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Iraqi Oil Ministry announces five-year plan to increase oil exports

Oil&Gas Materials 19 September 2012 12:18
The Iraqi Oil Ministry plans to increase oil exports up to six million barrels a day, therefore a five-year plan for the phased increase in oil supply has been prepared, Iraqi Oil Ministry official representative Asym Jihad told Trend on Wednesday.

Azerbaijan, Baku, Sept.19/ Trend A.Taghiyeva /

The Iraqi Oil Ministry plans to increase oil exports up to six million barrels a day, therefore a five-year plan for the phased increase in oil supply has been prepared, Iraqi Oil Ministry official representative Asym Jihad told Trend on Wednesday.

According to the plan, by the end of this year the country's export capacity will be brought up to 2.6 million barrels per day. In 2013 oil exports will be increased up to 2.9-3 million barrels per day. In 2014 Iraq plans to export three million barrels of oil per day.

In 2015 Iraq plans to export 3.75 million barrels per day. A sharp increase in oil export is expected in 2016, up to five million barrels of oil. In 2017, oil export from Iraq will hit six million barrels.

According to Jihad such an increase in oil exports is expected with the cooperation of international oil companies through the discovery and development of new fields.
Iraq increased oil exports up to 2.516 million barrels per day in July 2012 compared to 2.403 million barrels per day in June.

According to BP, Iraq's proven oil reserves amounted to 143.1 billion barrels as of late 2011. The country ranks third in OPEC after Saudi Arabia and Iran.
BP reported that oil production in Iraq amounted to 2.798 million barrels per day in late 2011.

The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. About 80 per cent of oil extracted in Iraq, is exported.

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