The Iraqi Ministry of Oil announced today, Sunday, plans to increase production to more than 6 million barrels per day by 2029.
The ministry talked about an agreement with BP to develop 4 fields in Kirkuk.
The Iraqi News Agency quoted the Undersecretary of the Ministry of Oil, Muhammad Khudair, as saying that the ministry is seeking to increase the productive capacities of oil and gas as part of a clear -cut five -year plan aimed at reaching a ceiling exceeding 6 million barrels per day between 2028 and 2029.
Khudair added that the ministry is working to achieve these goals through projects that extend to all governorates, taking advantage of the exploratory activity carried out by the oil exploration company, as well as drilling and production operations in the fields through the six licensing rounds.
He pointed out that one of the most prominent current projects in the extraction sector is a project to develop integrated gas in the south in the Artawi field, in addition to other projects, including the project to develop 4 important fields in Kirkuk.
The Iraqi official announced an agreement on the project to develop Kirkuk solutions, and said that the contract is scheduled to be signed in final letters with “BB” in the coming days.
He explained that local extraction companies are now responsible for 70% of operational activities.
Iraq is the second largest product for crude oil in OPEC, with an average daily production of 4.6 million barrels per day in natural conditions, away from production reduction agreements.
