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19

Iraq could increase oil output to 10 mn barrels a day

"Iraq could boost production capacity to 10 million bpd as soon as it starts to develop its new oilfields, which are on top of the 74 fields already in operation," Amer Rashid told Al-Rafidain weekly. Rashid said on August 4 that Iraq was looking to raise output to six million bpd, a plan it says has been scuppered by the ongoing international sanctions imposed on Baghdad for invading Kuwait in 1990.

"Iraq could boost production capacity to 10 million bpd as soon as it starts to develop its new oilfields, which are on top of the 74 fields already in operation," Amer Rashid told Al-Rafidain weekly.
Rashid said on August 4 that Iraq was looking to raise output to six million bpd, a plan it says has been scuppered by the ongoing international sanctions imposed on Baghdad for invading Kuwait in 1990.
He added Iraq wants to increase reserves to 270 billion barrels and overtake Saudi Arabia as the world's top reservoir by transforming potential reserves into proven reserves.
He said the Iran-Iraq conflict in the 1980s, the 1991 Gulf War over Kuwait and UN sanctions in force since Iraq's 1990 invasion of the emirate had all hampered Baghdad's efforts to develop oil reserves.
Iraq has signed contracts with a number of foreign oil companies, notably from Russia and China, to develop oilfields, but the deals can not be implemented until sanctions are lifted.
Under a UN exemption to the sanctions regime, Iraq exports crude to finance imports of essential goods.