PHOTO
Workers of South Oil Company (SOC) adjust a valve at the Rumaila oil field in Basra Province in this May 24, 2010 file photo. The initial development plan agreed by Exxon Mobil and its partners for Iraq's West Qurna Phase One oilfield included drilling eight new wells and overhauling up to 50 wells this year to boost output. Exxon Mobil wants to leave its flagship Iraqi oil project after upsetting Baghdad by signing a deal last year with the autonomous northern Kurdish region, which the central government deemed illegal, US officials confirmed October 18, 2012. REUTERS/Atef Hassan/Files (IRAQ - Tags: ENERGY BUSINESS)
Iraq has plans to boost oil production to meet global demand, the OPEC member’s Minister of Oil said on Saturday.
According to a report by the Iraqi News Agency on Sunday, Hayan Abdel Ghani said the government intends to boost production in the Rumaila field, the largest in Basra province, which currently yields 1.3 million barrels per day (bpd). The proposed increase aims to elevate output to 1.8 million bpd. Additionally, there are plans to further develop the Zubair, West Qurna 1, and West Qurna 2 fields.
The Minister said Iraq has conducted two licensing rounds targeting over 33 fields to boost gas production, with the goal of shifting from a gas-importing to a gas-exporting nation. Gas investments will focus on exploration areas in Ninawa, Anbar, Diwaniya, and Muthanna due to their substantial gas reserves.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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