Iraq plans to raise oil production capacity to more than 6 million barrels per day (bpd) by 2029, the state news agency quoted Iraq's Oil Ministry as saying on Sunday.
Oil Ministry undersecretary Bassem Mohamed Khodeir told the agency that Iraq aims to achieve its target through oil exploration and nationwide drilling activity, pointing to a recent deal with oil major BP to redevelop four Kirkuk oil and gas fields.
Iraq's current oil output stands at about 4 million bpd, Oil Ministry officials say.
It is the second-largest producer within the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies including Russia and last month reaffirmed commitment to the group's output agreement. Iraq also said it would present an updated plan to compensate for any previous overproduction.
Iraq Plans to Raise Oil Production Capacity Above 6 Million bpd by 2029
Construction underway to build a new refinery. Photo: Iraq's Oil Ministry
Iraq Plans to Raise Oil Production Capacity Above 6 Million bpd by 2029
Construction underway to build a new refinery. Photo: Iraq's Oil Ministry
لم تشترك بعد
انشئ حساباً خاصاً بك لتحصل على أخبار مخصصة لك ولتتمتع بخاصية حفظ المقالات وتتلقى نشراتنا البريدية المتنوعة
