Iraq Seeks to Reach Daily Oil Production of 6 Million Barrels in 10 Years

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Researched by Industrial Info Resources (Sugar Land, Texas)-- Sinopec News Net reported that according to Iraqi Oil Minister Hussein Shahristani, Iraq seeks to produce 3 million barrels of oil daily within 2008, and the country also strives to reach daily oil production of 6 million barrels in the next 10 years.

Shahristani made the above comments to oil industry CEO and experts on the opening ceremony of the “Oil Iraq 2007” conference in Dubai, United Arab Emirates. He said Iraq formulated a plan to raise its oil production volume. According to this plan, Iraq’s daily oil production will increase from the present 2.5 million barrels a day to 3 million by the end of 2008 and 3.5 million by 2009.

Shahristani also said that Iraq’s short-term goal is to restore its oil production capacity to 4 million barrels a day and that its mid-term goal is to bring its oil production up to 6 million barrels in about 10 years.

To reach this goal Iraq needs to improve and upgrade its oil infrastructure, Shahristani said. In addition to the oil terminal in Basra and the one being built south of Basra, Iraq will need to build oil pipelines in its eastern region and ones that can export oil by way of its neighboring countries.

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