ERBIL, Kurdistan Region - Iraq is planning to increase oil production to about 10 million barrels per day (bpd) by 2030, Prime Minister Ali al-Zaidi said Tuesday, directing the federal oil ministry to raise output from fields in the Kurdistan Region and expand exploration.
Zaidi chaired a meeting with the oil minister, senior ministry officials, his cabinet's finance minister and senior advisers to discuss a strategic plan for developing and increasing oil production between 2027 and 2030, his office said in a statement.
"Iraq's oil production should be proportionate to the size of its reserves, oil potential and population," the Iraqi premier said, stressing the need to develop production and export infrastructure to accommodate the expected increase.
He further directed the oil ministry to "increase production quantities from the oil fields in the Kurdistan Region" and expand exploration and the number of exploration blocks to help meet the plan's targets.
The development comes as Iraq seeks to restore oil production and exports after a sharp decline sparked by the outbreak of the Iran war in late February and the ensuing disruptions to shipping through the Strait of Hormuz.
Iraq was producing more than 4.5 million bpd before the conflict, while average production had recovered to above three million bpd by late August, Iraqi oil ministry Spokesperson Salim al-Rukabi told Rudaw in late August.
Meanwhile, production in the Kurdistan Region was particularly affected due to attacks by Iran and Tehran-backed armed groups on its oil fields.
Kurdistan Region Minister of Natural Resources Kamal Mohammed Salih said Saturday that "[international] oil companies [IOCs] operating in the Kurdistan Region are producing around 220,000 to 250,000 bpd."
Zaidi on Tuesday also ordered full investment in associated gas to meet domestic energy demand, reduce waste and eventually eliminate Iraq's need to import gas.
He further instructed the oil ministry to lay the groundwork for an energy conference bringing together leading international oil companies to attract investment, expertise and technology for exploration, production, development and exports.
Projects should "strengthen Iraq's position in the global energy market and support its resources and economic capabilities," he said.
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