Iraq plans to triple oil production by 2011
Iraq plans to triple oil production by 2011 - Forbes.com
KUWAIT CITY (AFX) - Iraq plans to raise its oil production capacity to as much as six million barrels per day by 2011, up from the current output level of around two million bpd, the Iraqi oil minister said.
'Iraq is planning a major development in the oil sector and to boost its production ... We hope to reach a production of 3.5 million bpd within the next two years,' Ibrahim Bahr al-Ulum said.
'Then we will embark on developing new oilfields to boost our production to between five and six million bpd by 2010-2011,' Ulum told reporters in Kuwait where he was attending an OPEC meeting.
Iraq is currently pumping some two million bpd, way below its pre-war output of around three million bpd, the minister said.
In its latest budget, the Iraqi government has set aside three billion dollars for oil sector investment, which can be drawn from oil exports -- provided the pipelines are pumping.
KUWAIT CITY (AFX) - Iraq plans to raise its oil production capacity to as much as six million barrels per day by 2011, up from the current output level of around two million bpd, the Iraqi oil minister said.
'Iraq is planning a major development in the oil sector and to boost its production ... We hope to reach a production of 3.5 million bpd within the next two years,' Ibrahim Bahr al-Ulum said.
'Then we will embark on developing new oilfields to boost our production to between five and six million bpd by 2010-2011,' Ulum told reporters in Kuwait where he was attending an OPEC meeting.
Iraq is currently pumping some two million bpd, way below its pre-war output of around three million bpd, the minister said.
In its latest budget, the Iraqi government has set aside three billion dollars for oil sector investment, which can be drawn from oil exports -- provided the pipelines are pumping.
posted by Marcel at 11:35 AM
0 Comments:
Post a Comment
<< Home