ECONOMY
Flags flutter in front of an oil tank at al-Faw storage terminal, Basra province. File photo: AFP
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ERBIL, Kurdistan Region - Iraq plans to boost its oil and gas production capacity to over six million barrels per day before 2029 as part of a new five-year development plan, a senior oil ministry official said on Sunday.
“The ministry seeks to increase oil and gas production capacity within a clearly defined five-year plan,” with the aim of “exceeding six million barrels per day between 2028 and 2029," the Iraqi oil ministry's undersecretary, Mohammed Khudair, told state media.
In late February, Iraq reaffirmed its commitment to the OPEC+ production cut agreement, which aims to stabilize global oil prices by reducing output. Iraq’s January production was reported at 3.9 million barrels per day, in line with the agreed quotas.
OPEC+ is a coalition of 23 major oil-exporting nations, formed in 2016 to manage global supply. Iraq is the bloc’s second-largest producer after Saudi Arabia.
Khudair explained on Sunday that the oil ministry is focused on increasing production through various projects across the country, including exploratory activities carried out by the state-run Oil Exploration Company.
One key project is the integrated gas development project in the southern Basra province’s Artawi field.
The managing director of TotalEnergies in Iraq, Dunia Chalabi, told Rudaw in early March that they are rehabilitating the Artawi field to increase oil production. In July 2023, Iraq and TotalEnergies signed a $27 billion deal to develop Iraq's oil, gas, and renewable energy sectors.
Khudair also highlighted other projects, including the development of four significant oilfields in Kirkuk, for which an agreement with the British energy giant, BP, had been reached in early March. A final contract is expected to be signed soon, the Iraqi oil ministry spokesperson said.
The fields covered under the contract are Baba Avana, Bay Hasan, Jambour, and Khabbaz.
In January, Iraq’s Prime Minister Mohammed Shia’ al-Sudani signed a memorandum of understanding (MoU) with BP in London, for the rehabilitation of these fields.
“The ministry seeks to increase oil and gas production capacity within a clearly defined five-year plan,” with the aim of “exceeding six million barrels per day between 2028 and 2029," the Iraqi oil ministry's undersecretary, Mohammed Khudair, told state media.
In late February, Iraq reaffirmed its commitment to the OPEC+ production cut agreement, which aims to stabilize global oil prices by reducing output. Iraq’s January production was reported at 3.9 million barrels per day, in line with the agreed quotas.
OPEC+ is a coalition of 23 major oil-exporting nations, formed in 2016 to manage global supply. Iraq is the bloc’s second-largest producer after Saudi Arabia.
Khudair explained on Sunday that the oil ministry is focused on increasing production through various projects across the country, including exploratory activities carried out by the state-run Oil Exploration Company.
One key project is the integrated gas development project in the southern Basra province’s Artawi field.
The managing director of TotalEnergies in Iraq, Dunia Chalabi, told Rudaw in early March that they are rehabilitating the Artawi field to increase oil production. In July 2023, Iraq and TotalEnergies signed a $27 billion deal to develop Iraq's oil, gas, and renewable energy sectors.
Khudair also highlighted other projects, including the development of four significant oilfields in Kirkuk, for which an agreement with the British energy giant, BP, had been reached in early March. A final contract is expected to be signed soon, the Iraqi oil ministry spokesperson said.
The fields covered under the contract are Baba Avana, Bay Hasan, Jambour, and Khabbaz.
In January, Iraq’s Prime Minister Mohammed Shia’ al-Sudani signed a memorandum of understanding (MoU) with BP in London, for the rehabilitation of these fields.
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