Iraq expects to add 600,000 barrels per day of new oil to boost output to 3.2 million bpd by end 2011, Iraqi deputy oil minister for upstream was quoted as saying.
The contract for Rumaila, Iraq’s largest oilfield, with BP and China’s CNPC, is expected to add 100,000 bpd by the end of this year, he said, and others will come on stream gradually.
Iraq, which sits on the world’s third largest crude reserves, last year awarded 10 major development contracts to foreign companies in two rounds with the aim of raising output capacity to 12 million bpd by 2017.
Foster Wheeler was working on a plan to expand southern export capacity at the Basra and Khor Al Amaya terminals to 4.5 million bpd from 1.3 million bpd. Now, the company has been asked to raise the capacity to eight million bpd, Laibi told MEES.
Iraq is also working on rehabilitating oil pipelines to Turkey to reach an export capacity of 1.7 million bpd and is considering the possibility of reviving a 200,000-barrels per day pipeline to Syria, Laibi said.
If you liked this article, please give it a quick review on Reddit, or StumbleUpon. Thanks
How to Make Money