Sunday, March 13, 2011

Iraq seeks to bring oil production to three million bpd by the end of the year

Sunday 13 March 2011 09: 48 .
Baghdad: Iraq’s oil Ministry announced Sunday, seeking to raise its oil production capacity to three million bpd by the end of the year 2011, whereas it currently produces two million to 700,000 barrels per day produced 2 million and 200 million barrels, exports will also add extracted oil from Kurdistan Iraq to Iraqi exports.
The Iraq oil exports from the port of Basra and Khor Al-Amaya facility on the Gulf and Ceyhan on the Mediterranean, while export trucks basin to Jordan and said oil Ministry spokesman Assem Jihad, that “Iraq seeks through the oil fields of development introduced by international oil companies to increase oil production,” adding that “these The increase is as suited to oil reserves and secure additional resources for Iraq that are added to the general budget “.
Jihad said that “Iraq seeks to produce three million barrels per day of crude oil at the end of the year 2011, achieving Ministry increased oil production in the near past arrived to 2 million and 700,000 bpd to its production was no more than 2 million and 500,000 barrels last year.
“The Jihad said exports rose to 2 million and 200,000 barrels a day to cope with the increases in oil production, pointing out that” add oil extracted in the region of 100,000 barrels per day will increase Iraqi exports after Iraq is exported through a pipeline to Ceyhan hyphenation.
Iraq seeks through the development of oil fields and the corporate world, to produce at least 11 million barrels per day within the next six years, and 12 million barrels per day after adding quantities produced from the other fields in the national effort.
Iraq currently produces about 2 million and 700,000 barrels of crude per day, Iraqi oil exports from Basra 90%, while the remaining oil from Kirkuk.
The Iraqi oil Ministry last month announced that crude oil stocks in the country is 505 billion barrels of the total fields discovered oil field at 66, with a disposable reserve retrieved some 143 billion barrels.
Proved oil reserves were for Iraq with 115 billion barrels–already the world’s third-largest reserves after Saudi Arabia and Iran, which is more than 90 percent of the country.
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