Hussein On Iraq Oil Records

Iraq is capable to lift its oil production capacity to 12 million barrels bpd, but needs heavy investment to do so, an Abu Dhabi website reported Sunday.
Iraq, the world's second largest oil power after Saudi Arabia produced around 2.3 million bpd in March, of which nearly 1.9 million bpd were exported, Ali Hussein, an Iraqi senior adviser in the oil ministry, was quoted as saying.
Hussein, who made a lecture in Abu Dhabi on Saturday, said Iraqi oil export revenues were estimated at around 8 billion US dollars in 2003 and are expected to climb to 15 billion dollars in 2004 despite hostilities in many parts of the occupied country.
In the lecture on the future of Iraq's oil industry, Hussein estimated Iraq's proven oil reserves at 116 billion barrels. But the number could climb to more than 215 billion barrels if advanced technology is employed, he added.
He said Iraq should be allowed to produce as much oil as possible by the Organization of Petroleum Exporting Countries (OPEC) when its badly damaged hydrocarbon sector is being rehabilitated and stability is being restored.
He said, "There are two main reasons for this. First, Iraq's economy is in very bad shape and needs the highest earnings of its oil exports to rebuild its infrastructure.
"The second is Iraq will be in place to face growing global demand as the International Energy Agency expects oil demand to surge from around 79 million bpd currently to more than 120 million bpd in 2030."