, Zubair and Rumaila fields — which together have the ability to double their production.
Abdul-Jabbar said there were plans to increase the capabilities of refineries in Iraq to stop the need for importing fuel.
Iraq is also seeking to increase its production capacity in the natural gas sector to reduce the volume of imports from abroad.
He said that Iraq was targeting an increase in production to a level of between 4 and 5 billion cubic feet by 2025 against current production of 1.5 billion standard cubic feet.
The minister disclosed that a framework agreement had been reached to extend an oil pipeline from Basra to the port of Aqaba in Jordan and that he anticipated the implementation of the agreement to follow within a year.
Source; Arab News