OPEC member Iraq is planning to drill scores of new oil wells within ongoing plans to increase its crude production capacity and maintain its share in the world market, the official Iraqi Alsabah newspaper said on Monday.

The plan aims to replace old wells which are gradually drying up because they have a specific operational age, the paper said, quoting Oil Ministry spokesman Asim Jihad.

Jihad said the Ministry has chalked out a long-term plan for maintaining present output and maximising capacity to net more revenues.

“The plan does not only aim for boosting production…some of the oilfields comprise a number of wells which contain large quantities of crude…these wells have a specific operational life…maintaining and increasing output require the drilling of new wells to offset drying wells…this is what the Ministry is working for,” he said.

Jihad said Iraq, which pumps over four million barrels per day (bpd), is now earning $7-9 billion per month from oil sales following a surge in crude prices.

“Future plans concentrate on maintaining and maximising capacity…we believe that the oil market is promising and we are dealing with it wisely,” he added.

Iraq sits atop nearly 145 billion barrels of proven oil deposits, the world’s fifth largest after those of Venezuela, Saudi Arabia, Canada and Iran.

(Writing by Nadim Kawach; Editing by Anoop Menon)


Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.