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Iraqi oil minister reveals plans to boost production to 8 million barrels by 2029

The oil minister said that the gradual increase in production would take place through the country’s existing major oil fields

Baghdad, April 15 - Neftegaz.RU. Iraqi Oil Minister Ihsan Abdul Jabbar said that his country plans to increase its oil production capacity to 8 million barrels of oil per day by 2029, compared to current production of 4.8 million barrels per day, Asharq Business reported.

Ihsan Abdul Jabbar stated:
  • Oil production capacity could reach 12 million barrels per day
  • Current plans do not conflict with the OPEC + agreement to reduce production to maintain the stability of oil markets
  • The gradual increase in production would take place through the country’s existing major oil fields, including the Majnoon, Zubair and Rumaila fields - which together have the ability to double their production
  • There were plans to increase the capabilities of refineries in Iraq to stop the need for importing fuel
Iraq is also seeking to increase its production capacity in the natural gas sector to reduce the volume of imports from abroad.
Iraq was targeting an increase in production to a level of between 4 and 5 billion cubic feet by 2025 against current production of 1.5 billion standard cubic feet.

The minister disclosed that a framework agreement had been reached to extend an oil pipeline from Basra to the port of Aqaba in Jordan and that he anticipated the implementation of the agreement to follow within a year.

Source : Neftegaz.RU

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