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       Iraq aims to raise oil output to 7 mn barrels: minister
 
         Posted on :01:26:28 Feb 15, 2018
   
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       Last edited on:01:26:28 Feb 15, 2018
         Tags: Iraq aims to raise oil output to 7 mn barrel
 
Kuwait City: Iraq, the second largest oil producer in the OPEC cartel, plans to sharply increase its output capacity to seven million barrels a day by 2022, its oil minister said today.
 
Iraq now has an oil production capacity of five million barrels per day (bpd) but is pumping just over 4.7 million under an OPEC output cut agreement.
 
"Our target is to reach seven million bpd by 2022," Jabbar al-Luaybi said, while presenting oil and gas projects available for private foreign investors.
 
Luaybi said Iraq sits on proven crude reserves of 145 billion barrels but he is confident the figure will jump to around 250 billion barrels with sufficient investment.
 
He said the war-battered nation plans to boost natural gas production to seven billion cubic feet per day by 2021 from the current output of 2.7 billion cubic feet.
 
Luaybi called on foreign investors to seize huge investment opportunities in the oil and gas sector where billions of dollars are required immediately in accordance with an Iraqi reconstruction plan.
 
He was speaking during the second day of the three-day Kuwait International Conference for the Reconstruction of Iraq where Baghdad hopes to collect pledges totalling 88.2 billion.
 
The minister said Islamic State group attacks in Iraq had reduced the country's refining capacity from 930,000 bpd to just 450,000 bpd.
 
But reconstruction efforts have succeeded in regaining 70,000 barrels per day.
 
He outlined plans to build seven new refineries with a production capacity of 700,000 bpd by 2021.
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       WORLD
Next Article: Sharif says his opponents would fail to punish him
 
 
WORLD HEADLINES
China gold mine project at Arunachal border could irk India  
Turkish agency organises Iftar for Rohingya refugees  
US report warns about China's 'debt book diplomacy'  
N Korea setting up stands for viewers to watch dismantling of nuclear test site  
Pak blocks daily over Nawaz report  
Nawaz Sharif's '26/11 remark' anti-Pak: Pervaiz Ashraf  
Royal Wedding: Prince Harry, Meghan Markle now husband and wife  
China lands strategic bombers in South China Sea for first time; US sees red  
Royal wedding 2018: 16th royal wedding in Windsor Castle  
Afghan cricket stadium attack leaves 8 dead, 45 wounded  
Airliner with 110 aboard crashes in Cuba, 3 survivors  
Eight killed in Texas school shooting  
Global terrorist Hafiz Saaed's security restored in Pakistan  
Cambridge Analytica files for bankruptcy  
130 US lawmakers back work permits for H-1B spouses  
Indian-origin pharmacist found murdered in northern England  
Trump offers protection to N Korea in return for denuclearisation  
Florida school shooting accused threatened to kill family in past  
US, N Korea apart on denuclearisation issue: S Korea  
LeJ Balochistan chief killed in army operation in Pakistan  
Modi-Putin informal summit: Global terrorism likely to be discussed  
UN is finished: Erdogan on Gaza killings  
Israeli PM's son abuses Turkey on social media  
Nepal: Left alliance unifies to form single party  
Gina Haspel becomes CIA director  
 
Will Kumaraswamy be able to form a stable government in Karnataka?
yes
 
no
 
don't know
 
 
 
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