News Column

Iraq Plans To Increase Oil Exports by 6 Million Barrels a Day

Jan. 24, 2012

A. Taghiyeva

Iraq plans to increase oil exports to 6 million barrels per day in the next few years, Iraqi Oil Ministry's official Asym Jihad told Trend on Tuesday.

"Iraq considers various projects to increase oil exports, as well as increasing capacity of its storage," Jihad said.

Among these projects he called the forthcoming launch of a floating oil terminal in the south of the country, which will increase export opportunities of the region, which now hits 1.7 million barrels per day.

"The launch of the floating terminal is scheduled for Jan. 27," he said.

Iraq also plans to build 16 reservoirs for oil storage with the capacity of 350,000 barrels each. Jihad said that this year Iraq plans to produce more than 3.42 million barrels of oil per day, 2 million to 2.5 million barrels of which will account for exports.

According to BP, the proven oil reserves in Iraq as of early 2011 amounted to 115 billion barrels, which makes the country the third after Saudi Arabia and Iran.

In 2010, according to BP, oil production in Iraq was 2.4 million barrels of oil per day, which is 0.6 percent more than in 2009.

Major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in south of the country. Some 80 percent of oil produced in the country is exported. Iraq supplies oil to Jordan, Turkey and Syria.

Source: (c)2012 Trend News Agency

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