Iraqi North Oil Company to increase oil production
Azerbaijan, Baku, Feb.15 / Trend, A.Taghiyeva /
Iraqi oil company North Oil plans to increase production from 600,000 barrels to one million barrels per day by 2014, the company's website reported on Wednesday.
Today, the company produces 600,000 barrels, 450,000-500,000 barrels of which are exported.
The company also plans to increase oil production from the Kirkuk field in the north of Baghdad from 280,000 barrels to 600,000 barrels of oil per day and from the Bai Hassan field in Kirkuk, from 195,000 to 250,000 barrels per day by drilling new wells.
According to BP, the proven oil reserves in Iraq as of early 2011 amounted to 115 billion barrels which makes the country the third largest after Saudi Arabia and Iran.
The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in south of the country. Some 80 per cent of oil produced in the country is exported. Iraq supplies oil to Jordan, Turkey and Syria.