Feb 14 2012 |
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Iraq Aims To Boost Northern Oil Output To 1 Million Barrels A Day-Executives
Tuesday, Feb 14, 2012
KIRKUK (AFP)--Iraq aims to increase oil production from various fields to more than 1 million barrels per day by the end of 2014, executives from the Northern Oil Co told AFP.
"We adopted a plan to increase the production" and export of oil, said Hamid Abdelrizak al-Saadi, company general manager.
An executive in the company's planning and investment department said on condition of anonymity that "the plan is to increase production to more than 1 million barrels per day by the end of 2014" from about 600,000 bpd now.
The plan also includes developing the Bai Hassan field, also in Kirkuk, to increase production to 250,000 bpd from 195,000 bpd.
It will also develop the Hamrin field in Salaheddin to increase production from between 20,000 and 25,000 bpd to 60,000 bpd by the beginning of 2013.
And there is a project for Angolan state oil company Sonangol to develop the two fields of Qayara and Najmah in Nineveh province, south of Mosul, so they produce 230,000 bpd in the next three years, he added.
Saadi also said it had carried out a study on building new pipelines to the border with Syria and repairing or replacing old pipelines.
Oil sales account for the vast majority of Iraqi government income and around two thirds of gross domestic product.
Oil Minister Abdelkarim al-Luaybi has said Iraq plans on increasing production and exports this year to 3.4 million bpd and 2.6 million bpd, respectively.
(END) Dow Jones Newswires
14-02-12 1508GMT
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